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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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Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
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- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- The University of Queensland
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
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