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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, 06 March 20
SOLID BACKING FOR LNG AS A MARINE FUEL - BALTIC EXCHANGE
When it comes to choosing the best fuel on the near horizon to help the international shipping industry shrink its carbon intensity by 2050, DNV GL ...
Friday, 06 March 20
INDONESIA COAL PRICE REFERENCE UP AGAIN THIS MONTH
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 March 20
PANAMAX: SHIP-OWNERS HAVE MOSTLY BEEN GETTING HIGHER RATES THAN THE LAST DONE - FEARNLEYS
Cape
There is still limited amount of positive news around, with the effects of Corona virus hurting world economy. However, overall average in ...
Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
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- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- The University of Queensland
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
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