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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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Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
Friday, 12 April 19
U.S : MORE THAN 7 GW OF COAL-FIRED GENERATION IS SCHEDULED TO RETIRE BY THE END OF 2020 - EIA
EIA estimates that U.S. coal production decreased by 19 million short tons (MMst) (2%) in 2018, totaling 756 MMst.
EIA also expects ...
Friday, 12 April 19
GLENCORE WINS $520 MILLION DEAL TO SELL COAL TO MEXICO - REUTERS
Global trader Glencore has won contracts worth around $520 million to supply 4.94 million tonnes of coal to Mexico, state-run power utility the Fed ...
Thursday, 11 April 19
AUSTRALIAN COAL IN THE FRONTLINE OF CHINA'S SUPPLY GLUT - AUSTRALIAN FINANCIAL REVIEW
Australian coal will be hardest hit as China cuts foreign imports of its key energy source to tackle oversupply, and implements policies favouring ...
Wednesday, 10 April 19
COALTRANS ASIA - TAKE PART IN THE LARGEST COAL EVENT IN THE WORLD!
Take part in the largest coal event in the world!
Coaltrans Asia is back this June bringing together the entire international coal s ...
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- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Planning Commission, India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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