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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, 08 January 20
WHAT IS BIMCO THINKING ABOUT 2020? - BIMCO
Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year gone by ...
Wednesday, 08 January 20
VINACOMIN SETS TO SELL 49 MILLION TONNES OF COAL IN 2020 - VIETNAM NET
The Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) has set to sell 49 million tonnes of coal in 2020, a year-on-y ...
Wednesday, 08 January 20
CHINA'S COAL-RICH PROVINCE CUTS 18.95 MLN TONNES OF CAPACITY IN 2019 - XINHUA
North China’s Shanxi Province reduced its coal production capacity by 18.95 million tonnes by closing 18 coal mines in 2019.
A ...
Wednesday, 08 January 20
JANUARY INDONESIAN COAL PRICE REFERENCE SLIPS US$ 0.37 MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Tuesday, 07 January 20
CLEANER AIR IN 2020: 0.5% SULPHUR CAP FOR SHIPS ENTERS INTO FORCE WORLDWIDE - EUROPEAN COMMISSION
From 1 January 2020, the maximum sulphur content of marine fuels is reduced to 0.5% (down from 3.5%) globally – reducing air pollution and pr ...
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- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Planning Commission, India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
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