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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- The University of Queensland
- Carbofer General Trading SA - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Planning Commission, India
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
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