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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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- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Minerals Council of Australia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
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