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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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- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Planning Commission, India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
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