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