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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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Friday, 04 August 17
IMPORTED COAL CONTINUES TO BE A COMPETITIVE, SAFE AND RELIABLE ENERGY SOURCE FOR GERMANY - VDKI
COALspot.com: Worldwide hard coal production in 2016 declined by 3.8% to 6.7 billion tonnes.
According to the Germany Coal Importers Associati ...
Thursday, 03 August 17
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE GETTING FIXED AROUND MID $8000 - FEARNLEYS
In the Pacific rates have remained weak and under pressure this week with most routes softening.
Indo/China coal rounds are getting fixed arou ...
Thursday, 03 August 17
BUMI RESOURCES COAL SALES RELATIVELY FLAT AT 41.5 MILLION TONS IN 1H' 17; REPORTS US$162.3 MILLION PROFIT IN FIRST SEMESTER
COALspot.com: The BUMI Resources, Indonesia’s one of the largest coal producer, has reported a net income of $162.3 million in 1H’ 17 c ...
Wednesday, 02 August 17
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
During the duration of the first half of the year, the dry bulk market saw intense buying interest that boosted SnP prices significantly. We saw a ...
Monday, 31 July 17
KOMIPO INVITES BIDS FOR 750K MT OF 5,700 KCAL/KG NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 750,000 Metric Tons of Bituminous coal for its B ...
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Showing 1986 to 1990 news of total 6871 |
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- Planning Commission, India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- The University of Queensland
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
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