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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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Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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Showing 1396 to 1400 news of total 6871 |
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- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Marubeni Corporation - India
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