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Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
 In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia and the United States more than compensating for falls in production in Iran, Venezuela and elsewhere. New data show that the pace has accelerated, and this higher output, in combination with Iranian sanctions waivers issued by the US and steady demand growth, implies a stock build in 4Q18 of 0.7 mb/d. Already, OECD stocks have increased for four months in a row, with products back above the five-year average. In 1H19, based on our outlook for non-OPEC production and global demand, and assuming flat OPEC production (i.e. losses from Iran/Venezuela are offset by others), the implied stock build is currently 2 mb/d.
In the August edition of this Report we described the replacement of Iranian and Venezuelan barrels as “challenging”, and that there was a danger of prices rising too high too fast. Producers have heeded the warnings and more than met the challenge and today, the Big Three, Russia, Saudi Arabia and the United States, all see output at record levels. Total non-OPEC production in August, the latest month for which we have consolidated data, was 3.5 mb/d higher than a year ago, with the United States contributing an extraordinary 3.0 mb/d. Russia’s crude output has hit a new record of 11.4 mb/d, with companies suggesting that they could produce even more.
In early October, the price of Brent crude oil reached a four-year high above $86/bbl, reflecting the legitimate fears of market tightness. In our view, this was a dangerous “red zone” and it justified calls for producers to raise output. Today, the price has fallen to a more reasonable level close to $70/bbl, well below where it was in May before the US announced its change of policy on Iran. Lower prices are clearly a benefit to consumers, especially hard-pressed ones in developing countries that are suffering from the additional handicap of weak national currencies. For now, forecasts of oil demand growth remain solid with an increase of 1.3 mb/d this year and an increase to 1.4 mb/d in 2019, even though the macro-economic outlook is uncertain.
We should also recognise the interests of the producers. For many countries, even though their output might have increased, prices falling too far are unwelcome. Ministers from the Vienna Agreement countries will meet in early December, but we have already seen suggestions from leading producers that supply could be cut soon if customers, seeing ample supply, rising stocks, and slumping refining margins, request lower volumes.
Although the oil market appears to be more relaxed than it was a few weeks ago, and there might be a sense of “mission accomplished” that producers have met the challenge of replacing lost barrels, such is the volatility of events that rising stocks should be welcomed as a form of insurance, rather than a threat. The United States remains committed to reducing Iranian oil exports to zero from the 1.8 mb/d seen today; there are concerns as to the stability of production in Libya, Nigeria and Venezuela; and the tanker collision last week in Norwegian waters, although modest in impact, is another reminder of the vulnerability of the system to accidents.
The response to the call by the IEA and others to increase production is a reminder that the oil industry works best when it works together. Regular contacts between key players are essential in creating understanding, and even though oil diplomacy has succeeded so far this year, it needs to be maintained to ensure market stability.
Source: IEA
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Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
Wednesday, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
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Showing 1541 to 1545 news of total 6871 |
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- ICICI Bank Limited - India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- MS Steel International - UAE
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
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