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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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Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
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- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Minerals Council of Australia
- Australian Coal Association
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Agrawal Coal Company - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
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