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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, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
Wednesday, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
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- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Planning Commission, India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
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