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Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
.png) The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after the weakening of the OPEC+ production restrictions, Energy Minister Alexander Novak told reporters.
“No, we do not expect it, because the market is already conscious of it,” he said, answering a question about whether a change in oil prices is expected in connection with the transition of OPEC+ to some growth in production.
Speaking about the price expectations, Novak said that “now [the oil price] has been holding for a month at the level of $40-43, the price is more or less balanced.”
Extra oil supplies
Oil companies will independently make decisions on the supply of additional oil produced in connection with the growth of production under OPEC+, but it is important to ensure the Russian market first, Russian Energy Minister Alexander Novak told reporters.
“Of course, companies make decisions regarding the execution of their contracts, agreements, but it is important for us to provide for the domestic market, it usually grows in summer. We are increasing it by about 400,000 barrels [per day],” Novak said, answering a question about how much oil can go to the domestic market and how much to export, after Russia begins to increase production as part of the weakening of OPEC+ quotas.
Earlier, Novak said that Russian oil companies, as was previously assumed under the OPEC+ deal, would be able to increase production by 400,000 barrels per day in August 2020 in proportion to their production level.
The OPEC+ agreement entered into force on May 1, it assumes a reduction in oil production by the alliance countries by 9.7 mln bpd during May-July. Russia and Saudi Arabia, according to the agreements, will reduce oil production by equal shares – 2.5 mln bpd from the base level of 11 mln bpd. The agreements will be in effect for two years, but from August to December 2020, 7.7 mln bpd will be cut within the framework of the deal, and from January 2021 to the end of April 2022 – 5.8 mln bpd. The deal’s parameters may be revised in December 2021.
In June, Russia completed the OPEC+ deal to reduce oil production by 99%, reducing oil and condensate production by 16.6% to 38.16 mln tonnes. In August, a smooth transition to production recovery will begin, as stipulated in the agreement. At the same time, companies will increase their volumes in proportion to the level of their production.
Source: TASS
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Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
Friday, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Bulk Trading Sa - Switzerland
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- Oldendorff Carriers - Singapore
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- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
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- Eastern Energy - Thailand
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- Parliament of New Zealand
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- Electricity Authority, New Zealand
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- The University of Queensland
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- Meenaskhi Energy Private Limited - India
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- Indian Oil Corporation Limited
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- Kobexindo Tractors - Indoneisa
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- Directorate Of Revenue Intelligence - India
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- Sree Jayajothi Cements Limited - India
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- Kalimantan Lumbung Energi - Indonesia
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- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Orica Mining Services - Indonesia
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- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
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- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- White Energy Company Limited
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- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
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- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
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- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
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- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
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- South Luzon Thermal Energy Corporation
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- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
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- Chamber of Mines of South Africa
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- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Bhatia International Limited - India
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- Bhushan Steel Limited - India
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