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Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
 Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The current production cut schedule prior to OPECs meeting this past week, was supposed to last until March 2018, however it has come to light that it will now be extended until the end of 2018, in an attempt to prop up prices as many of OPEC’s members continue to feel strain from the low earnings generated by crude oil sales said Gerry Lathrop, Research Analyst at Allied shipping.
Gerry Lathrop further noted, what’s more is that Saudi Arabia, OPEC leading member, has to deal with ARAMCO’s planned IPO in 2018, which could greatly benefit from the higher crude oil prices. At the same time and in order for the Saudi Government to meet their government budget requirements and reduce their reliance on their cash reserves, are looking at a price target of around US$ 60 per barrel. This is contrary to Russia’s stance who would prefer oil prices to remain lower, and apparently would prefer a target of US$ 40 per barrel at the off chance that higher prices cause the US’s shale oil producers to head to the fields again. In addition to this, OPEC members Libya and Nigeria, who were previously exempt from production cuts, have now agreed to also cap production at their 2017 levels.
This of course can have a profound effect on the shipping side, where the mere talks of a production cut has oil traders rushing to their desks to close their next deal. In short, if oil prices start to show a trend of further price gains, oil traders and refiners will rush to book cargoes, so they can price their end products on competitive level and possibly benefit from a better profit margin, increasing demand in the crude market in the very short-term. In the long-term, if the price of oil also goes up, it is likely to dampen overall demand and cause a potential slowdown in trade. This negative effect however tends to be limited given that crude oil has fairly inelastic demand.
According to Gerry Lathrop of Allied, on the non-OPEC side of things, crude oil production in the US has hit a new record production level of 9.7 million barrels per day on average for the week ending November 17th, according to statistics from the US EIA. Similarly, crude oil imports from Venezuela to the Louisiana Offshore Oil Platform (LOOP) for the period of January to November 2017 are around 7 million barrels, which is almost 3 times as much as what we were seeing during the same time frame last year (2.5 million bbls). The main reason for importing so much Venezuelan crude seems to be mainly due to the lack of availability of Saudi Arabian heavy/sour crude resulting from their production cuts. According to US customs data, imports from Saudi are down 45% from 75 million barrels to 42 million barrels for the same 10-month period. This has undoubtedly caused much of the softening in the crude tanker market of late by removing many ton miles from the market.
In any case, it will be interesting to see which direction the market will trend come June of next year, as the tug of war continues between Russia’s stance on lower crude prices and Saudi’s preference for higher prices. We will probably see the price fall somewhere in between these respective price targets during most of 2018, while if prices increases above Saudi’s US$ 60 per barrel, a relatively swift ramp up in US shale oil production should help quickly push things back down. This points to the main risk by both OPEC and Russia, with any further cost efficiencies achieved by US shale producers allowing them to capture a higher market share and even make these production cuts irrelevant to the overall market.
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Friday, 05 January 18
COAL DEMAND TO REMAIN FLAT TO 2022, RESULTING IN A DECADE OF STAGNATION - IEA
Global demand for coal should remain nearly flat between 2017 and 2022, resulting in a decade of stagnation for coal consumption, according to the ...
Thursday, 04 January 18
SUPRAMAX: INDO TO CHINA WERE FIXED AT AROUND $8K DAILY; DOWN AROUND 27% WOW
Supramax
Q1 kicked off with an usual standby with all counterparts waiting for the market to take direction. Further holidays in East-Europe adde ...
Wednesday, 03 January 18
KOMIPO TO BUY 130K TONS OF MIN. 5700 NAR COAL FOR FEB 2018 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130k Metric Tons of min. 5700 NAR coal to be burnt a ...
Friday, 29 December 17
PORT OF NEWCASTLE SHIPPED A$ 1.527 BILLION WORTH OF 12.65 MT OF COAL IN NOVEMBER
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1527.6 M ...
Friday, 29 December 17
U.S WEEKLY COAL PRODUCTION SLIGHTLY UP FOR THE WEEK ENDING 23 DEC, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tons ...
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Showing 1836 to 1840 news of total 6871 |
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- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- White Energy Company Limited
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
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