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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- White Energy Company Limited
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Planning Commission, India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Interocean Group of Companies - India
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