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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, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
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Showing 1526 to 1530 news of total 6871 |
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- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Bhatia International Limited - India
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
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