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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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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
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- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Parliament of New Zealand
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