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