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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, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
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- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Planning Commission, India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
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