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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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Tuesday, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
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Showing 1801 to 1805 news of total 6871 |
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- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Economic Council, Georgia
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
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