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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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Wednesday, 27 December 17
SULPHUR EMISSIONS: THE OUTSTANDING CHALLENGES - UK P&I CLUB
The International Maritime Organization (IMO) has been working to reduce the harmful impacts of shipping on the environment.
It adopted Annex ...
Friday, 22 December 17
COAL INDIA BOARD CLEARS THE WAY FOR SCHEME FOR HARNESSING AND ALLOCATING KOYALA (COAL) TRANSPARENTLY IN INDIA - PIB
The Coal India Limited (CIL) Board cleared the decks for signing of Fuel Supply Agreement (FSA), for supply of coal.
According to Press Inform ...
Friday, 22 December 17
WILL THE DRY BULK INDUSTRY BECOME PROFITABLE IN 2018? - PETER SAND, BIMCO
As the dry bulk fleet is already expected to grow at a pace that matches demand growth expected in 2019, focus must be on improving the fundamental ...
Friday, 22 December 17
ESTIMATED U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 21 December 17
COAL CONSUMPTION DROPS AS GAS AND RENEWABLES CHEW INTO TRADITIONAL MARKETS - BABS MCHUGH
"The share of coal in the global energy mix is forecast to decline from 27 per cent last year to 26 per cent in 2022"
Global demand ...
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Showing 1841 to 1845 news of total 6871 |
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- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- London Commodity Brokers - England
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