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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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Tuesday, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
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Showing 1631 to 1635 news of total 6871 |
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- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
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