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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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Tuesday, 15 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 Co ...
Monday, 14 October 19
WINTER OIL MARKET OUTLOOK - OPEC
Product markets in the last two months have benefitted from seasonal maintenance which have led to a tighter product market environment, providing ...
Sunday, 13 October 19
INDONESIA: PANAMAX VESSELS OPEN SOUTH CHINA WERE REPORTEDLY FIXED AT $14,000 LEVEL, WITH REDELIVERY BACK IN CHINA - BALTIC BRIEFING
Capesize
The Capesize market managed to find a floor and rally a little this week after several weeks of declines. While the West Australia to ...
Friday, 11 October 19
INDIAN MINERS REJECT PLAN TO LINK NATIONAL COAL INDEX TO FOREIGN PRICES - REUTERS
India’s miners are rejecting a government proposal to establish a national coal index that would be linked to international prices, documents ...
Friday, 11 October 19
THE OCTOBER BENCHMARK PRICE OF INDONESIAN THERMAL COAL DECLINES TO LOWEST SINCE OCTOBER 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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Showing 1316 to 1320 news of total 6871 |
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- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- The University of Queensland
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Australian Coal Association
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
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