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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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Sunday, 31 January 16
BDI CONTINUED ITS FALL AND CLOSE AT A FRESH RECORD LOW ON FRIDAY
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, continued it ...
Friday, 29 January 16
INDONESIAN BENCHMARK COAL PRICE SETTLES DOWN $ 0.31, OR 0.58%, AT $ 53.20 A TON
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further down in January 2016. HBA has slumped by 0.58 ...
Friday, 29 January 16
U.S. COAL PRODUCTION OFF 2 PERCENT FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 milli ...
Thursday, 28 January 16
COAL REMAINS THE NO.1 FUEL FOR POWER GENERATION - EXXONMOBIL
COALspot.com: Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different tr ...
Thursday, 28 January 16
WHAT ARE THE PROSPECTS FOR COAL IN LIGHT OF THE PARIS CLIMATE AGREEMENT? - GERMAN COAL IMPORTERS ASSOCIATION
This depends – says the VDKi – to a very great extent on who you want to believe more, the United Nations or the International Energy A ...
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- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
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