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Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
 The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and decisive response to Covid-19, unemployment rates rocketed to unprecedented figures. This was a key contributor to the near one-third shrinkage of the economy. Driving restrictions within the US and the decline in countrywide GDP have adversely affected gasoline and oil demand throughout the nation.
Being one of the most predominant global crude oil consumers, South Korea has seen its exports plummet to significant lows. This is likely to cause a nationwide recession which will further reduce global demand for oil. Chinese oil demand has gradually softened thus reducing the price per oil barrel in Asia. At the same time, derivative markets which add value to North Sea crude oil grades, are in a frail state.
The oil consumption outlook does not appear to be any better in Europe, with Finnish refiner Neste Oyj predicting that demand for oil products will remain “severely reduced” in the third quarter. Despite the recent historic deal between OPEC+ nations to cut global oil output, crude oil remains priced at around $40/barrel. Energy analyst C. Markits predicts an average price of $43/barrel for Brent in July; this figure may rise to $50 by December provided that oil demand will begin to recover. However, this is just one of many highly speculative scenarios.
The IMF argues that plunging crude prices coupled with global production cuts are expected to significantly affect oil exporters in the Middle East and North Africa. Combined oil income for these exporting regions is projected to decrease by $270 billion y-o-y from 2019. According to S&P Global Ratings, country members of the Gulf Cooperation Council are set to accumulate a combined $490 billion in government deficits between 2020 and 2023.
Responses to the economic shock
Saudi Arabia tripled its VAT in the past month in an effort to reverse the deficit and revive its economy. This is expected to reduce its deficit by $27 billion. At the same time, the government announced the suspension of cost-of-living allowances for its employees. Additionally, several governmental operational and capital expenditures will either be cancelled, extended, or postponed whereas major projects will materialize under strictly reduced provisions. Saudi Arabia plans to privatize state-held assets in healthcare, education and water utility sectors to raise additional funds. Saudi Finance Minister Mohammed Al-Jadaan argued at a Bloomberg forum that Arabian exporters could receive billions from such privatizations over the next five years.
Kuwait - which is one of the world’s wealthiest countries - is also facing a severe budget crunch. After having a running deficit that could reach 40 per cent of its economy this year, the Kuwaiti Finance Ministry is seeking permission from parliament to tap global debt markets for as much as $65 billion. However, Kuwait’s options are limited. The General Reserve Fund has been used aggressively in recent months. This has left its liquid assets in a vulnerable state and they could be further depleted within the current fiscal year, or by April 2021.
By Apostolos Rompopoulos
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- White Energy Company Limited
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Planning Commission, India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
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