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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, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
...
Monday, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
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- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Planning Commission, India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
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