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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, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
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Showing 1511 to 1515 news of total 6871 |
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- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
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