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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, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
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Showing 1606 to 1610 news of total 6871 |
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- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
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