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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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Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
Tuesday, 07 July 20
WHAT DOES THE PATHWAY TO A NET-ZERO ECONOMY LOOK LIKE FOR MINERS? - WOOD MACKENZIE
Wind, solar, electric vehicles, stationary storage and transmission are all central to achieving the Paris Agreement decarbonisation goals.
&nb ...
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- Electricity Authority, New Zealand
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- Global Coal Blending Company Limited - Australia
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- Australian Coal Association
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- Australian Commodity Traders Exchange
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- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
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- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
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- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
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- Global Business Power Corporation, Philippines
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- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
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- Maheswari Brothers Coal Limited - India
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- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
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- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
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- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
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- The University of Queensland
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- Indonesian Coal Mining Association
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- Pipit Mutiara Jaya. PT, Indonesia
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- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
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- Planning Commission, India
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- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
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- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
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