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Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
 Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s outcome is a psychological blow for the market, as the steep plunge in oil prices shows.
“And the market is now facing the spectre of unrestrained production once the current OPEC+ agreement expires in March.
“However, we do not think Saudi Arabia will push hard to lift their output in the northern hemisphere spring.
“Given weak demand and the likelihood this weakness will persist into the second quarter, it will be hard for any producer to increase their output sharply once the original production deal expires at the end of this month.”
Demand risks
She added: “One factor to bear in mind is that the plunge in demand we saw in Q1 was created by circumstances in China. The country’s coronavirus (Covid-19) containment measures have been far more stringent than those imposed anywhere else, and are not likely to be copied elsewhere.
“The lack of a production deal carries risk. This would become apparent if global economic growth weakens and oil demand continues to contract more sharply than expected thanks to the double whammy of coronavirus containment measures and falling GDP.”
Hittle said: “Our current projection sees global liquids demand fall by 2.7 million b/d year-on-year in the first quarter of 2020, the first year-on-year decline on a quarterly basis since Q2 2009.
“It is the most severe decline since Q4 2008, the height of the 2008-2009 global economic crisis, which saw demand tumble by 2.8 million b/d year-on-year.”
Hittle said: “If the impact the coronavirus has had on global oil demand is sustained, then by the second half of the year we’d expect to see weaker GDP. This will have a far greater impact on oil demand than just temporary reductions in jet fuel and gasoline demand.
“A longer, sustained outbreak of coronavirus threatens to hit oil demand with a double whammy: already weak demand will soften further because of containment measures, and this will weaken GDP.”
What next?
What does this mean for OPEC and OPEC+? It would mean that the group would likely need to monitor economic indicators closely. It may even mean that they could be forced to call an emergency meeting during the second quarter.
She added: “A sustained bout of low oil prices will further reduce cash flow and investment into the US oil patch, causing further hits to Lower 48 production growth later this year. It takes at least six to nine months for reductions in spend to lead to lower oil production in the US Lower 48.
“In that time, their access to capital may be limited and their free cash flow badly hit.
“The only silver lining in a very dark cloud is for refining – the sector will be hit hard by weak demand, but it is at least saved from tightening crude differentials associated with a major cut in OPEC supplies.”
Source: Wood Mackenzie
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
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