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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, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
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