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, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and c ...
Wednesday, 25 December 19
EXHAUST GAS CLEANING SYSTEMS (SCRUBBER) GUIDANCE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a few weeks, IMO’s ‘global sulphur cap’ will take effect. The permitted levels of SOx in ship emissi ...
Wednesday, 25 December 19
INDONESIAN BUKIT ASAM TARGETS TO MINE 30 MLN T OF COAL IN 2020 - REUTERS
Indonesian state-owned coal miner PT Bukit Asam targets to produce around 30 million tonnes of coal in 2020, compared with an estimate of 28.5 mill ...
Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed ...
Monday, 23 December 19
VLSFO PRICING & AVAILABILITY NEEDS CAREFUL WATCHING - INTEGR8 FUELS
As we approach January 1st 2020 , the VLSFO price premium to HSFO has widened considerably
We are clearly well into the IMO 2020 transition; ch ...
|
|
|
Showing 1226 to 1230 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- White Energy Company Limited
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
|
| |
| |
|
