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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, 31 January 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
Days before the celebrations of the Lunar New Year, the dry bulk market seems to be holding well, against negative predictions. Period numbers repo ...
Monday, 29 January 18
BALTIC INDEX GAINS ON STRONGER BIG VESSEL ACTIVITY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week and ending on a positive note week ov ...
Monday, 29 January 18
U.S.WEEKLY COAL OUTPUT UP 8.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.6 million short tons ...
Wednesday, 24 January 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Since the beginning of the New Year we have been witnessing the BDI correcting downwards, which nonetheless seems to have no effect at ...
Tuesday, 23 January 18
OIL MARKET ANALYSIS - ALLIED
Brent oil futures hit a three year high on January 16th touching around USD 70.30 before falling back down to around USD 68.60 at the Time of this ...
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Showing 1821 to 1825 news of total 6871 |
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- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
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