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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- The University of Queensland
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- New Zealand Coal & Carbon
- Australian Coal Association
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
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