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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, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
Wednesday, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
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- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- The University of Queensland
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
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