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Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
.png) The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after the weakening of the OPEC+ production restrictions, Energy Minister Alexander Novak told reporters.
“No, we do not expect it, because the market is already conscious of it,” he said, answering a question about whether a change in oil prices is expected in connection with the transition of OPEC+ to some growth in production.
Speaking about the price expectations, Novak said that “now [the oil price] has been holding for a month at the level of $40-43, the price is more or less balanced.”
Extra oil supplies
Oil companies will independently make decisions on the supply of additional oil produced in connection with the growth of production under OPEC+, but it is important to ensure the Russian market first, Russian Energy Minister Alexander Novak told reporters.
“Of course, companies make decisions regarding the execution of their contracts, agreements, but it is important for us to provide for the domestic market, it usually grows in summer. We are increasing it by about 400,000 barrels [per day],” Novak said, answering a question about how much oil can go to the domestic market and how much to export, after Russia begins to increase production as part of the weakening of OPEC+ quotas.
Earlier, Novak said that Russian oil companies, as was previously assumed under the OPEC+ deal, would be able to increase production by 400,000 barrels per day in August 2020 in proportion to their production level.
The OPEC+ agreement entered into force on May 1, it assumes a reduction in oil production by the alliance countries by 9.7 mln bpd during May-July. Russia and Saudi Arabia, according to the agreements, will reduce oil production by equal shares – 2.5 mln bpd from the base level of 11 mln bpd. The agreements will be in effect for two years, but from August to December 2020, 7.7 mln bpd will be cut within the framework of the deal, and from January 2021 to the end of April 2022 – 5.8 mln bpd. The deal’s parameters may be revised in December 2021.
In June, Russia completed the OPEC+ deal to reduce oil production by 99%, reducing oil and condensate production by 16.6% to 38.16 mln tonnes. In August, a smooth transition to production recovery will begin, as stipulated in the agreement. At the same time, companies will increase their volumes in proportion to the level of their production.
Source: TASS
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Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
Tuesday, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
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- Singapore Mercantile Exchange
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- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
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- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
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- Posco Energy - South Korea
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- Renaissance Capital - South Africa
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- Ministry of Mines - Canada
- Economic Council, Georgia
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- Eastern Energy - Thailand
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- MS Steel International - UAE
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- Heidelberg Cement - Germany
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- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
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- Aboitiz Power Corporation - Philippines
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- Electricity Authority, New Zealand
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- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
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- Miang Besar Coal Terminal - Indonesia
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- Savvy Resources Ltd - HongKong
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- IEA Clean Coal Centre - UK
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- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
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- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
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- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
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- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- The University of Queensland
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- London Commodity Brokers - England
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- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
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- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
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- Coal and Oil Company - UAE
- Wilmar Investment Holdings
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- Australian Coal Association
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- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
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- Ministry of Transport, Egypt
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- Minerals Council of Australia
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- Independent Power Producers Association of India
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- Australian Commodity Traders Exchange
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- Metalloyd Limited - United Kingdom
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- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
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- Parliament of New Zealand
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