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.
|
|
Thursday, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
The Capesize market has hit new low's in the first week of the new year, with the West Australia route being fixed at USD 6.6 being ...
Wednesday, 08 January 20
WHAT IS BIMCO THINKING ABOUT 2020? - BIMCO
Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year gone by ...
Wednesday, 08 January 20
VINACOMIN SETS TO SELL 49 MILLION TONNES OF COAL IN 2020 - VIETNAM NET
The Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) has set to sell 49 million tonnes of coal in 2020, a year-on-y ...
Wednesday, 08 January 20
CHINA'S COAL-RICH PROVINCE CUTS 18.95 MLN TONNES OF CAPACITY IN 2019 - XINHUA
North China’s Shanxi Province reduced its coal production capacity by 18.95 million tonnes by closing 18 coal mines in 2019.
A ...
Wednesday, 08 January 20
JANUARY INDONESIAN COAL PRICE REFERENCE SLIPS US$ 0.37 MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
|
|
|
Showing 1206 to 1210 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Australian Coal Association
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
|
| |
| |
|
