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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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Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Parliament of New Zealand
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- Port Waratah Coal Services - Australia
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- Bhoruka Overseas - Indonesia
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- Planning Commission, India
- Economic Council, Georgia
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- Australian Coal Association
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- Attock Cement Pakistan Limited
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- GAC Shipping (India) Pvt Ltd
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- Tata Chemicals Ltd - India
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- Madhucon Powers Ltd - India
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- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
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- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Ministry of Mines - Canada
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- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
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- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
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- Latin American Coal - Colombia
- Thai Mozambique Logistica
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- McConnell Dowell - Australia
- White Energy Company Limited
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- Petrochimia International Co. Ltd.- Taiwan
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- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
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- Indian Energy Exchange, India
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- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
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- Directorate Of Revenue Intelligence - India
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- Intertek Mineral Services - Indonesia
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- Siam City Cement - Thailand
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