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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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- Videocon Industries ltd - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- The University of Queensland
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
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