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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, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
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- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- McConnell Dowell - Australia
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