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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, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
Countries around the world are strengthening their border control measures in order to prevent the further spread of COVI ...
Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
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Showing 1036 to 1040 news of total 6871 |
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- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
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