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