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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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Tuesday, 15 March 16
ADARO ENERGY LOWERED ITS COAL CASH COST BY 16% TO US$ 27.98 PER TONE IN 2015
Difficult Coal Market Condition Persists in 2015, Adaro Lowers Costs, Reduces Capital Spending and Maintains Solid Liquidity.
PT Adaro E ...
Monday, 14 March 16
THE CS 50 INDEX ROSE $0.16 OR, 0.41% TO $38.82 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.41 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 14 March 16
THE BALTIC EXCHANGE CONTINUED TO ROSE THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rise this week helped by higher rates for pa ...
Saturday, 12 March 16
PLN, COAL COMPANIES IN TALKS ABOUT PRICES - THE JAKARTA POST
Following a study that predicted that Indonesia would struggle to provide coal for its power stations in the near future, the government will facil ...
Friday, 11 March 16
ADANI GLOBAL BAGS 0.26 MILLION TONS OF COAL CONTRACT FROM LANKA COAL COMPANY
COALspot.com: Lanka Coal Company (Private) Limited, Sri Lanka has awarded 260,000 +/- 10% tons of Power plant 6300 GAR calorific value coal to Adan ...
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- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- White Energy Company Limited
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
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