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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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Monday, 17 September 18
SMALL PERCENTAGE OF THE WORLD FLEET WILL FIT SCRUBBERS - FORECASTS : METTE KRONHOLM FRAENDE
In recent months, there have been numerous reports of a strong pick-up in demand for scrubbers. On 1 January 2020, however, the number of ships fit ...
Saturday, 15 September 18
POWERING SUSTAINABLE DEVELOPMENT WITH LOW EMISSION COAL TECHNOLOGIES - WCA
In its 5th Strategic Energy Plan this year (2018), the Japanese Cabinet recognised coal as an important energy resource, necessary for the country& ...
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. ...
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down ...
Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
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Showing 1616 to 1620 news of total 6871 |
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- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Australian Coal Association
- Eastern Coal Council - USA
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
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