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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, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
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