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Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
 Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s outcome is a psychological blow for the market, as the steep plunge in oil prices shows.
“And the market is now facing the spectre of unrestrained production once the current OPEC+ agreement expires in March.
“However, we do not think Saudi Arabia will push hard to lift their output in the northern hemisphere spring.
“Given weak demand and the likelihood this weakness will persist into the second quarter, it will be hard for any producer to increase their output sharply once the original production deal expires at the end of this month.”
Demand risks
She added: “One factor to bear in mind is that the plunge in demand we saw in Q1 was created by circumstances in China. The country’s coronavirus (Covid-19) containment measures have been far more stringent than those imposed anywhere else, and are not likely to be copied elsewhere.
“The lack of a production deal carries risk. This would become apparent if global economic growth weakens and oil demand continues to contract more sharply than expected thanks to the double whammy of coronavirus containment measures and falling GDP.”
Hittle said: “Our current projection sees global liquids demand fall by 2.7 million b/d year-on-year in the first quarter of 2020, the first year-on-year decline on a quarterly basis since Q2 2009.
“It is the most severe decline since Q4 2008, the height of the 2008-2009 global economic crisis, which saw demand tumble by 2.8 million b/d year-on-year.”
Hittle said: “If the impact the coronavirus has had on global oil demand is sustained, then by the second half of the year we’d expect to see weaker GDP. This will have a far greater impact on oil demand than just temporary reductions in jet fuel and gasoline demand.
“A longer, sustained outbreak of coronavirus threatens to hit oil demand with a double whammy: already weak demand will soften further because of containment measures, and this will weaken GDP.”
What next?
What does this mean for OPEC and OPEC+? It would mean that the group would likely need to monitor economic indicators closely. It may even mean that they could be forced to call an emergency meeting during the second quarter.
She added: “A sustained bout of low oil prices will further reduce cash flow and investment into the US oil patch, causing further hits to Lower 48 production growth later this year. It takes at least six to nine months for reductions in spend to lead to lower oil production in the US Lower 48.
“In that time, their access to capital may be limited and their free cash flow badly hit.
“The only silver lining in a very dark cloud is for refining – the sector will be hit hard by weak demand, but it is at least saved from tightening crude differentials associated with a major cut in OPEC supplies.”
Source: Wood Mackenzie
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Thursday, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
Thursday, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.4 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.93 points Monday, down 0.4 percent week on week.
The index, released by Chin ...
Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
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- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
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- Port Waratah Coal Services - Australia
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- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
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- GAC Shipping (India) Pvt Ltd
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- Tata Chemicals Ltd - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
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- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
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- Alfred C Toepfer International GmbH - Germany
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- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
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- Kaltim Prima Coal - Indonesia
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- Orica Australia Pty. Ltd.
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- Singapore Mercantile Exchange
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- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
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- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
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- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Economic Council, Georgia
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- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
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- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
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- Semirara Mining Corp, Philippines
- Parliament of New Zealand
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- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
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- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
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- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
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- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
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- GMR Energy Limited - India
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- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
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- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
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- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
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- Sical Logistics Limited - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
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