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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, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Parliament of New Zealand
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Australian Coal Association
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
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