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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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Friday, 11 March 16
US WEEKLY COAL PRODUCTION DOWN BY 0.5 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.6 million shor ...
Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Br ...
Thursday, 10 March 16
CHINA'S NEW POLICY PLAN COULD BE POSITIVE FOR SHIPPING, BUT TARGETS SEEM RATHER AMBITIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China set out its new policy plan during the course of the past weekend, but it seems to have set some very ambitious goals, which could be difficu ...
Thursday, 10 March 16
U.S. COAL EXPORTS DECLINED 23% IN 2015, AS COAL IMPORTS REMAINED STEADY
COALspot.com: The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015.
Accord ...
Thursday, 10 March 16
IT FEELS SAFE TO SAY THAT THE MARKET IS SLOWLY AND PAINFULLY REGAINING ITS BALANCE
With the BDI marking its third consecutive positive weekly closing, it feels safe to say that the market is regaining its balance; slowly and painf ...
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- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Planning Commission, India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
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