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