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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
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Wednesday, 30 May 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
Among several hot topics that will be discussed during the Posidonia week, the International Maritime Organization regulation that will be enforced ...
Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscieleck ...
Tuesday, 29 May 18
INDIA'S COAL IMPORT DECLINES IN APRIL AMID DIVERSION TO THERMAL POWER PLANTS - PTI
India’s coal import fell by 9 percent to 17.32 million tonnes (MT) in April on the back of ample supply of dry fuel from domestic sources.
...
Monday, 28 May 18
COAL SUPPLY DIVERSION IRKS INDUSTRIES DEPENDENT ON CAPTIVE POWER PLANTS - HINDU BUSINESS LINE
The government’s move to prioritise coal supplies to power plants with minimal coal stock has disrupted fuel supply to some sectors, which ha ...
Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
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Showing 1711 to 1715 news of total 6871 |
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Planning Commission, India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
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