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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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Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
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Showing 1571 to 1575 news of total 6871 |
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- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- The University of Queensland
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
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