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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
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