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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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Sunday, 07 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
Wednesday, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
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Showing 1596 to 1600 news of total 6871 |
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- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Minerals Council of Australia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
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