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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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Tuesday, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - 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 ...
Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
Friday, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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Showing 1026 to 1030 news of total 6871 |
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- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
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