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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
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