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Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
 On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia’s crude export strategy after agreeing to cut production in the OPEC+ deal on 10 April 2020.
Wood Mackenzie research director Sushant Gupta said: “Looking at the May OSPs, it is clear that Saudi Arabia wants to ensure its crude remains very competitive in Asia. It has almost doubled the discounts to Asian refiners in May 2020 compared to April 2020. Asian refiners are to enjoy the steepest discounts compared to other regions.”
Saudi Arabia increased the May 2020 OSPs to the US refiners, indicating a desire to export lower volumes to the US. For Saudi Arabia, these volumes are less lucrative.
For Europe and the Mediterranean, the OSPs are maintained, continuing the pressure on Russian Urals’ pricing towards Europe.
Crude runs in Asia are expected to recover from a low point of 26 million barrels per day (b/d) in April 2020 to about 29 million b/d by June 2020, as a result of an expected recovery in oil demand. At the same time, with OPEC+ production cuts likely fully in place by June 2020, crude markets in Asia could also get tighter.
Gupta said: “To meet the entire demand from the refining system, Asian refiners will need to draw down crude inventories built through H1 2020 in their respective countries, and crude producers will have to rely on selling crude from inventories built through April 2020. This will support crude prices.
“We see large changes to crude supply sources for Asian refiners as they rely heavily on crude producers directly impacted by the OPEC+ deal, such as Saudi Arabia, Iraq, Kuwait, the UAE, Angola, Nigeria and Russia. Asia represents a significant share of the exports from these countries.
“No doubt exports to Asia from Saudi Arabia and Russia will be impacted, but because Asia provides a higher netback to both Russia and Saudi Arabia, both will ensure that Asian market volumes fall the least as they cut output. We would expect both producers to divert volumes towards Asia from other regions.
“The discounted OSPs does not continue the price war, rather it is a necessary step to protect Saudi Arabia’s largest and most profitable export market, Asia. With such steep discounts in May 2020, Saudi grades look very attractive to Asian refiners compared to US WTI and key African crude grades.”
Wood Mackenzie expects the light-heavy crude differential to narrow as medium and heavy crude production is preferentially cut as part of OPEC+ deal. Steeper discounts for Saudi grades are a means to compensate refiners for a narrower light-heavy differential.
The deepening OSP discounts would also be required to account for a softening VLCC freight rates driven by OPEC+ production cuts. A lower VLCC freight rate improves relative economics for long-haul shipments such as US WTI crude and Nigeria Bonny Light crude to Asia compared to crudes from the Middle East.
Gupta said: “With deeper discounts to Asia, Saudi Arabia is ensuring that it does not lose access to buyers if oil demand remains weak. Other suppliers looking to position themselves in Asia will have to pay close attention to the Saudis’ pricing.
“ESPO crude from Russia would require a deeper discount to Dubai benchmark to remain competitive against Saudi Arabian crudes. US and African crude grades also would need to be further discounted to compete into Asia.”
Source: Wood Mackenzie
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Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
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- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
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