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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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Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- The University of Queensland
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
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