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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
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Tuesday, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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Showing 101 to 105 news of total 6871 |
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- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Planning Commission, India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- The University of Queensland
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Agrawal Coal Company - India
- Mjunction Services Limited - India
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