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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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Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
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- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
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