We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
 Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by 640 kb/d y-o-y in 3Q19, the biggest contributor to global growth. In 4Q19, we expect further acceleration in global growth to 1.9 mb/d, supported by a comparison with a weak 4Q18, lower y-o-y prices and robust US petrochemical demand. Our global growth forecasts for 2019 and 2020 are unchanged, at 1 mb/d and 1.2 mb/d, respectively.
Global oil supply rose 1.5 mb/d in October as Saudi Arabian production returned to normal and on increases from Norway, Canada and the US. OPEC crude oil production was 29.9 mb/d. At 101 mb/d, world oil supply was 1.2 mb/d below year-ago levels with OPEC down 2.5 mb/d. Non-OPEC output growth is set to increase from 1.8 mb/d this year to 2.3 mb/d in 2020. The call on OPEC crude in 2020 is estimated at 28.9 mb/d, 1 mb/d below current production.
Sluggish refining activity in the first three quarters of 2019 contributed to a 0.3 mb/d decline in crude oil demand y-o-y. For 2019 as whole, crude demand is likely to decline for the first time since 2009, albeit by only 90 kb/d. This partly explains the relative weakness of crude prices for most of 2019. Throughput growth is expected to resume in 4Q19 and continue through 2020.
After increasing for five consecutive months, OECD commercial stocks drew 38.9 mb in September to 2 944 mb. They were 21.5 mb above the five-year average and covered 60.7 days of forward demand, one day below the average. Preliminary data for October showed total stocks falling in the US and Europe, while inventories gained in Japan. Floating storage of crude oil fell 6 mb in October to 64.1 mb. The number of Iranian VLCCs used for storage increased by 1 to 27.
ICE Brent futures prices were boosted by positive news on the US-China trade talks and reached $62/bbl in late October. Oil markets are showing increasing signs of transitioning to the new IMO regulations and HSFO cracks collapsed to ten-year lows. Record high freight rates supported the price of crudes with shorter delivery times to Asia.
Pausing to reflect
The IEA’s World Energy Outlook 2019 published this week highlights the increasing disparity between the calm oil market of today and heightened geopolitical tensions. The calmness is supported by a well-supplied market and high inventories. This may continue into 2020 because non-OPEC countries will grow their production by 2.3 mb/d. The US will lead the way but there will also be significant growth from Brazil, Norway and barrels from a new producer, Guyana.
Global refinery activity is expected to rebound sharply in 2020, after a pause in growth this year. While our oil demand growth estimate for 2019 is essentially unchanged at 1 mb/d, the volume of crude oil used by refiners and for direct burn in power generation declined by 300 kb/d through 3Q19. Even after a seasonal surge in refinery runs in 4Q19, crude oil demand for 2019 as a whole is still expected to decline by 90 kb/d, the first drop since 2009. This reflects the cyclical nature of refining that overproduces in some years and then slows down to clear product stock overhang.
A ramp up in refining activity in 2020 sets the stage for a hopefully smooth implementation in January of the International Maritime Organisation’s new bunker fuel regulations. Ports, ship owners and refiners have stepped up their preparations. Major bunker hubs such as Fujairah, Rotterdam and Singapore are reported to have large volumes of compliant fuel available. In the case of Singapore, one of the world’s two Ultra Large Crude Carriers is being used to store low sulphur fuel oil (LSFO) and marine gasoil offshore. Meanwhile, the price of high sulphur fuel oil (HSFO) is nose-diving with cracks in Rotterdam falling under -$30/bbl, the lowest in over 10 years. The LSFO-HSFO spread in North West Europe blew out to almost $30/bbl in late October from just under $3/bbl last year. Nevertheless, compliant supplies may not be available in sufficient quantities in smaller ports and for smaller ships, perhaps creating some dislocations.
For 2020, our estimate for oil demand growth is unchanged at 1.2 mb/d, based partly on the International Monetary Fund’s expectation of 3.4% GDP growth. However, the health of the global economy remains uncertain in spite of recent positive news about the US-China trade dispute. This year, we are seeing a big difference in demand growth in the two biggest oil markets. In the US, there has been almost no growth in the first three quarters of 2019, while China has grown by 0.6 mb/d on average. Moving into 2020, US growth is expected to pick up to 190 kb/d while China slows to 375 kb/d.
The hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers gathering in Vienna at the start of next month. However, a continuously well-supplied market will lend support to a fragile global economy.
Source: IEA
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
What steps should OPEC and its non-OPEC partners take to keep the market in balance in 2020? Ahead of OPEC’s meeting in Vienna on 5 and 6 Dec ...
Monday, 02 December 19
GREENER LNG IS VITAL TO ASIA'S SUSTAINABLE DEVELOPMENT - WOOD MACKENZIE
Asia struggles with the world’s worst air pollution. Delhi hit the headlines in November 2019 as levels spiked to such hazardous levels that ...
Monday, 02 December 19
5TH EAST & SOUTHERN AFRICA GAS & LNG CONFERENCE 2020
5th East & Southern Africa Gas & LNG Conference 2020
April 2-3
Maputo, Mozambique
5th East & Southern Afri ...
Monday, 02 December 19
5TH DEEPWATER EAST & SOUTHERN AFRICA CONGRESS 2020
5th Deepwater East & Southern Africa Congress 2020
April 2-3
Maputo, Mozambique
5th Deepwater East & Southern ...
Sunday, 01 December 19
6TH CENTRAL & EASTERN EUROPE NUCLEAR INDUSTRY CONGRESS 2020
6th Central & Eastern Europe Nuclear Industry Congress 2020
January 20-21 | Prague, Czech Republic
Overview
6th ...
|
|
|
Showing 1261 to 1265 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Mjunction Services Limited - India
|
| |
| |
|
