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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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Monday, 14 August 17
IN A PARIS AGREEMENT WORLD, COAL WILL MEET GROWING ASIAN ENERGY NEEDS - BENJAMIN SPORTON
When providing 41% of the world’s electricity, 85% of global cement, 74% of the world’s steel and 60% of the world’s aluminum, co ...
Friday, 11 August 17
KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 1,280,000 Metric Tons of Bitumino ...
Friday, 11 August 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 16.1 million short tonn ...
Thursday, 10 August 17
GLOBAL COAL PRODUCTION FELL SIGNIFICANTLY IN 2016 - IEA
COALspot.com: Global coal production fell significantly in 2016, while global trade in natural gas was up. These are two of the key messages in Wor ...
Thursday, 10 August 17
ANOTHER ACTIVE WEEK FOR THE PANAMAXES WITH INCREASING RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
Both basins have remained fairly flat, could say slightly to the negative. A quiet start of the week in the Pacific with holidays in Sin ...
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Showing 1971 to 1975 news of total 6871 |
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- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- The University of Queensland
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Planning Commission, India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
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