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Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
 Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Following an initial burst of enthusiasm for the deal, scepticism set in, alongside worries about the global economic background. Prices fell by $10/bbl with Brent crude oil bottoming out on 24 December at just above $50/bbl. For the producers, this was unwelcome, but for consumers it provided a nice present for the holidays. In the US Gulf Coast, gasoline prices in early January averaged $1.89/gal versus the summer peak of $2.79/gal and in India, prices are about 14% below the early October peak. Recently, leading producers have restated their commitment to cut output and data show that words were transformed into actions. In December, OPEC production fell by almost 600 kb/d and Saudi Arabia has signalled that, for its part, further significant cutbacks will take place in January and beyond.
The Brent price has moved back above $60/bbl, so the answer to our question posed last month seems to be a qualified yes, at least for now. However, the journey to a balanced market will take time, and is more likely to be a marathon than a sprint. While Saudi Arabia is determined to protect its price aspirations by delivering substantial production cuts, there is less clarity with regard to its Russian partner. Data show that Russia increased crude oil production in December to a new record near 11.5 mb/d and it is unclear when it will cut and by how much. Other non-OPEC countries joining in the output deal saw higher output, including Mexico.
Elsewhere, there are signs that market re-balancing will be gradual. The trajectory of Iran’s production and exports remains important. In December, total exports increased slightly to over 1.3 mb/d. With US waivers allowing Iran’s major customers to buy higher volumes than was previously thought, more oil will remain in the market in the early part of 2019. Venezuela has seen the collapse of its oil industry slow during the second half of 2018 with production falling recently by about 10 kb/d each month rather than by the 40 kb/d we saw earlier in the year. The level of output in the world’s biggest liquids producer, the United States, will once again be a major factor in 2019. We saw incredible and unexpected growth in total liquids production of 2.1 mb/d in 2018. For this year, we have left unchanged for now our forecast for growth of 1.3 mb/d. While the other two giants voluntarily cut output, the US, already the biggest liquids supplier, will reinforce its leadership as the world’s number one crude producer. By the middle of the year, US crude output will probably be more than the capacity of either Saudi Arabia or Russia.
For oil demand, there is a mixed picture. Falling prices in 4Q18 helped consumers and there are signs that trade tensions might be easing. In many developing countries, lower international oil prices coincide with a weaker dollar as the likelihood of higher US interest rates fades for now. However, the mood music in the global economy is not very cheerful. Confidence is weakening in several major economies. In the short term, there is added uncertainty about oil demand due to the onset of the northern hemisphere winter season, with low temperatures seen in the past few days in many places. For now, we retain our view that demand growth in 2018 was 1.3 mb/d, and this year it will be slightly higher at 1.4 mb/d, mainly due to average prices being below year-ago levels.
In the meantime, refiners face a challenging year. Processing capacity will increase by 2.6 mb/d, the biggest growth for four decades, while margins are already pressured by low gasoline cracks due to oversupply and weak demand. The well-trailed changes to the International Maritime Organisation’s marine fuel regulations due in 2020 are another big issue for some refiners as they seek to find outlets for unwanted high sulphur fuel oil. By the end of the year, all industry players, upstream and downstream, may feel as if they have run a marathon.
Source: IEA
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Saturday, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
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Showing 1266 to 1270 news of total 6871 |
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- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- London Commodity Brokers - England
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
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