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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, 03 March 16
RIO TINTO COMPLETES SALE OF INTEREST IN BENGALLA JOINT VENTURE FOR US$616.7 MILLION
COALspot.com: Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation ...
Wednesday, 02 March 16
RE-EVALUATION OF MINING LICENSES CLEAN AND CLEAR STATUS IN INDONESIA
COALspot.com: In connection with the transfer of mining authority from Regents/Mayors to Governors1 and from Regents/Mayors and Governors to t ...
Wednesday, 02 March 16
OIL MY GOD.....!!!!
OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had be ...
Tuesday, 01 March 16
CS 42 (4200 GAR) COAL INDEX CLOSED AT US$ 27.11 A TON ON 26 FEBRUARY
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.31 percent week over week to averaging $38.77 per ton on this past Friday, ...
Tuesday, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
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- GMR Energy Limited - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Deloitte Consulting - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- ASAPP Information Group - India
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