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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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Monday, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
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Showing 1451 to 1455 news of total 6871 |
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- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
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