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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- The University of Queensland
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
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