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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, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
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