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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- The University of Queensland
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- White Energy Company Limited
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
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