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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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Wednesday, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
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Showing 1521 to 1525 news of total 6871 |
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- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Minerals Council of Australia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
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