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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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Thursday, 02 January 20
SULPHUR 2020 COMPENDIUM - HOW ARE INDIVIDUAL PORT STATES EXPECTED TO REACT? - STANDARD CLUB
KNOWLEDGE TO ELEVATE
With the new sulphur limits soon to be in force, Standard Club has been investigating the ways in which certain jurisdict ...
Monday, 30 December 19
AUSTRALIAN MINERS HIT BY LOWEST THERMAL COAL PRICE IN MORE THAN A DECADE - THE GUARDIAN
Australian coal exporters have experienced the biggest annual drop in thermal coal prices in more than a decade during 2019, raising doubts about i ...
Monday, 30 December 19
INDIA'S COAL IMPORTS RISE 4% TO 161.43 MT IN APRIL-NOVEMBER 2019 - PTI
The country’s coal imports registered an increase of 4.4 per cent to 161.43 million tonnes (MT) in the April-November period of the ongoing f ...
Sunday, 29 December 19
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Sunday, 29 December 19
IMO 2020 COMPLIANCE: IT'S UP TO US TO BE GOOD CITIZENS - IBIA
One of the concerns around implementation of the 0.50% sulphur limit has been, and continues to be, the need for effective enforcement to ensure a ...
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- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
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