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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, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
Tuesday, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
Countries around the world are strengthening their border control measures in order to prevent the further spread of COVI ...
Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
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- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Australian Coal Association
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
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