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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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Thursday, 31 March 16
CAPE: ANOTHER UNEVENTFUL WEEK WITH FIXTURES CONCLUDED AT LAST DONE LEVELS - FEARNLEYS
Cape
Another uneventful week with fixtures concluded at last done levels, CS levels remain around the USD 3 mark, whilst C3 is still just short o ...
Wednesday, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terroris ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
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- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
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