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Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
 OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we moved closer to the day of the meeting its seems that the oil bulls were running rampant, driving prices for crude to levels that top just above the US$ 50 per barrel mark, said Allied ship broker in its latest weekly report.
According to Allied weekly report, the great paradox however was to be seen just moments after the much anticipated announcement of a cut in production, at which point we started to see prices are off slowly as many started to slowly voice concerns as to the impact this agreement would really have on the market and more specifically if it would actually be able to alter the oil imbalance now faced.
The Allied’s George Lazaridis further said, the truth of the matter is that we were seeing record production figures up until recently and an only 6 percent cut in OPEC ’s contribution does not sound like a lot being done, especially given the increased capacities expected to continue to be seen out of Iran and Libya. At the same time, this decision comes at a point where U.S. shale producers have started to greater vigour and have managed to push their output even at this year ’s low crude oil prices. What’s stopping them from increasing production further to the extent of covering any gap left behind by OPEC members.
Allied research further noted that, all this has at the moment left few convinced that there will be a real turnaround in the market over the coming months. It is no surprise therefore that we hearing officials from Russia saying that they plan to stick to a budget that assumes oil averages at a price of around US$ 40 a barrel. That also seems to be the consensus amongst most major investment banks which see the commodity struggling to hold firmly at prices above that level for long periods of time. On top of all of this many even see the agreement amongst OPEC members as little more than “hot air”, voicing concerns as to its effectiveness given the fact that as an organization it has often failed to meet targets, especially those that related to curbing production output.
George Lazaridis , Head of Market Research & Asset Valuations of Allied says, it seems as though the “cat has been let out of the bag ” and it’s proving an ever more difficult case to get it back in. It has been more than 22 months since the original decision to fully open the production taps and producing nations have already shifted in some way or another in order to face the new reality this has brought along with it. It has also shown how the Saudis have under estimated the resilience of the high prices producers (and in particular that o f U.S. shale oil ) having managed to price cut out of the market only a small fraction. Let’s not forget that the main purpose of their original strategy was to gain market share and eliminate some of the competition in order to end up with bigger control over the market. The only production projects that have truly bee n hit by the drop in price s has been the deep water offshore projects, most o f which found the new price reality unbearable.
There is still a lot at play here, but for now, it looks as though we are still set to remain hovering around these most recent price levels for the medium term. For most in shipping this can be seen as good news, helping keep bunker costs on the lower end of the spectrum and all owing a healthier demand level for the transportation of crude oil for the large tanker. There are however some, notably those with the more modern eco-ships which would have hoped for slightly higher increases in oil prices, something that would surely help to make these more economical ships more competitive in the market and possibly even create a greater push for older vessels to be scrapped sooner rather than later said Allied a Piraeus based ship broker.
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Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
Wednesday, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
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- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
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- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
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- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
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- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
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- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- The University of Queensland
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
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