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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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Saturday, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 March 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
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- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Australian Coal Association
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
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