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