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Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
 Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Following an initial burst of enthusiasm for the deal, scepticism set in, alongside worries about the global economic background. Prices fell by $10/bbl with Brent crude oil bottoming out on 24 December at just above $50/bbl. For the producers, this was unwelcome, but for consumers it provided a nice present for the holidays. In the US Gulf Coast, gasoline prices in early January averaged $1.89/gal versus the summer peak of $2.79/gal and in India, prices are about 14% below the early October peak. Recently, leading producers have restated their commitment to cut output and data show that words were transformed into actions. In December, OPEC production fell by almost 600 kb/d and Saudi Arabia has signalled that, for its part, further significant cutbacks will take place in January and beyond.
The Brent price has moved back above $60/bbl, so the answer to our question posed last month seems to be a qualified yes, at least for now. However, the journey to a balanced market will take time, and is more likely to be a marathon than a sprint. While Saudi Arabia is determined to protect its price aspirations by delivering substantial production cuts, there is less clarity with regard to its Russian partner. Data show that Russia increased crude oil production in December to a new record near 11.5 mb/d and it is unclear when it will cut and by how much. Other non-OPEC countries joining in the output deal saw higher output, including Mexico.
Elsewhere, there are signs that market re-balancing will be gradual. The trajectory of Iran’s production and exports remains important. In December, total exports increased slightly to over 1.3 mb/d. With US waivers allowing Iran’s major customers to buy higher volumes than was previously thought, more oil will remain in the market in the early part of 2019. Venezuela has seen the collapse of its oil industry slow during the second half of 2018 with production falling recently by about 10 kb/d each month rather than by the 40 kb/d we saw earlier in the year. The level of output in the world’s biggest liquids producer, the United States, will once again be a major factor in 2019. We saw incredible and unexpected growth in total liquids production of 2.1 mb/d in 2018. For this year, we have left unchanged for now our forecast for growth of 1.3 mb/d. While the other two giants voluntarily cut output, the US, already the biggest liquids supplier, will reinforce its leadership as the world’s number one crude producer. By the middle of the year, US crude output will probably be more than the capacity of either Saudi Arabia or Russia.
For oil demand, there is a mixed picture. Falling prices in 4Q18 helped consumers and there are signs that trade tensions might be easing. In many developing countries, lower international oil prices coincide with a weaker dollar as the likelihood of higher US interest rates fades for now. However, the mood music in the global economy is not very cheerful. Confidence is weakening in several major economies. In the short term, there is added uncertainty about oil demand due to the onset of the northern hemisphere winter season, with low temperatures seen in the past few days in many places. For now, we retain our view that demand growth in 2018 was 1.3 mb/d, and this year it will be slightly higher at 1.4 mb/d, mainly due to average prices being below year-ago levels.
In the meantime, refiners face a challenging year. Processing capacity will increase by 2.6 mb/d, the biggest growth for four decades, while margins are already pressured by low gasoline cracks due to oversupply and weak demand. The well-trailed changes to the International Maritime Organisation’s marine fuel regulations due in 2020 are another big issue for some refiners as they seek to find outlets for unwanted high sulphur fuel oil. By the end of the year, all industry players, upstream and downstream, may feel as if they have run a marathon.
Source: IEA
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Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
Wednesday, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
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Showing 1416 to 1420 news of total 6871 |
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- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Australian Coal Association
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Economic Council, Georgia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
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