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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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Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
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Showing 1551 to 1555 news of total 6871 |
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- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- The University of Queensland
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
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