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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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Wednesday, 06 May 20
KOSPO INVITED COAL BIDS FOR LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 160,000 Metric Tons (MT) Low Calorific Value Coal for J ...
Wednesday, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Cov ...
Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefi ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
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- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Planning Commission, India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Australian Coal Association
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
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