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Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
 It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 outbreak will surely be considerable on oil trade, yet at this point it seems the tanker market has been taken by storm by the Saudi Arabia – Russia dispute on oil production output which has suddenly plunged oil prices to record lows while sending tanker freight rates to brand new highs, said Yiannis Vamvakas, Research Analyst of Allied Research.
Yiannis Vamvakas further noted that, the severity of this impact, the time-duration of all these developments, as well as the reaction from key market participants is extremely difficult to predict right now, yet it is worth reviewing some crucial points.
On the production side, Yiannis Vamvakas noted that, last week’s news that Saudi Arabia and Russia could not come to a mutual agreement and would ramp up production was definitely unexpected. Given the weakened global demand levels that have been noted of late, all this seems counterintuitive for both. The fact that these two producer giants could not reach an agreement had as a result Brent oil to slide close to US$33 per barrel, while WTI reached a price of just above US$31 per barrel.
Additionally, he said, it is worth mentioning that last week we witnessed the biggest daily oil price loss since the Gulf War of 1991, with a drop of around 25%. The disagreement between OPEC and Russia came after the latter’s refusal to support any further production cuts that OPEC proposed as a measure to counter the effects of the coronavirus outbreak.
According to local sources, Saudi Arabia has already decided to increase its crude production above 10 million bpd next month from its current level of 9.7 million bpd. Russia, at the same time, has stated that it could lift production as well and that it could cope with low oil prices for up to ten years. Meanwhile the plunge in oil prices below US$40 has had a crucial impact on the US shale oil market. Several key producers in the US have already decreased their drilling plans, while the rig count is expected to fall by more than 45%. All this is a stark reminder of 2014, yet this time around demand figures are not as encouraging, a fact that has further darkened outlook.
On the demand side, Allied Research noted that, the IEA announced that oil demand is expected to decrease in 2020 for the first time in more than a decade. More specifically, forecasts are showing that oil demand will drop by approximately 90,000 bpd, falling to 99.9 million bpd in 2020. The key reason for these developments is the impact of the COVID-19 outbreak on several key industries (such as the travel industry). Estimates are showing that jet fuel demand is likely to slump by 11% on an annual basis, from last year’s 7.2 million bpd. Meanwhile, one of the most for now has been Asia which encompasses some of the most significant importers. Current demand for oil in China is estimated to have declined by 1.8m b/d. Yet, given the latest developments, the impact will not be limited there, with Europe and the US now following through. On the positive side, oil consumption is expected to rebound and increase by 2.1 million bpd in 2021.
However, with oil producers now in the midst of a “battle”, market fundamentals are in a constant state of shift. Undoubtedly, the crisis that we are facing will most likely be temporary, but to what extent the market will be “scarred” in the long term is hard to predict right now. It is likely that we will see a robust demand rebound once this have calmed down, but it is difficult to see yet to what extent. For the time being, it looks as though the tanker market is basking in the windfall benefits that have come along, as to how long these benefits will last remains to be seen, Yiannis Vamvakas concluded in its latest weekly analysis report.
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Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- The University of Queensland
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
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