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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, 06 March 20
SOLID BACKING FOR LNG AS A MARINE FUEL - BALTIC EXCHANGE
When it comes to choosing the best fuel on the near horizon to help the international shipping industry shrink its carbon intensity by 2050, DNV GL ...
Friday, 06 March 20
INDONESIA COAL PRICE REFERENCE UP AGAIN THIS MONTH
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 March 20
PANAMAX: SHIP-OWNERS HAVE MOSTLY BEEN GETTING HIGHER RATES THAN THE LAST DONE - FEARNLEYS
Cape
There is still limited amount of positive news around, with the effects of Corona virus hurting world economy. However, overall average in ...
Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
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- Uttam Galva Steels Limited - India
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- Alfred C Toepfer International GmbH - Germany
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- Indian Energy Exchange, India
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- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- The University of Queensland
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- South Luzon Thermal Energy Corporation
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- Eastern Coal Council - USA
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- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
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- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
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- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
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- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
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- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
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- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
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- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
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- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
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- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
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- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
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- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
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- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
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