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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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Monday, 02 December 19
GREENER LNG IS VITAL TO ASIA'S SUSTAINABLE DEVELOPMENT - WOOD MACKENZIE
Asia struggles with the world’s worst air pollution. Delhi hit the headlines in November 2019 as levels spiked to such hazardous levels that ...
Monday, 02 December 19
5TH EAST & SOUTHERN AFRICA GAS & LNG CONFERENCE 2020
5th East & Southern Africa Gas & LNG Conference 2020
April 2-3
Maputo, Mozambique
5th East & Southern Afri ...
Monday, 02 December 19
5TH DEEPWATER EAST & SOUTHERN AFRICA CONGRESS 2020
5th Deepwater East & Southern Africa Congress 2020
April 2-3
Maputo, Mozambique
5th Deepwater East & Southern ...
Sunday, 01 December 19
6TH CENTRAL & EASTERN EUROPE NUCLEAR INDUSTRY CONGRESS 2020
6th Central & Eastern Europe Nuclear Industry Congress 2020
January 20-21 | Prague, Czech Republic
Overview
6th ...
Saturday, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
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- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Australian Coal Association
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- White Energy Company Limited
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