We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
|
|
|
Showing 1016 to 1020 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Economic Council, Georgia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- White Energy Company Limited
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
|
| |
| |
|
