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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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- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
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