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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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Saturday, 01 February 20
COAL IS NOT GOING ANYWHERE - MINING REVIEW
The coal sector is living under the constant threat of being blamed by environmentalists as being responsible for a world disaster called global wa ...
Saturday, 01 February 20
CIL PRODUCTION TO NOT EXCEED 640 MILLION TON IN FY20: OFFICIAL - PTI
Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd’s production in the current fiscal will not exceed 640 million ton ...
Saturday, 01 February 20
WHO PAYS FOR IMO 2020? - FREIGHT WAVES
The United Nations’ International Maritime Organization (IMO) implemented its low-sulfur fuel mandate on January 1, 2020. Full enforcement be ...
Friday, 31 January 20
EIA EXPECTS U.S. ELECTRICITY GENERATION FROM RENEWABLES TO SOON SURPASS NUCLEAR AND COAL
In the latest long-term projections, the U.S Energy Information Administration (EIA) projects electricity generation from renewable sources such as ...
Thursday, 30 January 20
PRIVATE SECTOR COMPANIES SEEK 'LEVEL PLAYING FIELD' FOR COAL BLOCK AUCTION - PTI
Private sector companies scouting opportunities for commercial coal mining in the country are seeking a “level playing field” to encour ...
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- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- The University of Queensland
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- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
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- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
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- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
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- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- MS Steel International - UAE
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
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