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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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Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
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- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
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