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.
|
|
Sunday, 29 December 19
AUSTRALIA SUFFERS WORST OF CHINA'S COAL CURBS AFTER EARLIER BOOM - BLOOMBERG
Australia is bearing the brunt of China’s year-end coal import restrictions, ceding market share to other exporters including Russia and Mong ...
Saturday, 28 December 19
SUPRAMAX: A 63,000DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasing ...
Saturday, 28 December 19
CHINESE INDUSTRIAL CITY TO FURTHER CUT COAL CONSUMPTION - XINHUA
Harbin, capital city of Heilongjiang Province in China’s northeastern industrial heartland, is planning to further reduce its coal consumptio ...
Friday, 27 December 19
MISERY LOOMS OVER TOP COAL SHIPPERS AS CHINA TO BUY LESS IN 2020 BLOOMBERG
China isn’t cutting back on consumption of the most-polluting fossil fuel just yet, but it is set to reduce imports.
The world ...
Thursday, 26 December 19
REVIEW OF 2019 AND OUTLOOK FOR 2020 - OPEC
Global economic growth slowed in 2019, impacted by a variety of challenges. Trade issues not only led to reduction in global final consumption but ...
|
|
|
Showing 1221 to 1225 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- CNBM International Corporation - China
- GMR Energy Limited - India
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
|
| |
| |
|
