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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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Wednesday, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Paci ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
Saturday, 10 February 18
OIL PRICE USD 100/BARREL BY END OF 2018! - SAROJ MOHAPATRA
All demand supplies calculations are going wrong in oil market at present. US production is increasing at a good pace and set to topple Saudi comfo ...
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Showing 1806 to 1810 news of total 6871 |
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- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
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