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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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Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
Saturday, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- The University of Queensland
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
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