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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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- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Australian Coal Association
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
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