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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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Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Australian Coal Association
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
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