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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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Saturday, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- The University of Queensland
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Planning Commission, India
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Economic Council, Georgia
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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