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Thursday, 26 December 19
REVIEW OF 2019 AND OUTLOOK FOR 2020 - OPEC
 Global economic growth slowed in 2019, impacted by a variety of challenges. Trade issues not only led to reduction in global final consumption but also caused investment growth to decelerate. On the positive side, global trade slowdown has likely bottomed out, and now the negative trend in industrial production seen in 2019 is expected to reverse in 2020. As a result, global economic growth is forecast at 3.0% for both 2019 and 2020.
Recent progress on various trade agreements such as the conclusion of the Regional Comprehensive Economic Partnership of Asian-Pacific nations may provide the base to re-energize the momentum in global trade, although challenges remain, particularly regarding ongoing trade talks between the US and its trade partners, particularly China.
While global monetary policies continue to be accommodative, high debt levels in many major economies represent some risk. Additional challenges are posed by fiscal issues in few EU Member Countries, Brexit, and Japan’s ongoing slowdown. Fiscal imbalances in emerging and developing economies may also have a negative effect on global economic growth, while recent social unrest in some economies may add more downward pressure.
Global oil demand is projected to rise by 0.98 mb/d in 2019, mainly due to cooling macro-economic indicators in major economies. Oil demand in the OECD is projected to grow by a marginal 0.02 mb/d in 2019, due to slowerthan-expected demand in the Americas and Asia Pacific. Weaker-than-expected diesel requirements in the US amid the slower pace in manufacturing and construction activity have limited demand growth in the current year. In Asia Pacific, significant petrochemical plant turnarounds reduced demand for petrochemical feedstock in 1H19. In non-OECD oil demand in 2019 is anticipated to rise by 0.96 mb/d, primarily as a result of slower-than-expected demand in India due to reduced industrial and transportation fuel requirements in 2Q19 and 3Q19. In 2020, global oil demand is expected to grow by 1.08 mb/d, with the OECD growing by 0.07 mb/d. OECD Americas is anticipated to be the only OECD region in positive demand growth territory next year, supported mainly by petrochemical capacity additions. In the non-OECD region, oil demand growth is projected to be around 1.01 mb/d, with growth projected to improve in Other Asia, Latin America and the Middle East. Indeed, the transportation and petrochemical sectors are expected to continue leading oil demand growth in 2020.
On the supply side, non-OPEC oil supply growth in 2019 has been lower than initial market expectations, now standing at 1.82 mb/d compared to the initial projection of 2.10 mb/d in July 2018. Weaker-thanexpected growth in Canada, Brazil, Norway, Kazakhstan, China and Russia has been the key contributor to the downward revision, despite the betterthan-expected performance of US liquids supply. US oil output is leading this growth with 1.62 mb/d in 2019. In 2020, non-OPEC supply is expected to see a continued slowdown in growth on the back of decreased investment and lower drilling activities in US tight oil. Non-OPEC supply is now forecast to grow by 2.17 mb/d in 2020, representing a downward revision of around 0.27 mb/d from initial forecasts in July 2019 on the back of downward revisions in US oil supply. Nevertheless, Graph 2: World oil demand and non-OPEC supply revisions from initial forecast in 2019 and 2020 incremental production from the US tight plays, particularly in the Permian Basin, as well as from offshore fields in Norway, Brazil, Australia and possibly Guyana, will contribute to the non-OPEC supply in 2020.
Evidently, significant and successful effort of countries participating in the Declaration of Cooperation (DoC) have helped the global oil market to remain relatively balanced in 2019. Going forward, countries participating in the DoC reaffirmed their continuing commitment to oil market stability as they have decided this month to adjust production further by another 500 tb/d, adding to the previous adjustment of 1.2 mb/d, and now totalling to 1.7 mb/d as of January 2020. This is to stabilize the market in the interests of both consumers and producers, as well as the wellbeing of the global economy.
Source: OPEC
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Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
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Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
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