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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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Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
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- Ministry of Mines - Canada
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
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