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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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Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
Saturday, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 20
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 ...
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- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Bhatia International Limited - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
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