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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- The University of Queensland
- Thiess Contractors Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
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