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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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Tuesday, 07 November 17
DRY BULK SHIPPING: TAKE GOOD CARE OF THE RECOVERY SAYS PETER SAND
Demand:
Even without much support from Brazilian iron ore exports during August, capesize rates went from $10,000 to $17,000 per day. In Septembe ...
Tuesday, 07 November 17
COAL MARKETS WERE RELATIVELY BUOYANT - DANIEL HYNES
Coal markets were relatively buoyant. Metallurgical coal prices were supported by the stronger steel and iron ore prices, says Daniel Hynes, Senior ...
Tuesday, 07 November 17
PROSPERITY AND WINTER WARMTH REMAIN PARAMOUNT IN CHINA - JEFFREY LANDSBERG
Chinese officials announced recently that 580 gigawatts of coal-derived electricity generation capacity has completed ultra-low emissions reform as ...
Monday, 06 November 17
COAL SHORTAGE HURTS INDIA'S HINDALCO AND VEDANTA SAYS BUSINESS STANDARD
Aluminium smelter operations of Vedanta and Hindalco are at risk of turning unviable due to a coal crunch.
According to Business Standard an I ...
Monday, 06 November 17
MARINE BUNKER EXCHANGE EXPECTS BUNKER PRICES WILL CONTINUE UPWARD TREND NEXT WEEK
World fuel indexes rose during the week, supported by main oil producers’ statements about possible extension of oil production cut agreement ...
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Showing 1891 to 1895 news of total 6871 |
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- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- The University of Queensland
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- London Commodity Brokers - England
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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