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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, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 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 ...
Wednesday, 25 March 20
CORONAVIRUS CRISIS IS CRUSHING GLOBAL GDP GROWTH - FITCH RATINGS
The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook” (GEO) ...
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- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- The University of Queensland
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
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