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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Planning Commission, India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
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