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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, 19 January 16
HAPPY NEW YEAR, COAL PRODUCERS! OR MAYBE NOT - ANDY ROBERTS
To coal producers, 2015 must have seemed far longer than 365 days. From their perspective, as bad as markets were at the beginning of the year, and ...
Tuesday, 19 January 16
COALTRANS ASIA IS RETURNING TO BALI
22nd Coaltrans Asia
Coaltrans Asia is returning to Bali to bring together over 1000 industry decision makers and thought leaders for three day ...
Monday, 18 January 16
INDONESIAN 5700 GAR COAL INDEX ROSE 0.60% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline slightly week over week to averaging $39.93 per ton on this past Friday, acc ...
Monday, 18 January 16
BALTIC DRY SHIPPING INDEX DROPS TO 373 POINTS; DECLINE 13% WEEK OVER WEEK
COALspot.com: The freight market dropped this week as the BDI declined further 13 percent to 373 points week over week. The Cape index ...
Monday, 18 January 16
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 42.50 PER TON; UP 1% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.43 (1.02%) per ton month over month.
A commodity swap is ...
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- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- PTC India Limited - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
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