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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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Wednesday, 09 March 16
U.S. COAL EXPORTS DECLINED 24% (74 MMST) IN 2015; COAL PRODUCTION IS EXPECTED TO DECREASE BY 111 MMST IN 2016 - EIA
U.S. Coal Supply
EIA estimates that U.S. coal production for February 2016 was 54 million short tons (MMst), a 4 MMst (7%) decrease from the prev ...
Wednesday, 09 March 16
RI MAY HAVE TO IMPORT COAL FOR FUTURE POWER PLANTS: STUDY - THE JAKARTA POST
With coal prices continuing to decline, Indonesia will struggle to provide the coal needed to fire up its power stations in the near future, a stud ...
Tuesday, 08 March 16
INDONESIA HIKES COAL BENCHMARK PRICE FOR THE FIRST TIME IN 12 MONTHS
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016, but up slightly in Mar ...
Tuesday, 08 March 16
THE DRY CARGO MARKET ENDURED ONE OF ITS MOST DIFFICULT YEARS IN 2015, EXPERIENCING LOWS NOT SEEN SINCE THE MID 1980S - CLARKSONS
Whilst shipping and offshore markets have seen some good opportunities during 2015, overall there have been unprecedented challenges, so we are ver ...
Monday, 07 March 16
INDONESIAN 5700 GAR COAL INDEX DECLINE $0.05 A TON WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.28 percent week over week to averaging $38.66 per ton on this past Friday, ...
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- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- White Energy Company Limited
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Australian Coal Association
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
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