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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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Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
Thursday, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
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- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
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