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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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Friday, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
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Showing 1311 to 1315 news of total 6871 |
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- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- PTC India Limited - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- The University of Queensland
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
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