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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
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