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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, 17 October 17
U.S RECORD EXPORTS OIL TO EAST HAS HELPED THE TANKER TRADE - GEORGE LAZARIDIS
There was a flood of fresh news this week which clouded the overall prospects of the crude oil market. Just one week prior Saudi Arabia and Russia, ...
Monday, 16 October 17
INDONESIA TO INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed firm, week over week, ...
Friday, 13 October 17
INDIKA ENERGY SIGNS SHARE PURCHASE AGREEMENTS FOR AN ADDITIONAL 45% STAKE IN KIDECO
PT Indika Energy Tbk. and its wholly-owned subsidiary PT Indika Inti Corpindo (collectively, “Indika Energy”) has entered into separate ...
Friday, 13 October 17
THE SHORT-TERM OUTLOOK FOR THE PANAMAX MARKET REMAIN POSITIVE - FEARNLEYS
Supramax
The market has picked up strongly since last week with the Chinese holidays. In the Pacific rates are increasing with some strong number ...
Friday, 13 October 17
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS OF 2017 TOTALED 51 MMST; UP 62% YOY, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million shor ...
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Showing 1911 to 1915 news of total 6871 |
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- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Eastern Energy - Thailand
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- The University of Queensland
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Vedanta Resources Plc - India
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