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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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Thursday, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
Tuesday, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
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Showing 1021 to 1025 news of total 6871 |
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- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- The University of Queensland
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
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