We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
 The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, or 5.2%, m-o-m to $79.21/b, while the NYMEX WTI first-month contract fell by $3.49, or 4.5%, m-o-m to average $73.37/b. The DME Oman first-month contract fell by $3.63, or 4.4%, m-o-m to settle at $78.34/b. The front-month ICE Brent/NYMEX WTI spread narrowed in March by 84¢ m-o-m to average $5.84/b. The futures forward curves of ICE Brent and DME Oman flattened slightly in March, but remained in backwardation. However, the NYMEX WTI price structure remained in contango, although the nearest time spread contracted m-o-m. Hedge funds and other money managers heavily cut bullish positions in ICE Brent and NYMEX WTI last month.
World Economy
The world economic growth forecast for 2022 is revised up slightly to 3.3%, given better-than-anticipated economic performance in 2H22 in various key economies. The 2023 global economic growth forecast remains unchanged at 2.6%. For the US, the economic growth forecast is unchanged at 2.1% for 2022 and 1.2% for 2023. Similarly, the Euro-zone’s economic growth forecast remains at 3.5% for 2022 and 0.8% for 2023. Japan’s economic growth forecast for 2022 remains at 1%, while growth for 2023 is revised down to 1% from 1.2%. China’s economic growth forecast remains at 3% for 2022 and 5.2% for 2023. India’s 2022 economic growth estimate remains at 6.7%, with the forecast for 2023 at 5.6%. Brazil’s economic growth estimate remains at 2.9% for 2022 and is also unchanged at 1% for 2023. Russia’s contraction estimate is unchanged at 2.1% in 2022 and is expected to be followed by a smaller contraction of 0.5% in 2023, unchanged from last month. Although some growth momentum from 2H22 is expected to carry over into 1H23, the global economy will continue to navigate through challenges including high inflation, higher interest rates particularly in the Euro-zone and the US, and high debt levels in many regions.
World Oil Demand
The world oil demand growth estimate for 2022 remains at 2.5 mb/d, broadly unchanged from last month’s assessment. For 2023, it is also unchanged from the last month’s assessment at 2.3 mb/d. There are minor downward adjustments reflecting the latest developments in the OECD region, primarily in OECD Americas and OECD Europe. However, the stronger-than-expected demand seen in non-OECD in January and February necessitated some upward revisions. Oil demand in the OECD is forecast to increase by 0.1 mb/d in 2023, while the non-OECD is forecast to grow by 2.2 mb/d
World Oil Supply
The non-OPEC liquids supply growth estimate for 2022 remains at 1.9 mb/d, broadly unchanged from the previous month’s assessment. The main drivers of liquids supply growth for 2022 were US, Russia, Canada, Guyana, China and Brazil, while the largest declines were from Norway and Thailand. For 2023, non-OPEC liquids supply growth remains broadly unchanged from last month and is forecast to grow by 1.4 mb/d. The main drivers of liquids supply growth are expected to be the US, Brazil, Norway, Canada, Kazakhstan and Guyana, while the decline is expected primarily in Russia. Large uncertainties remain over the impact of the output prospective for US shale in 2023. OPEC NGLs and non-conventional liquids are forecast to grow by 0.1 mb/d in 2022 to average 5.4 mb/d and by 50 tb/d to average 5.4 mb/d in 2023. OPEC-13 crude oil production in March dropped by 86 tb/d m-o-m to average 28.80 mb/d, according to available secondary sources.
Product Markets and Refining Operations
In March, refinery margins regained limited ground, following sharp losses seen the previous month. A contraction in product balances in the Atlantic Basin, due to the onset of heavy refinery maintenance along with product output declines in France due to a nationwide energy workers strike action, led to pressure on product inventories over the month and provided support for product crack spreads. In addition, a decline in feedstock prices further contributed to stronger refinery margins across all main regions. Global refinery processing rates fell further in March, losing nearly 259 tb/d, according to preliminary estimates. In the coming month, refinery intakes are expected to remain under pressure on strong offline capacity, which is projected to peak in the coming month.
Tanker Market
Dirty spot freight rates continued to improve in March, with m-o-m gains across most monitored routes. VLCCs saw the sharpest increase, rising by 45% on the Middle East-to-East route, as renewed buying from China strengthened rates. Suezmax spot freight rates remained at high levels, up 20% m-o-m on the US Gulf-toEurope route. Aframax rates rebounded from the previous month’s decline, with spot freight rates on the intra-Med route up 23% m-o-m. In the clean tanker market, West of Suez spot freight rates were at 29%, supported by strong performance in the Mediterranean. East of Suez rates fell 10% on average m-o-m, amid a winding down of winter product demand in the Far East.
Crude and Refined Products Trade
Preliminary data shows US crude exports set a fresh record high of 4.8 mb/d in March, while US product exports rebounded to average 6.3 mb/d. China’s crude imports in February partially recovered from the decline at the start of the year to average around 10.7 mb/d. China’s product exports also picked up, averaging a robust 1.7 mb/d. India’s crude imports were at their strongest in over 10 months, averaging just shy of 5.0 mb/d in February. India’s product exports also returned to relatively robust levels, averaging 1.4 mb/d. Japan’s crude imports were broadly unchanged m-o-m at 2.7 mb/d in February. Japan’s product exports, including LPG, hit a five-month high in February. Preliminary estimates for March show crude and refined product imports into OECD Europe declining as a workers’ strike in France disrupted port activities and refinery operations, curtailing trade
flows.
Commercial Stock Movements
Preliminary February 2023 data shows total OECD commercial oil stocks increase by 14.1 mb m-o-m. At 2,865 mb, they were 237 mb higher than the same time one year ago and 18 mb higher than the latest fiveyear average, but 54 mb below the 2015–2019 average. Within components, crude stocks increased m-o-m by 20.9 mb, while product stocks fell by 6.8 mb m-o-m. At 1,434 mb, OECD crude stocks were 172 mb higher than the same time a year ago, and 49 mb higher than the latest five-year average, but 14 mb lower than the 2015–2019 average. OECD product stocks stood at 1,432 mb, representing a surplus of 65 mb from the same time a year ago, though they were 30 mb lower than the latest five-year average and 40 mb below the 2015–2019 average. In terms of days of forward cover, OECD commercial stocks rose m-o-m by 1.0 day in February to stand at 62.9 days. This is 4.9 days above the February 2022 level, but 1.8 days less than the latest five-year average and 0.3 days higher than the 2015–2019 average.
Balance of Supply and Demand
Demand for OPEC crude in 2022 remained unchanged from last month’s assessment to stand at 28.4 mb/d. This is around 0.5 mb/d higher than in 2021. Demand for OPEC crude in 2023 also remained unchanged from the previous assessment to stand at 29.3 mb/d. This is around 0.8 mb/d higher than in 2022.
Source: OPEC
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
|
|
|
Showing 61 to 65 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- The University of Queensland
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
|
| |
| |
|
