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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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Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
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- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Australian Coal Association
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- White Energy Company Limited
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
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