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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, 24 April 20
COAL INDIA TO PRODUCE 710 MT COAL - MINISTER OF COAL AND MINES
Coal India Limited (CIL) will produce 710 million tonnes (MT) of coal and company’s coal off take target will also remain at710 MT for this f ...
Friday, 24 April 20
CHINA COAL PRODUCER YANZHOU COAL POSTS 9.6 PCT RISE IN 2019 NET PROFIT - XINHUA
China’s major coal producer Yanzhou Coal Mining Co., Ltd. said Thursday that its net profit saw a 9.6 percent rise in 2019.
Th ...
Tuesday, 21 April 20
INDONESIA ACCOUNTS FOR 19% OF JAPAN'S TOTAL COAL IMPORTS - BANCHERO COSTA
Coal trade in Asia is proving remarkably resilient this year, despite the global economic impact from COVID-19.
We have seen China&r ...
Tuesday, 21 April 20
COVID-19: CHARTERPARTY MATTERS FOR SHIPOWNERS - SKULD
KNOWLEDGE TO ELEVATE
Whilst the plight of cruise ships, stranded off shore with sick passengers and crew, may be dominating media headlines, t ...
Monday, 20 April 20
SUPRAMAX: A 52,000DWT SHIP FIXING AN INDONESIA COAL RUN TO CHINA AT $4400 - BALTIC BRIEFING
Capesize
This week was the strongest period seen for the Capesize market in several months. All routes globally succumbed to improved sentiment ...
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Showing 1006 to 1010 news of total 6871 |
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- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Economic Council, Georgia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- PTC India Limited - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Parliament of New Zealand
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
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