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Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
 Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen more than 70% since the middle of 2014. Oil supply outpaces demand on any given day, and billions of barrels of oil are being stored rather than consumed. As a result, oil prices have collapsed to as low as $26 per barrel in February, from well over $100 in 2014.
It is interesting that currently, Iran and Iraq both play an important role in the contemplated production freeze. Iran has already been increasing production and the country’s position is that it would consider oil-production caps only after the country’s output rises back to the levels before the West imposed sanctions over its nuclear program.
Basically Iran wants to increase production now, in an attempt to revive their share in the global markets, before they even consider discussing about participating in an output freeze. Iraq also has a longstanding policy of seeking to raise production regardless of the price-stabilizing policies of the OPEC.
Russia said that OPEC’s meeting with other key oil producers regarding an output freeze will probably be held in Doha, Qatar in April. They said that Iran supports the plan, while Tehran says it wants to double its crude exports to 4 million bpd first.
However, in reality according to the latest oil market data, both Russia and Saudi Arabia ramped up their oil production in February, despite talks about supply caps. Russian oil supply reached a new high of 11.08 million barrels a day in February, and Saudi Arabia during the same month increased its daily output by 14,000 barrels, to 10.14 million barrels per day, according to OPEC's analysis of market sources.
Generally speaking, countries are less willing to freeze and especially to cut production, because doing so means giving up market share for their oil, which might be hard to win back especially during this transition period. The four major oil powers, Saudi Arabia, Russia, Venezuela and Qatar, are heavily involved in the various discussions and the coordinated efforts will probably include soon also non OPEC countries such as Oman, Kazakhstan and Azerbaijan.
Assuming all are on board, the oil glut could begin to ease, particularly with American output on the decline. Or at least that is what they anticipate with this concept.
The fact is that a two million barrel-per-day surplus in oil supplies will continue to weigh on prices in the short term and even if these countries freeze output, they would still need more drastic efforts to support prices in the long term.
From my own perspective, it looks like their ultimate goal is to reach a certain consensus and, if they actually get there, I would expect them to quickly focus on actually reducing production in the long term. In any case, analysts estimate that maintaining production at current levels will probably not have a significant effect on prices.
Christopher Thomas Whitty
Marketing Manager - Towage & Port Agency
Cotzias Intermodal Shipping Inc
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 11 April 16
BDI ROSE TO ITS HIGHEST LEVEL IN FOUR MONTHS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 08 April 16
COASTAL ENERGEN CROSSES GENERATION OF 1068 MW AND EXPORT OF 1004 MW FROM ITS 1200 MW IPP
COALspot.com: Coal & Oil (C&O) Group, an India centric Energy & Infrastructure company announced that their Coastal Energen' ...
Friday, 08 April 16
WEEKLY US COAL PRODUCTION ESTIMATES DIP 5.4% TO 11 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11 million short ...
Friday, 08 April 16
MINISTER OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO ISSUE REGULATION TO GUARANTEE THE COAL SUPPLY TO ITS 35K POWER PLANT PROJECTS
COALspot.com: In order to guarantee the supply of coal for 35,000 megawatt (mw) coal based power plants ( still in planning stage), the Minister of ...
Thursday, 07 April 16
CHINA STEEL CAPACITY CUTS FACE SOCIAL, FINANCIAL HURDLES - FITCH RATINGS
Fitch Ratings says today that the Chinese government's supply-side reform of the steel sector faces immense social and financial challenges. Th ...
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- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
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