We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
 The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effectiveness of sanctions against Iran and Venezuela. Production by OPEC countries in March was 2.2 mb/d lower than in November and now there is uncertainty concerning Libya. Production by non-OPEC producers in 1Q19 was 0.7 mb/d lower than in 4Q18. This turnaround in supply has contributed to a dramatic increase in prices, with Brent crude rising from $50/bbl at the end of December to more than $70/bbl today.
Tightness in the oil market, however, is not just a supply story. In recent months, the resilience of demand has received less attention than the vicissitudes of production, but it is very important too. Data for 2018 is still incomplete but we can be confident that demand growth was about 1.3 mb/d. As far as 2019 is concerned, amongst the analyst community there is an extraordinarily wide divergence of view as to how strong growth will be. We maintain our forecast of 1.4 mb/d, but accept that there are mixed signals about the health of the global economy, and differing views about the likely level of oil prices.
In terms of real numbers for 2019, although it is still early days the major centres of oil demand growth are performing strongly. In China, the economy seems to be reacting to the government’s stimulus measures with purchasing managers’ indices increasing and export orders recovering, although there are signs that air cargo volumes might be falling. Preliminary oil demand numbers for the January-February period show solid growth of 410 kb/d year-on-year. Elsewhere, demand was strong in the same period, with India growing by 300 kb/d, and the US, which continues to be supported by the petrochemical sector, by 295 kb/d.
Although the main sources of growth are doing well, there are mixed signals from elsewhere. Overall demand in the OECD countries fell by 0.3 mb/d y-o-y in 4Q18, the first such fall for any quarter since the end of 2014, and it is likely to have fallen again in 1Q19 due to weakness in some European economies, with perhaps more to come if there is a disorderly Brexit. There are uncertainties in Argentina and Turkey and signs of only modest demand recovery in the Middle East despite the stimulus provided by rising crude oil prices. Concerns about trade talks linger, and the mood will be influenced by the recent downgrade to global GDP growth by the International Monetary Fund, although it should be noted that the IMF does not expect a recession in the near term. Clearly, oil prices at $70/bbl for Brent, are less comfortable for consumers than they were at the start of the year and the IEA has regularly warned of the dangers of prices rising even higher. Only time will tell if our current demand forecast proves accurate, but the risks are currently to the downside.
When the first Vienna Agreement to cut oil production was made in 2017, progress was measured by total OECD stocks falling to the five-year average level. The second Agreement is underway, and data for February show that stocks are above the average by 16 mb. However, in terms of days of forward demand cover, which is a more relevant assessment, they are below it, and have been for some time. Incidentally, it is worth mentioning middle distillate stocks, particularly in light of January’s implementation of new International Maritime Organisation fuel specifications. If half the increase in marine gasoil demand resulting from the regulations were in OECD countries, about 540 kb/d, current middle distillate stocks would represent 29.3 days of forward cover, about 3.5 days below the average.
The oil market shows signs of tightening as we move into 2Q19, but we see mixed signals in terms of the outlook for demand and whether stock levels are yet “normal”.
Source: IEA
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
|
|
|
Showing 651 to 655 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Bhatia International Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
|
| |
| |
|
