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Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
 This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 on 5 March. Meanwhile, new and revised data shows a modest tightening of the balance in the early part of 2018, but the main message remains unchanged from last month and it is very clear: in 2018, fast rising production in non-OPEC countries, led by the US, is likely to grow by more than demand. For now, the upward momentum that drove the price of Brent crude oil to $70/bbl has stalled; partly due to investors taking profits, but also as part of the corrections we have seen recently in many markets. Most importantly, the underlying oil market fundamentals in the early part of 2018 look less supportive for prices.
Our demand growth estimate for 2017 remains strong at 1.6 mb/d, reinforced by November data for the US. For 2018, the more positive global economic picture published by the International Monetary Fund is a key factor in raising our growth outlook to 1.4 mb/d. It was thought that the significant increase in the dollar price of crude oil since the middle of 2017 would dampen growth, and this might be the case to some extent, but the impact of higher prices has been partly offset in some countries by currency appreciations.
It is clear that strong demand growth in 2017, alongside a modest increase last year in non-OPEC output, and the cuts made by leading producers, has contributed to the extraordinarily rapid fall in OECD oil stocks. A year ago, they were 264 mb above the five-year average and now they are only 52 mb in excess of it, with stocks of oil products actually below the benchmark. Although the OECD is not the whole world, the leading oil producers who agreed to cut output identified the level of the group’s stocks as an indicator of the progress of their initiative. With the surplus having shrunk so dramatically, the success of the output agreement might be close to hand. This, however, is not necessarily the case: oil price rises have come to a halt and gone into reverse, and, according to our supply/demand balance, so might the decline in oil stocks, at least in the early part of this year.
The main factor is US oil production. In just three months to November, crude output increased by a colossal 846 kb/d, and will soon overtake that of Saudi Arabia. By the end of this year, it might also overtake Russia to become the global leader. All the indicators that suggest continued fast growth in the US are in perfect alignment; rising prices leading, after a few months, to more drilling, more completions, more production, and more hedging. In early 2018, the situation is reminiscent of the first wave of US shale growth that, riding the tide of high oil prices in the early years of this decade, made big gains in terms of market share and eventually in 2014 forced a historic change of policy by leading producers. Today, having cut costs dramatically, US producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth. This is a sobering thought for other producers currently sitting on shut-in production capacity and facing a renewed challenge to their market share. Another sobering thought is that it is not just a matter of production: trade patterns are changing. Recently we read of a shipment of condensate from the US to the UAE. Such a development would have seemed incredible a few years ago, now it looks like the shape of things to come.
The components of the oil market balance are dynamic and a lot can change in the next few months: the deteriorating situation in Venezuela is one obvious candidate, and the apparent buoyancy of the global economy could deliver higher demand growth than we currently anticipate. As a result, prices could be maintained at recent levels even as US production rises. If so, most producers will be happy, but if not, history might be repeating itself.
Source: IEA
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Thursday, 08 March 18
AVERAGE U.S. COAL MINING PRODUCTIVITY INCREASES AS PRODUCTION FALLS - EIA
Coal mining productivity in the United States increased 26% over the past five years, reaching 6.8 tons per miner hour in 2017, up from 5.4 tons pe ...
Wednesday, 07 March 18
WHEN AN IRRESISTIBLE FORCE MEETS AN IMMOVABLE OBJECT - GARD
KNOWLEDGE TO ELEVATE
Negotiable bills of lading are fundamental to trade. As documents of title, they are essential to the sale and carriage o ...
Wednesday, 07 March 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The comparably small upside Handysize asset values have noted compared to other sizes since the historical lows of the dry bulk market in combinati ...
Tuesday, 06 March 18
FOREIGN INVESTORS ALLOWED TO BID FOR BIG MINING CONCESSIONS - THE JAKARTA POST
The government has allowed foreign investors to bid for mining concessions with a total area of more than 500 hectares, while smaller areas will be ...
Tuesday, 06 March 18
LNG VESSELS HAVE EMERGED AS THE FASTEST GROWING SEGMENT FOR THE WATERWAY - GERRY LATHROP
The day was July 25th 2016, a partly cloudy day on the Panama canal, and to most people a rather innocuous day without any real merit, however in s ...
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Showing 1786 to 1790 news of total 6871 |
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- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
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