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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, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
Wednesday, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
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Showing 1416 to 1420 news of total 6871 |
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- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- White Energy Company Limited
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Australian Coal Association
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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