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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, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
Thursday, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
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- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
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