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.
|
|
Wednesday, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
Wednesday, 12 February 20
MARKET INSIGHT - INTERMODAL
The recent Coronavirus outbreak in China has led to a global health emergency by World Health Organization and it is yet to be seen how long the ph ...
Wednesday, 12 February 20
CHANGES IN LNG MARKET COULD UNDERCUT PLANS FOR NEW JAPANESE COAL PLANTS - CLYDE RUSSELL
Reuters: Clyde Russell
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may wel ...
Wednesday, 12 February 20
THE SHIPPING INDUSTRY SEES FREIGHT MARKETS IN A COMPLETE STATE OF COLLAPSE AS DEMAND GETS PARALYZED DUE TO CORONAVIRUS OUTBREAK - ALLIED
With China and the world still trying to contain the effects and come to terms with the Wuhan novel coronavirus outbreak, the shipping industry see ...
Wednesday, 12 February 20
WORLD STEEL PRODUCTION IN 2019 - BANCHERO COSTA
In a worrying development, global steel production slowed down considerably in the fourth quarter of 2019. In the final 3 months of 2019, total cru ...
|
|
|
Showing 1141 to 1145 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
|
| |
| |
|
