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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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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Showing 1436 to 1440 news of total 6871 |
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- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- White Energy Company Limited
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- The University of Queensland
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
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