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