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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, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Planning Commission, India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- The University of Queensland
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
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