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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, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
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