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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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Wednesday, 12 February 20
MARKET INSIGHT - INTERMODAL
The recent Coronavirus outbreak in China has led to a global health emergency by World Health Organization and it is yet to be seen how long the ph ...
Wednesday, 12 February 20
CHANGES IN LNG MARKET COULD UNDERCUT PLANS FOR NEW JAPANESE COAL PLANTS - CLYDE RUSSELL
Reuters: Clyde Russell
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may wel ...
Wednesday, 12 February 20
THE SHIPPING INDUSTRY SEES FREIGHT MARKETS IN A COMPLETE STATE OF COLLAPSE AS DEMAND GETS PARALYZED DUE TO CORONAVIRUS OUTBREAK - ALLIED
With China and the world still trying to contain the effects and come to terms with the Wuhan novel coronavirus outbreak, the shipping industry see ...
Wednesday, 12 February 20
WORLD STEEL PRODUCTION IN 2019 - BANCHERO COSTA
In a worrying development, global steel production slowed down considerably in the fourth quarter of 2019. In the final 3 months of 2019, total cru ...
Sunday, 09 February 20
SUPRAMAX: THE ASIAN ARENA STRUGGLED, A 50,000DWT SHIP FIXING A COAL RUN FROM EAST KALIMANTAN TO INDIA AT $2,000 - THE BALTIC BRIEFING
Capesize
The Capesize market endured another dreadful week of calamitous rate level falls, as the usual season low Q1 period combined with rece ...
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Showing 1141 to 1145 news of total 6871 |
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- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- MS Steel International - UAE
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
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