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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, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
Wednesday, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
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Showing 1556 to 1560 news of total 6871 |
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- ASAPP Information Group - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Central Electricity Authority - India
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