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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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Tuesday, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
Monday, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
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- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
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