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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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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
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