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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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Sunday, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
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- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
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