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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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Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
Tuesday, 19 February 19
FAST DEPLETING COAL RESERVES COULD PUSH UP ENERGY PRICES, CAUTIONS EXPERT - THE HINDU BUSINESS LINE
The fast depletion of coal, a strategic resource and India’s fuel of choice currently, has huge implications for energy costs, according to K ...
Monday, 18 February 19
INDIA'S COAL IMPORT FALLS TO 17.25 MT IN JANUARY - PTI
Coal imports saw a decline in January FY 2019 to 17.25 MT from 19.59 MT in the same month of the previous fiscal, according to a report by mjunctio ...
Monday, 18 February 19
THE ROLE OF COAL IN INDIA'S ENERGY AMBITIONS - WCA
India is the world’s second most populous country and figures among the world’s most rapidly growing economies.
The Sout ...
Saturday, 16 February 19
COALTRANS CHINA 2019, CHINA'S LARGEST COAL INDUSTRY GATHERING
Press Release: Coaltrans China 2019 | With the import ban likely to be lifted, it’s time for you to meet your potentia ...
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- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- The University of Queensland
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
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