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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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Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
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