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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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- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
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