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SSY News
 CHINA SET CAPS ON COAL PRICES |
24-07-2008 |
Due to tight coal supply, China is temporarily putting a cap on domestic thermal coal prices used by power plants to prevent costs rising and ease power shortages, the National Development and Reform Commission announced today following a similar directive in late June, Bloomberg reports. NDRC ordered coal prices at key ports in China, including Qinhuangdao,Tianjin and Tangshan at 19th June ... [more]
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 JAPAN GDP GROWTH FORECAST FALLS |
23-07-2008 |
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Japan’s government has revised its GDP growth forecast for the fiscal year to next March down from 2% to 1.3%. The inflation rate in Japan likely rose to a 10-Year high. Core inflation climbed 1.9% in June compared with the same period last year after rising 1.5% in May, Bloomberg reports. Japan’s weaker economic outlook has mainly been driven by rising energy and raw material costs, a U.S. ... [more]
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 US CRUDE STOCKS FELL, GASOLINE AND DISTILLATE RISE |
23-07-2008 |
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US crude stocks fell 1.6m bbl to 295.3m bbl, 16% lower y-o-y, as imports dropped 985k b/d to 10.79m b/d, according to the latest data from the US Department of Energy. Gasoline inventories grew 2.9m bbl to 217.1m bbl as imports rose 129k b/d to 1.15m b/d. Distillate stocks were up 2.4m bbl at 128.1m bbl despite imports falling 48k b/d to 102k b/d, the lowest since Apr 2000. Refinery utilisation ... [more]
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 LOW COAL STOCKPILES IN CHINA |
22-07-2008 |
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The thermal coal inventories in China’s power plants across the country fell 8.1% from 34.6 Mt two weeks ago to 31.8 Mt on 20th July, said a spokesman from the power supplier State Grid Corp of China, Bloomberg reports. To ensure that there are no power shortages for the duration of the Olympic Games in August, there are 2.12 Mt coal being delivered to the Beijing-Tianjin-Tangshan region ... [more]
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 S. KOREA’S CRUDE IMPORTS FALL IN JUNE |
22-07-2008 |
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S. Korea’s crude imports fell 4.4% y-o-y in June to 2.26m b/d, as refiners were encouraged to use up inventory rather than import new supply due to high prices, reports Reuters. Exports of oil products were up 18.5% at 908k b/d on the year as diesel exports jumped 50% to 325k b/d. Domestic oil products demand fell 6.5% y-o-y in June to 1.92m b/d, its lowest in nearly 2 years and 10.3% down from ... [more]
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 TRANSNET ISSUES THE THIRD FORCE MAJEURE THIS MONTH |
21-07-2008 |
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Port operator Transnet announced force majeure for the third time in July. Richards Bay Coal Terminal face disruption due to a derailment at Ermelo in which six carriages derailed in a shunting yard over the weekend, Reuters reported. Transnet has declared the impact of the latest force majeure on exports would be minimal, unless no trains run for a period of several days. ... [more]
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| UAE TO SHUT 150K-200K B/D OIL OUTPUT |
21-07-2008 |
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The United Arab Emirates, a member of OPEC, will cut its oil output by 150k-200k b/d, or 7.5%, for 40 days in Oct and Nov for maintenance, reports Reuters. The UAE, the world’s fifth-largest oil exporter, pumped about 2.6m b/d in June. The cut will come as oil demand rises ahead of the peak demand winter season in the northern hemisphere. Buyers in Japan, a main market for UAE crude, has been ... [more]
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 GLOBAL CRUDE STEEL OUTPUT IN JUNE |
18-07-2008 |
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According to data released today from the International Iron and Steel Institute, steel production of 118.8 Mt in June showed a slight decline from the monthly record total of 120 Mt in May, but still increased by 5.9% y-o-y. Production in the 1h08 of 696 Mt represented a gain of 5.7% y-o-y and was still led by growth in China, where production was up 9.6% to 263 Mt. Other leading contributors to ... [more]
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 RAILCAR SHORTAGE IN RUSSIA COULD AFFECT COAL EXPORTS |
17-07-2008 |
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Russian coal producers continue to experience major shortages of railcars to transport coal to the domestic and export markets. According to estimates from producers in Kuzbass region, which accounts for more than half of all Russian coal production, deliveries of railcars have declined by 20-30%, while coal stockpiles in the region have increased from 8.0 Mt to 9.5 Mt in June, reported Russian ... [more]
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| US OIL STOCKS GROW |
16-07-2008 |
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US crude stocks grew 3m bbl last week to 296.9m bbl but remained 16% lower y-o-y, as imports jumped 1.2m b/d to 10.79m b/d, according to the latest data from the US Department of Energy. Gasoline inventories rose 2.4m bbl to 214.2m bbl despite imports falling 147k b/d to just over 1m b/d. Distillate stocks increased 3.2m bbl to 125.7m bbl, with imports only slightly higher at 150k b/d, however, ... [more]
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| CHINA ALLOCATES 2.39 MT OF COKE EXPORT QUOTAS |
16-07-2008 |
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China has allocated a second batch of coke export quotas for 2.39 Mt on 14th July, according to a statement from China’s Ministry of Commerce. That brings 2008 total export quotas of coke, to 12.01 Mt.Meanwhile, China coke exports in the 1H08 totalled 7.43 Mt, declining by 7% year-on-year. Coke exports for 2007 reached 15.29 Mt, according to customs data. ... [more]
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 QUEENSLAND COAL EXPORTS |
15-07-2008 |
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Queensland ports’ activities have rebounded strongly after severe flooding earlier this year, according to the latest report from McCloskey. June coal exports totalled 14.95 Mt, up 11.4% compared to 13.42 Mt in the same month last year, representing a new monthly record. However, year-to-date exports of 75.78 Mt in Queensland were 1.52 Mt lower compared with the same period last year. ... [more]
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| CHINA’S GASOLINE AND DIESEL IMPORTS RISE |
15-07-2008 |
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China’s diesel imports rose to 960kt (240k b/d) in June, the highest in at least 5 years, as the country increases fuel oil imports to meet rising demand from next month’s Olympic Games and reconstruction after the May earthquake, reports Bloomberg. Diesel imports were up more than 12-fold to 3.85mt in the 1H08. Gasoline imports were up at 282kt (80k b/d) having not imported any the previous ... [more]
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| US COAL EXPORTS HIT TEN-YEAR HIGH |
14-07-2008 |
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US May coal exports (excluding exports to Canada) of 5.3 Mt jumped by 3.2 Mt compared with May last year. This represents the hightest monthly total since August 1997,according to latest data from the US National Mining Association. Coking and steam coal exports in May totalled 4.4 Mt and 3.2 Mt, up 85% and 67% y-o-y. Meanwhile, US coal exports (excluding exports to Canada) in the first ... [more]
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 NEW W. AFRICAN CRUDE PROJECTS DUE ONLINE |
14-07-2008 |
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Two major deepwater projects are starting up in Nigeria and Angola this month, increasing W. African output, reports Petroleum Argus. The expected start-up of the second phase of ExxonMobil’s Kizomba C project this month will raise Angolan crude output to 1.95m b/d in July, up from 1.89m b/d in June, taking volumes above its 1.9m b/d OPEC quota. Kizomba C output will eventually reach 100k b/d. ... [more]
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| CHINA’S ALUMINUM OUTPUT IMPACTS GLOBAL PRICES |
11-07-2008 |
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Aluminum prices jumped up to an all-time high of $3,380/t on the London Metal Exchange yesterday, after China ‘s top 20 aluminum companies agreed to cut output by between 5% and 10% until the end of Beijing Olympic Games due to domestic power crisis, Bloomberg reports.China’s aluminum and alloys exports totalled 123,538 tones in June, the highest volume since August 2006, some 43% more ... [more]
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| CHINESE IRON ORE IMPORTS |
10-07-2008 |
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Chinese iron ore imports in June decreased to 37.8 Mt, 1.1 Mt lower than in May, but 10.9 Mt more than last June, according to the latest data from Chinese Customs. This brings the 1H08 imports to 230.2 Mt, compared with 188.1 Mt during the same period last year. Meanwhile, Bloomberg reported that steel exports declined to 5.2 Mt, 0.3 Mt lower than in May and 1.9 Mt lower y-o-y. According ... [more]
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| CHINA’S CRUDE IMPORTS RISE IN JUNE |
10-07-2008 |
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China’s crude imports rose 3.2% y-o-y in June to almost 3.6m b/d having fallen 7% from May, according to the lates data from the China Customs. Volumes in Jan-Jun were up 11% y-o-y at 90.53mt, averaging 3.65m b/d. Product imports were up 12.5% y-o-y at 898k b/d despite falling 18.6% on the month. 1H08 product imports rose 16.4% from 1H07 to 21.01mt, or 846k b/d. ... [more]
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 IEA REVISES OIL DEMAND GROWTH FORECAST |
10-07-2008 |
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In its latest monthly report the IEA has revised upwards its forecast for oil demand growth in 2008 for the first time in several months, with demand now set to rise 890k b/d, or 1%, to 86.9m b/d this year. Demand in 2009 is now forecast to grow 1.1%, or 860k b/d, to reach 87.7m b/d. Global oil supply increased 285k b/d from May to reach 86.5m b/d. Non-OPEC output dipped 65k b/d overall due to ... [more]
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| CHINA’S COAL EXPORTS HIT THREE-YEAR HIGH |
09-07-2008 |
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According to a government source quoted by Reuters, China exported 6.99 Mt of coal in June, up 79% compared to the previous month, some 3.17 Mt more than in June last year. This represents the highest monthly total since March 2005.Coal exports from China in the 1h08 totalled 25.49 Mt, 2.36 Mt more than during the 1h07. ... [more]
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| US CRUDE STOCKS FALL, GASOLINE AND DISTILLATE RISE |
09-07-2008 |
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US crude stocks fell another 5.9m bbl last week to 293.9m bbl, 17% lower y-o-y, as imports dropped 621k b/d to 9.5m b/d, according to the latest data from the US Department of Energy. Gasoline inventories were up 0.9m bbl at 211.8m bbl having risen 3% on the year. Imports were down 193k b/d at 1.16m b/d while demand was relatively unchanged at 9.35m b/d. Distillate stocks grew 1.8m bbl to 122.5m ... [more]
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| COAL SUPPLY IN CHINA |
08-07-2008 |
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Insufficient coal supplies in China have led to the shutdown of 2.5% of its coal-fired power plants, reported Bloomberg. This has led to local government limiting electricity consumption and warning about possible blackouts. The closure of thousands of small and unsafe mines throughout China has worsened the coal shortage and could result in the introduction of more action directed at the coal ... [more]
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 OPEC OUTPUT RISES IN JUNE |
08-07-2008 |
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OPEC production rose to a 22-month high in June, cutting into spare capacity thus limiting the group’s ability to respond to major supply disruptions, reports Petroleum Argus. Output by the OPEC-10 members, excluding Angola, Ecuador and Iraq, rose to 27.81m b/d. OPEC-12 output, excluding Iraq, reached 30.21m b/d, slightly higher on the month. Saudi Arabia increased output to 9.45m b/d to offset ... [more]
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 AUSTRALIAN COAL PORT CONGESTION |
07-07-2008 |
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The SSY Australian Coal Port Congestion Index declined to 7.1 days, the lowest since October 2006, and compares with the average for the 1H08 of 13.7 days and 22.9 days a year ago. However, according to the Hunter Valley Coal Chain Logistics Team, the current vessel queue at Newcastle has risen to 41 vessels from 36 last week. Their forecast for the end-July queue is 39 vessels, while the ... [more]
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 BHP BILLITON SETTLES IRON PRICE WITH BAOSTEEL |
04-07-2008 |
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BHP Billiton announced today that it has reached agreement with China’s Baosteel on the price of iron ore for the contract year beginning April 1, 2008. The agreed price matches the price increases that Rio Tinto agreed with Baosteel almost two weeks ago, despite BHP Billiton attempting to achieve an even greater increase. Baosteel will pay 144.66 US cents per dry metric tonne unit (+79.9% y-o-y) ... [more]
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| JAPAN’S CRUDE IMPORTS RISE IN MAY |
04-07-2008 |
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Japan’s crude imports rose 16% y-o-y in May to 4.12m b/d, with volumes from top supplier Saudi Arabia 21% higher at 1.23m b/d, reports Energy Intelligence. Supplies from Iran rose 46% to 473k b/d, while Iraqi imports averaged 107k b/d having not shipped any crude to Japan a year earlier. Shipments from Russia doubled to 135k b/d, with those from Kuwait increasing 24% to 336k b/d. Imports from the ... [more]
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| AUSTRALIAN IRON ORE AND COAL EXPORTS |
03-07-2008 |
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According to the latest trade data, Australian iron ore exports reached a new monthly record of 27.7 Mt in May, some 5.5 Mt more than in May last year. This takes January-May exports to 125.6 Mt, compared with 103.8 Mt during the same period last year. Shipments to China increased to 73.1 Mt, some 18.7 Mt more than last year. Meanwhile, coal exports from Australia in the first five months ... [more]
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| IRAQI OIL EXPORTS FALL IN JUNE |
03-07-2008 |
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Iraqi oil exports fell 300k b/d in June month-on-month to about 1.7m b/d, as bad weather in the south interrupted sales through the Basrah Oil Terminal in the Mideast Gulf, reports Energy Intelligence. Exports from the south fell to 1.32m b/d, down from 1.57m b/d in May, while those from the north were lower than expected at 375k b/d, even though output was higher than forecast at 600k b/d. The ... [more]
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| JAPANESE STEAM COAL IMPORTS |
02-07-2008 |
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According to the latest trade data from Japan’s Ministry of Finance, Japan imported 44.1 Mt of steam coal in the first five months of this year some 10.4% more than during the same period last year. While shipments from China declined during January-May by 11.3% to 3.8 Mt, strong gains were reported from Indonesia (+39.1% to 7.5 Mt) and Australia (+10.8% to 29.3 Mt).Meanwhile, coal ... [more]
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| US CRUDE STOCKS FALL, GASOLINE AND DISTILLATE RISE |
02-07-2008 |
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US crude stocks fell 2m bbl last week to 299.8m bbl, 15% lower y-o-y, as imports dipped 83k b/d to under 10.17m b/d and refinery utilisation rose 0.6% to 89.2%, according to the latest data from the US Department of Energy. Gasoline inventories rose 2.1m bbl to 210.9m bbl, remaining 3% higher on the year, as imports rose 194k b/d to nearly 1.36m b/d. Demand was up 23k b/d to nearly 9.36m b/d ... [more]
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 VIETNAM COAL EXPORTS DROP 14.9% IN H1 |
01-07-2008 |
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Vietnam’s coal exports dropped by an estimated 14.9% in the first six months of 2008 to 13.87 Mt, according to an announcement from The General Statistics Office, Reuters reports. The Jan-Jun production of coal in Vietnam increased by 8 % y-o-y, reaching 22.42 Mt. Revenues from coal were up by 43.3% to $728 million due to soaring world coal prices. According to a report in March ... [more]
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| IEA CUTS GLOBAL SUPPLY GROWTH FORECAST |
01-07-2008 |
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Global oil supplies are forecast to grow more slowly than expected over the next 5 years, taking spare capacity to ‘minimal levels’ in 2013, despite weaker demand growth, according to the International Energy Agency (IEA) in its latest Medium Term Oil Market Report. It has cut its supply forecast by 2.7m b/d to 95.33m b/d in 2012, with output from non-OPEC countries expected to be 1.4m b/d lower ... [more]
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| CHINA INDUSTRIAL PROFITS RISE 20.9% |
30-06-2008 |
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According to the latest report from China’s National Bureau of Statistics, the Jan-May 2008 profits of industrial companies above designated size (firms which have more than $0.7 million in annual sales) recorded a 20.9% increase on the same period last year to total $158.6 billion. The profits of the coal mining sector grew by 97.8%, while those of the steel industry rose by 25.6%. ... [more]
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| NEW NIGERIAN OIL CAPACITY DUE ONLINE |
30-06-2008 |
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Brazil’s Petrobras will start pumping oil from Nigeria’s offshore Agbami oil field on 21 July, in partnership with Total and Chevron-Texaco, reports AFP. Initially it is set to produce 100k b/d, but is expected to rise to 250k b/d next year. The Petrobras/Total/Chevron-Texaco consortium expects Nigeria’s Akpo oil field to start-up next year with 185k b/d. ... [more]
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| S. KOREA’S CRUDE IMPORTS FALL IN MAY |
27-06-2008 |
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S. Korea’s crude imports fell 2.6% in May y-o-y to average 2.45m b/d despite volumes from Saudi Arabia, the country’s top supplier, increasing 10.7% to 796k b/d, reports Energy Intelligence. Shipments from the UAE were also up 14.3% at 399k b/d while those from Qatar doubled to 211k b/d and Omani supplies more than tripled to 94k b/d. However, imports from Iran and Russia each fell nearly 60% to ... [more]
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| IGC GRAIN MARKET OUTLOOK |
26-06-2008 |
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According to the latest report from the international Grains Council, the world grain market supply / demand balance for the 2008/09 marketing year remains as tight as in the previous season, with record prices caused by severe weather conditions impacting production as well as the increased use of grain for livestock feed. Due to greater use of corn to make ethanol, total grains consumption is ... [more]
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| UKRAINE PREDICTS GRAIN EXPORTS WILL TRIPLE IN 2008/09 |
25-06-2008 |
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Ukraine may export 13.5-14 Mt of grain in the 2008-09 marketing year (July-June), according to the country’s agriculture minister. He estimated that exports would rise triple from 3.7 Mt this year, Bloomberg reports. The US Department of Agriculture (USDA) has raised its forecast of 2008/09 Ukraine grain exports. Wheat exports are predicted to increase to 6.0 Mt from 0.7 Mt for the ... [more]
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| US CRUDE AND DISTILLATE STOCKS RISE, GASOLINE FALLS |
25-06-2008 |
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US crude stocks grew 0.8m bbl last week to 301.8m bbl, but remained 14% lower y-o-y, while imports dipped just 8k b/d to 10.25m b/d, as refinery utilisation dropped 0.7% to 88.6%. according to the latest data from the US Department of Energy. Gasoline stocks were down 0.1m bbl at 208.8m bbl despite imports increasing 120k b/d to 1.16m b/d. Gasoline demand was up 83k b/d at 9.33m b/d. Distillate ... [more]
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| COAL MOVEMENTS RESUME AFTER DERAILMENT HITS RICHARDS BAY COAL TERMINAL |
24-06-2008 |
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Port operator Transnet announced the disrupted rail link to Richards Bay Coal Terminal resumed operations this morning following clearing and repairs after a derailment on Saturday morning, Reuters reports. Transnet has reportedly advised that 26 carriages of export coal out of a 100-carriage train derailed last weekend at Halfgewonen in the Mpumalanga province. Meanwhile, coal FOB ... [more]
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| RIO TINTO, BAOSTEEL REACH IRON ORE PRICE SETTLEMENT |
23-06-2008 |
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Iron ore miner Rio Tinto’s subsidiary Hamersley Iron has reached agreement on a new price settlement for the contract year beginning April 1, 2008 with China’s Baosteel, according to a statement from Rio Tinto. Baosteel will pay 96.5% more for Pilbara blend lump and 79.9% more for fines shipped from Australia. The new prices are 144,66 US cents per dry metric tonne of fines and 201.69 US cents ... [more]
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| CHINA’S PRICE HIKE MAY INCREASE DEMAND |
20-06-2008 |
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Oil rose by almost $3/bbl on Friday after views on China’s fuel price increase reversed, it is now thought it may boost rather than lower demand for fuel in the world’s second-largest oil consumer, reports Reuters. Oil fell nearly $5 in the previous session after China raised pump gasoline and diesel prices by up to 18%. Initial forecasts suggested the increase would reduce demand, but some ... [more]
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 FLOODING IMPACTS US CORN EXPORTS |
20-06-2008 |
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Corn prices continued to rise this week to new record levels after the worst flood in the US Midwest in 15 years. The severe weather conditions hit two major corn plants, and have delayed export shipments. Associated Press reported that estimates of destroyed corn acres vary from 2 million to 5 million and there are concerns that destruction could be worse. It has led to an increased risk of ... [more]
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| CAPACITY DECLINE AT NEWCASTLE |
19-06-2008 |
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Platts reports that coal producers’ export capacity allocation for the remainder of the year may be cut by Newcastle port authorities. The vessel queue off Newcastle lengthened to 40 as of 16th June, compared with 32 a week earlier. Continued strong demand for coal has let to FOB price soaring to around $160/mt at Newcastle and more cuts in export allocations would help to tighten supplies ... [more]
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| CHINA TO INCREASE RETAIL GASOLINE AND DIESEL PRICES |
19-06-2008 |
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Crude prices fell Thursday following news that China will raise retail gasoline and diesel prices for the first time in 8 months to help refineries recoup losses from record oil prices, reports Reuters. China is to increase fuel prices by $145.50/t from Friday. Jet fuel and power prices will also increase. It is thought the move could dampen the country’s oil demand. Earlier, oil prices had risen ... [more]
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| NORTH SEA OUTPUT TO RISE IN JULY |
19-06-2008 |
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July loading schedules for the 8 principal Norwegian and UK crude systems show a 111k b/d, or 5.3%, rise in oil output to almost 2.22m b/d, reports Energy Intelligence. The increase comes as shipments from Gullfaks and Ekofisk are expected to rise 76k b/d and 50k b/d respectively. Loadings from Statfjord and Troll are both set to increase 20k b/d. However, these are partly countered by a decline ... [more]
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| BIOFUELS CONFERENCE |
18-06-2008 |
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SSY are to speak at the inaugural "Biofuels: A New Shipping Market conference on 25th June in London, organised by Lloyd’s List Events. Thor Emil Brandrud from SSY’s Bioenergy department will present on Biomass from a Dry Bulk Perspective. His paper will identify some of the key features of the current biomass trades, including the main cargoes carried in bulk, the ... [more]
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| US CRUDE AND GASOLINE STOCKS FALL, DISTILLATE RISE |
18-06-2008 |
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US crude stocks fell another 1.2m bbl last week to 301m bbl, 13.8% lower y-o-y, despite imports rising 571k b/d to 10.26m b/d, as refinery utilisation rose 0.7% to 89.3%, according to the latest data from the US Department of Energy. Gasoline inventories also fell 1.2m bbl to 208.9m bbl as imports dropped 153k b/d to just over 1m b/d. Demand was down 160k b/d at 9.25m b/d. Distillate stocks grew ... [more]
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| ASIAN IMPORTS OF W. AFRICAN CRUDE FALL |
18-06-2008 |
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Asian imports of W. African crude will fall 36% to 830k b/d this month, the lowest in 10 months, as buyers reduced purchases due to weaker refining profit and higher shipping costs, reports Bloomberg. Shipments to China from W. Africa in July are set to increase 8.5%, while total Asian imports may rise 46% from June to 1.2m b/d. Refiners cut imports of the more expensive W. African crudes as ... [more]
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| GLOBAL STEEL OUTPUT HITS NEW RECORD IN MAY |
18-06-2008 |
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Steel production in May increased by 5.8% y-o-y to a monthly record of 120 Mt, according to international Iron and Steel Institute data released today. Production for the first five months of 577 Mt was up by 5.6% y-o-y and was led by growth in China, where production was up by 9.4% to 216 Mt. Other regions contributing to the growth included the US (Jan-May output 42.4 Mt, +5.4%), Japan (51.5 ... [more]
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| CHINESE CRUDE STEEL OUTPUT HITS NEW RECORD IN MAY |
17-06-2008 |
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China produced a record 46.01 Mt of crude steel in May, according to the latest data from the Natiional Bureau of Statistics. May’s output was up by 1.34 Mt from the previous month and represented a 10.5%-increase on the same month last year, China’s steel output in the first five months of the year was up by 9.4% from a year earlier to 216 Mt. ... [more]
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| CHINA BECOMES NET IMPORTER OF GASOLINE |
17-06-2008 |
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China became a net importer of gasoline for the first time in May as imports reached 339k tons (about 87k b/d), the highest in at least 29 months and up from zero imports last year, reports Shanghai Daily. Exports were 160k tons, down about two-thirds y-o-y. Sinopec and China National Petroleum Corp. increased imports to keep the country supplied after refiners cut output to avoid losses due to ... [more]
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| INDIAN GOVERNMENT CHANGES EXPORT TARIFFS FOR IRON ORE, STEEL |
16-06-2008 |
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India has raised the rate of duty on iron ore exports to a uniform 15% in order to preserve more of its resources for domestic use, the finance ministry said in a statement on 13th June, according to Reuters. The current FOB price for 63.5% Indian iron ore fines of $135/tonne is down from the end-March peak of $150/t, according to SSY sources. Meanwhile export taxes on long steel products ... [more]
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| OIL PRICES REACH NEW HIGH |
16-06-2008 |
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Crude prices hit another record high on Monday of $139.89/bbl for US light sweet crude for July delivery, reports Reuters. Prices jumped as the dollar fell following the publication of data from the New York Federal Reserve that showed manufacturing in the state of New York contracted in June for the fourth time in 5 months. The surge came despite Saudi Arabia announcing on Sunday it would ... [more]
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| CHINA’S GOVERNMENT ORDERS CUTS IN IRON ORE STOCKS |
13-06-2008 |
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China’s ports should submit clearance plans by 20th June to keep cutting iron ore inventories in order to reduce berthing delays and release the pressure from port operations and railway transportation, according to the latest statement issued 12th June by the Chinese authorities (NDRC). China’s stockpiles of iron ore have risen by almost 17 Mt since the start of the year, according to ... [more]
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| US COAL EXPORTS |
12-06-2008 |
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According to data from the US National Mining Association, US coal exports (excluding exports to Canada) in the first four months of the year rose 6.2 Mt (up 58%) from a year earlier to 16.8 Mt. US April coal exports of 5 Mt were down slightly from a 10 year-record of 5.1 Mt in March. Meanwhile, April exports to European destinations have risen significantly to 3.5 Mt compared with 1.7 ... [more]
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| NEW RECORD FOR CHINA’S STEEL EXPORTS,IRON ORE IMPORTS SLIP |
11-06-2008 |
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China’s iron ore imports in the first five months of the year rose 19% from a year earlier to 192 Mt, latest customs data reveal. China’s May imports of 38.9 Mt were down from a record 42.9 Mt in April.Meanwhile, with global steel prices soaring, China’s steel product exports reached 5.6 Mt in May, the highest monthly total since Jul 2007. However, the first five months total was still ... [more]
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| US CRUDE STOCKS FALL, GASOLINE AND DISTILLATE RISE |
11-06-2008 |
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US crude stocks fell another 4.6m bbl last week to 302.2m bbl, 11.7% lower y-o-y, as imports dropped 98k b/d to 9.7m b/d, according to the latest US Department of Energy. Gasoline inventories grew 1m bbl to 210.1m bbl, 4.2% higher on the year, despite imports falling 115k b/d to 1.2m b/d and demand increasing 282k b/d to 9.4m b/d. Distillate stocks rose 2.3m bbl to 114m bbl despite imports ... [more]
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| CHINA’S CRUDE IMPORTS RISE |
11-06-2008 |
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China’s crude imports rose 25% y-o-y in May to 3.8m b/d, the second highest ever, having risen 11.5% from April, according to the latest data from the China Customs. The surge came as state refiners boosted fuel production to meet higher demand in areas struck by the recent earthquake. Volumes in Jan-May were 12% higher on the year, averaging 3.67m b/d. Product imports rose 47% y-o-y to 1.1m b/d ... [more]
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| SSY AUSTRALIAN COAL PORT CONGESTION INDEX FALLS |
10-06-2008 |
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A third consecutive weekly fall for the SSY Australian Coal Port Congestion Index puts average waiting times below 10 days, the lowest level since November 2006. An easing in waiting times at some Queensland terminals is behind the latest fall in the index. However, worldwide congestion levels remain significant with queues off Brazil and China helping to tie up available tonnage. ... [more]
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| IEA LOWERS OIL DEMAND GROWTH FORECAST |
10-06-2008 |
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In its latest monthly report the IEA has revised downward its forecast for oil demand growth in 2008 by 230k b/d to 800k b/d, or 0.9%, following the reduction of price subsidies in several non-OECD countries. Demand is now expected to average 86.8m b/d, with growth at the slowest pace since 2002, when demand grew 735k b/d and crude averaged just over $26/bbl, reports Reuters. Global supply rose ... [more]
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| RELIANCE DELAYS NEW REFINERY START UP |
09-06-2008 |
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Reliance has delayed the start-up of its new 580k b/d refinery in Jamnagar, India, by 2 months, reports Oil Price Information Service. It had planned to start up one of two 290k b/d crude distillation units in June, but is now set to start the new refinery in Aug, completing the commissioning phase by Dec. The refinery is expected to export all its production and increase the demand for crude, ... [more]
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| ARGENTINEAN DISPUTE ENDING |
09-06-2008 |
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Argentinean farm leaders promised to resume international grain sales on 9th June in order to calm the threat of food shortages and give dialogue with the government a chance to develop,according to Bloomberg. The almost three-month long strike had been called to oppose taxes on soya exports which were introduced on 11th March when prices on the international market were soaring. However, ... [more]
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| RELIANCE DELAYS NEW REFINERY START UP |
09-06-2008 |
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Reliance has delayed the start-up of its new 580k b/d refinery in Jamnagar, India, by 2 months, reports Oil Price Information Service. It had planned to start up one of two 290k b/d crude distillation units in June, but is now set to start the new refinery in Aug, completing the commissioning phase by Dec. The refinery is expected to export all its production and increase the demand for crude, ... [more]
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 WEST AUSTRALIA GRAIN OUTPUT OVER 10 MT THIS HARVEST |
06-06-2008 |
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According to the latest report published by the state’s Department ofAgriculture and Food, after the driest weather in May on record, totalgrain supplies of this harvest are likely to be between 10 Mt to 12 Mtin West Australia, Bloomberg reports. That compares with 14.5 Mtproduced in 2004, the highest on record.Meanwhile, total wheat supplies from Australia are estimated ... [more]
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| IRAQ OIL EXPORTS RISE IN MAY |
05-06-2008 |
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Iraqi oil exports in May rose to just above 2m b/d for the first time since the US-led invasion of March 2003 having risen 100k b/d from April, reports Energy Intelligence. Volumes from Ceyhan remained steady at 440k b/d while shipments from Basrah were up at 1.57m b/d. 809k b/d went to the Americas, while 665k b/d were to Asia and 534k b/d to Europe. However, exports in the 2H May saw volumes ... [more]
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| BMA FORCE MAJEURE FINALLY LIFTED |
05-06-2008 |
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BHP Billiton has announced the lifting of force majeure across the BHP Billiton Mitsubushi Alliance (BMA) managed operations, which includes BHP Billiton Mitsui (BMC). Extreme weather and flooding in Queensland originally led to the force majeure being put in place towards the end of January. Latest estimates put BMA and BMC coal production losses caused by the flooding at close to 4.6 Mt. ... [more]
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| US CRUDE STOCKS CONTINUE TO FALL |
04-06-2008 |
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US crude stocks fell another 4.8m bbl last week to 306.8m bbl, 10.4% lower y-o-y, as refinery utilisation rose 1.8% to 89.7%, according to the latest data from the US Department of Energy. Imports were up 827k b/d at 9.79m b/d after the delays in the Gulf Coast the previous week. Gasoline inventories grew 2.9m bbl to 209.1m bbl as imports rose 287k b/d to 1.31m b/d and demand fell 244k b/d to ... [more]
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| RICHARDS BAY COAL THROUGHPUT ROSE 4.3 % IN MAY |
04-06-2008 |
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Throughput at Richards Bay totalled 4.75 Mt in May, up 0.2 Mt compared with a year earlier, but some 1.2 Mt short of the previous month’s total. Richards Bay exports are still running behind last year’s pace. Some 24 Mt were handled in the first five months of 2008, down 2.0 Mt y-o-y. Meanwhile, the price of coal from Richards Bay traded at the record level of $133.5 per tonne at the ... [more]
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| VESSEL EARNINGS RATIO HITS NEW RECORD LEVEL |
03-06-2008 |
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The latest rises in Capesize freight rates have led to a widening in the Capesize/Panamax average earnings ratio to the current record level of 2.85. This is well above the long-term average of 1.99 and provides an incentive for charterers to split Cape cargo stems into Panamax vessels where possible. However, the high Capesize earnings levels are partly due to increases in port congestion off ... [more]
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| RUSSIA’S CRUDE OUTPUT AND EXPORTS FALL IN MAY |
02-06-2008 |
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Russia’s crude output in May fell 0.7% y-o-y to 9.7m b/d in line with the downward trend in the country’s upstream sector as its resource base depletes, reports Platts. It supports concerns that 2008 will see Russia’s annual oil output fall for the first time since 1998. Output in Jan-May was down 0.2% on the year. Exports of Russian crude to countries outside the CIS totalled 4.25m b/d in May, ... [more]
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| LOW COAL STOCKS IN INDIA |
02-06-2008 |
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A number of India’s power stations are struggling with low coal stockpiles, according to a report by Platts, with some utilities reportedly having stocks of less than four days’ supply. Platts cites a report in the Indian press Friday in which a senior official at one state-owned generator in southern India was quoted as saying it had only sufficient coal to generate power for one day at a time ... [more]
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| GLOBAL GRAIN SUPPLIES IN 2008/09 |
30-05-2008 |
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According to the latest report published by the International Grains Council, forecast for global grain supplies in 2008/09 has improved from last month, however the situation still remains tight. Total grains production estimate has been raised to 1.712 billion tonnes from 1.706 billion tonnes last month and compares with 1.674 billion tonnes estimated in 2007/08. Meanwhile, consumption is also ... [more]
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| US STEEL IMPORTS |
29-05-2008 |
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US steel imports in April totalled 2.67 Mt, almost 15% higher than in March and some 3.4% more than during the same month last year, according to the preliminary data from the American Iron and Steel Institute. April shipments from China declined by 36.4% year-on-year, while imports from South Korea (+21.3%) and Japan (+21.6%) increased. US imported 9.6 Mt of steel in the first four months of ... [more]
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| US CRUDE AND GASOLINE STOCKS FELL, DISTILLATE ROSE |
29-05-2008 |
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US crude stocks slumped another 8.8m bbl last week to 311.6m bbl, 9% lower y-o-y, due to temporary delays in crude oil tanker off-loadings on the Gulf Coast causing a 278k b/d drop in imports to 8.96m b/d, according to the latest data from the US Department of Energy. Gasoline inventories fell 3.2m bbl to 206.2m bbl but remained 4.1% higher on the year, as imports dropped 120k b/d to just over 1m ... [more]
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 MEXICO’S CANTARELL OUTPUT FALLS |
28-05-2008 |
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Production at Mexico’s Cantarell complex fell 33% y-o-y in April, twice as fast as the decline forecast for this year by state-owned Pemex, reports Platts. Output in April was just over 1m b/d, half of its peak of four years ago. The decline is only being partly offset by increased output from other fields. Pemex produced 2.77m b/d of crude in April, down 13% on the year, while exports fell 14.3% ... [more]
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| INDONESIA TO QUIT OPEC |
28-05-2008 |
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Indonesia is to quit OPEC, having been a member since 1962, as being a net oil importer it is not happy with high global crude prices, reports Reuters. Jakarta has recently raised prices as it struggles to bear the cost of importing gasoline and diesel at record prices and selling it at heavily subsidised prices. The country will become a member again if its becomes a net oil exporter again in ... [more]
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| TERRORIST ATTACK ON COAL TRAIN IN COLOMBIA |
28-05-2008 |
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A coal export train from one of Cerrejon’s mines was derailed by a bomb attack on the way toBolivar export terminal, reports Reuters. The incident happened early on 27 May and is likely to affect Colombian coal transportation and exports. No-one was injured and coal haulage operations will restart in the next few days, according to a company spokesman. ... [more]
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| SOUTH KOREAN COAL IMPORTS |
27-05-2008 |
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According to the latest trade data quoted by the Tex Report, April coal imports into South Korea totalled 9.3 Mt, the highest ever-monthly total, which compares with 7.3 Mt last April. This takes January-April imports to 32.2 Mt, compared with 28.3 Mt during the same period last year. In the first four months, imports increased from Australia to 11.6 Mt (+2.0 Mt y-o-y) and Indonesia to 9.3 Mt ... [more]
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| GRAIN EXPORT-TAX TALKS IN ARGENTINA |
23-05-2008 |
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Following suspension of the latest farmers strike in Argentina on May 21, a new round of talks between farm leaders and the government over new export taxes has failed. According to the vice-president of the Rural Society, some farmers may decide to resume roadblocks, reports Bloomberg. The failure could lead to deterioration of the two-month dispute, which halted grain exports and resulted in ... [more]
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| US CRUDE AND GASOLINE STOCKS FALL, DISTILLATE RISE |
21-05-2008 |
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US crude stocks dropped 5.4m bbl last week to 320.4m bbl, 6.9% lower y-o-y, as imports fell 696k b/d to under 9.24m b/d, according to the latest data from the US Department of Energy. Refinery utilisation was up 1.3% at 87.9%, resulting in a 124k b/d rise in gasoline output. Despite the increase, and a 228k b/d rise in imports to 1.14m b/d, gasoline inventories fell 0.8m bbl to 209.4m bbl, but ... [more]
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| INDONESIAN COAL EXPORTS |
21-05-2008 |
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Coal exports from Indonesia increased to 15.4 Mt in March, compared with 13.5 Mt in the previous month and 14.6 Mt in March last year, according to shipping sources quoted in McCloskey. Shipments to Japan, the biggest export destination in March, totalled 2.4 Mt, up 0.6 Mt y-o-y. Exports to Korea remained strong at 2.4 Mt (+0.6 Mt y-o-y), while shipments to India declined to 1.9 Mt (-0.8 Mt ... [more]
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| STRIKE ACTION IN ARGENTINA SUSPENDED |
20-05-2008 |
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Farmers in Argentina have suspended roadblocks, which were preventing grain from reaching the country’s ports, Bloomberg reports. After two weeks of blockades, farmers’ leaders have resumed talks with government officials to resolve the escalating dispute over new grain export taxes.This was the second such spell of action by Argentina’s farmers. The first protests involving roadblocks ... [more]
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| JAPAN’S NUCLEAR SECTOR RUNNING UNDER 50% CAPACITY |
19-05-2008 |
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The utilisation rate of Japan’s nuclear power sector in April fell below 50% for the first time in almost five years, according to government statistics quoted by McCloskey. This has been attributed to a thorough programme of safety checks and maintenance work. This is likely to keep demand for imported coal high: Japan imported a quarterly record of 27.3 Mt of steam coal in the first three ... [more]
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 ECONOMIC GROWTH IN JAPAN, EUROZONE |
16-05-2008 |
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Japan’s economy surprisingly grew in the 1q08 for the third straight quarter as exports remained strong, reports Reuters. According to preliminary government data, GDP grew 0.8% in January-March of this year from the previous quarter, exceeding market expectations of 0.6% increase. Economic growth in the 15 nations using the euro was also better than expected in the 1q08. BBC reports that GDP ... [more]
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| RISING INTERNATIONAL STEEL PRICES |
15-05-2008 |
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World steel prices continue to rise. According to World Steel Dynamics, the US spot price of hot-rolled band has now reached $1,154/t (FOB the mill), in contrast to 2006/07 when the price ranged between $550-700/t. Meanwhile, the World Export price of HRB (FOB port of export) has also climbed above $1,000/t, reaching $1,024/t compared with $500-600/t during last year. ... [more]
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| CHINA’S STEEL PRODUCTION NEAR RECORD |
14-05-2008 |
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Chinese steel production in April fell just short of the monthly all-time high in March, according to preliminary customs data. April output reached 44.7 Mt, just 0.2 Mt less than the previous month, but rose 4.4 Mt year-on-year. Other economic data for last month appear generally positive. Retail sales in China grew 22% annually, while industrial output was up 15.7%. Although industrial ... [more]
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| US GASOLINE STOCKS FALL, CRUDE AND DISTILLATE RISE |
14-05-2008 |
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US gasoline stocks fell 1.7m bbl last week to 210.2m bbl, but remained 7.6% higher y-o-y, as imports dropped 40%, or 579k b/d, to 915k b/d, according to the latest data from the US Department of Energy. Distillate inventories grew 1.4m bbl to 107.1m bbl, 10.6% lower than the same week last year, as imports rose 29k b/d to 216k b/d and demand fell 64k b/d to 4.1m b/d. Crude stocks were up 0.2m bbl ... [more]
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| INDICATIONS ON US CONSUMER SPENDING |
13-05-2008 |
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The latest retail data from the US appears to show greater resilience by US consumers than previously anticipated, according to Reuters. Commerce Department statistics indicate that overall retail sales declined 0.2% in April after registering a small rise in March. However, outside the automobile sector, retail sales grew 0.5%, a significant improvement on many analysts’ forecasts. Earlier this ... [more]
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| IEA REVISES DOWN GLOBAL OIL DEMAND FORECAST |
13-05-2008 |
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In its latest monthly report the IEA has revised downward its forecast for oil demand in 2008 to 86.8m b/d, or 0.39m b/d lower than in its report of a month ago. This is due to expectations that OECD oil demand will contract for the third successive year in 2008 as a result of slower economic growth and high prices. Non-OECD demand growth in 2008, led by China and the Middle East, remains strong ... [more]
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| US COAL EXPORTS |
12-05-2008 |
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US coal exports in March reached their highest level for over ten years, totalling 5.1 Mt (excluding exports to Canada), according to data from the US National Mining Association. This brings the 1q08 total to 11.7 Mt, marking a rise of 3.5 Mt year-on-year. Quarterly exports to European destinations have risen to 8.4 Mt compared with 5.6 Mt in the same period last year. ... [more]
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| CHINA’S CRUDE IMPORTS FALL IN APRIL |
12-05-2008 |
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China’s crude imports fell about 4% in April y-o-y to 3.84m b/d, having dropped 15% from the record high of March, according to the latest data from China’s Customs. Jan-April imports are 8.8% higher y-o-y at an average 3.62m b/d. Product imports were down slightly on the year at 881k b/d, but were up 18.9% from March. ... [more]
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| NEW RECORD FOR CHINA’S IRON ORE IMPORTS |
09-05-2008 |
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China imported a record 42.9 Mt of iron ore in April, up by a massive 9.5 Mt year-on-year, latest customs data reveal. The April total is some 4.7 Mt higher than the previous record, set in February, and helps to explain China’s iron ore port stockpiles rising above 61 Mt for the first time. Meanwhile, with global steel prices soaring, China’s steel product exports reached 4.8 ... [more]
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| FARMERS RESUME ACTION IN ARGENTINA |
08-05-2008 |
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Argentina’s farmers have resumed industrial action with grain directed at the export market reportedly being prevented from reaching the country’s ports. According to news agency AFP, talks between the government and farmers’ leaders on the introduction of new export taxes have collapsed. Union leader Mario Llambias has declared that grain exports would be halted, but also that this time ... [more]
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| NIGERIA’S CRUDE OUTPUT FALLS IN APRIL |
08-05-2008 |
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Nigeria’s crude output fell about 15% month-on-month in April to average just under 1.8m b/d, due to militant attacks, output disruptions and a strike, reports Energy Intelligence. This is only 55% of the Nigerian government’s stated total capacity of 3.2m b/d, however, other sources put total capacity at around 2.8m b/d. Exports fell to 1.7m b/d in April, with the strike against Exxon estimated ... [more]
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| RICHARDS BAY COAL EXPORTS |
07-05-2008 |
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Throughput at Richards Bay recovered in April following a disappointing start to the year. According to trade data quoted by Barlow Jonker, April coal exports climbed to 6.0 Mt, compared with 4.6 Mt in the previous month. This marks a significant rebound from the 3.6 Mt shipped in January, when coal production in South Africa was impacted by power cuts. Despite the higher throughput in April, ... [more]
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| US CRUDE AND GASOLINE STOCKS RISE, DISTILLATE FALL |
07-05-2008 |
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US crude stocks jumped another 5.7m bbl to 325.6m bbl, but remained 4.6% lower y-o-y as imports rose 413k b/d to 10.6m b/d, according tothe latest data from the US Department of Energy. Gasoline inventories rose 0.8m bbl to 211.9m b/d as imports increased 109k b/d to 1.49m b/d. Demand was up 122k b/d at 9.3m b/d while output fell 287k b/d to 8.68m b/d as refinery utilisation dipped 0.4% to ... [more]
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| AUSTRALIAN COAL AND IRON ORE EXPORTS |
06-05-2008 |
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Australian iron ore exports set a new quarterly record of 77.7 Mt in the 1q08, according to the latest trade data. This marks a gain of 1.4 Mt on the 4q07 and is up a massive 16.5 Mt on the same quarter last year. Meanwhile, Australian trade data quoted by McCloskey show that coal exports from Queensland rebounded from a weather-affected 8.9 Mt in February to 12.3 Mt in March. This brings ... [more]
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| IRAQI CRUDE EXPORTS FALL IN APRIL |
06-05-2008 |
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Iraqi crude exports in April fell about 125k b/d month-on-month to 1.86m b/d, as higher volumes from the north were outweighed by falling volumes from the Mideast Gulf, reports Energy Intelligence. Shipments from the Basrah Oil Terminal totalled 1.46m b/d, down from 1.66m b/d from March, as power outages affected pipeline volumes. Exports to N. America were down 251k b/d at 855k b/d, while those ... [more]
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| JAPAN’S CRUDE IMPORTS FALL IN MARCH |
02-05-2008 |
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Japan’s crude imports fell 0.7% in March y-o-y to 4.55m b/d, taking 1Q08 imports to an average 5.11m b/d, 16.9% higher on the year, reports Energy Intelligence. Imports from Saudi Arabia rose 16.5% to 1.33m b/d but those from UAE dropped 10.2% to 1.13m b/d. Volumes from Iran were also down 20% at 546k b/d, but shipments from Qatar were up 10.8% at 493k b/d. Mideast crude accounted for 84.7% of ... [more]
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| RESUMPTION OF PROTESTS WITHOUT ROADBLOCKS DISCUSSED IN ARGENTINA |
02-05-2008 |
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Argentina’s farmers may restart roadside protests over the imposition of new grain export taxes, but this would not involve roadblocks, according to Reuters. Grain cargoes were prevented from reaching the country’s ports for three weeks before a 30-day truce to allow negotiations to continue was called on April 2. The Argentine Agrarian Federation, one of four farmer associations involved in ... [more]
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| S. KOREA’S CRUDE IMPORTS FALL |
01-05-2008 |
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S. Korea’s crude imports fell 10% in March y-o-y to 2.35m b/d, despite volumes from Saudi Arabia rising 1.3% to 710k b/d and those from the UAE increasing 7.7% to 459k b/d, reports Energy Intelligence. These rises were outweighed by a 30% fall in shipments from Iran to 143k b/d and a 25% drop in cargoes from Australia to 94k b/d. Imports from Africa accounted for less than 1% of total imports in ... [more]
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| US CRUDE AND DISTILLATE STOCKS RISE, GASOLINE FALL |
30-04-2008 |
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US crude stocks grew 3.8m bbl last week to 319.9m bbl, but remained 4.7% lower y-o-y, as imports rose 174k b/d to 10.2m b/d, according to the latest data from the US Department of Energy. Gasoline stocks were down 1.5m bbl at 211.1m bbl, 9.3% higher on the year, despite imports rising 379k b/d to 1.39m b/d and demand falling 26k b/d to 9.19m b/d. Distillate inventories rose 1.1m bbl to 105.8m bbl ... [more]
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 DERAILMENT HITS DALRYMPLE BAY/HAY POINT |
30-04-2008 |
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Coal supplies to Dalrymple Bay and Hay Point face disruption due to two derailments, according to local media reports. Queensland Rail has reportedly advised that 20-30 trains could be delayed as a result of the incidents. The coal mines of Saraji, Norwich Park, Gregory, German Creek, Foxleigh and Oaky Creek are likely to be affected, with the possibility of diverting coal to other load ports in ... [more]
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| RUSSIA’S CRUDE EXPORTS RISE IN MAY |
29-04-2008 |
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Russia’s seaborne crude exports are scheduled to rise 98k b/d in May month-on-month to nearly 2.96m b/d due a well supplied domestic market and a new record-high crude export duty due in June, reports Energy Intelligence. The increase is mainly due to higher volumes from Novorossiysk where shipments are set to rise 100k b/d to 863k b/d in May, following maintenance work this month. This will be ... [more]
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| ARGENTINIAN DISPUTE |
29-04-2008 |
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One of the Argentinian farmers’ leaders has declared that roadblocks will not return if talks with government officials fail, Bloomberg reports. The head of the Argentine Agrarian Federation argued that renewed disruption could jeopardise public support. Grain cargoes were prevented from reaching the country’s ports for three weeks until a 30-day truce to allow negotiations to continue was called ... [more]
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| US EAST COAST COAL EXPORT JUMP |
28-04-2008 |
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Coal exports from some key US East Coast ports have jumped in the 1q08. Quoting data from the Virginia Maritime Association, Reuters reports a year-on-year increase of around 80% in export volumes from the terminals in Virginia such as Newport News and Norfolk. According to the VMA statistics some 9.4 million short tons (8.5 Mt) were shipped in the 1q08. ... [more]
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| MEXICO’S CRUDE OUTPUT FALLS, GASOLINE IMPORTS RISE |
28-04-2008 |
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Mexico’s crude output fell 250k b/d in the 1Q08 y-o-y to 2.91m b/d, while exports dropped 210k b/d to 1.5m b/d, reports Petroleum Argus. The decline was led by a 140k b/d drop in Maya exports to 1.32m b/d following the halt of shipments to the US west coast in Feb due to limited storage at Pemex’s 330k b/d Salina Cruz refinery and limited crude pipeline capacity. Mexico’s 1Q08 net gasoline ... [more]
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| FORTIES OIL PIPELINE TO CLOSE AS STRIKES TAKE AFFECT |
25-04-2008 |
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The Forties oil pipeline, which provides a third of the UK’s daily output, or 700k b/d, will close if a 2-day strike by workers at Ineos’ 200k b/d Grangemouth refinery goes ahead, reports the BBC. The BP-run pipeline relies on steam and electricity from the refinery in Scotland, where workers are protesting over pensions. Closing the pipeline will cause up to 70 platforms in the North Sea to ... [more]
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| NEWCASTLE QUOTA SYSTEM EXTENDED |
24-04-2008 |
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Australian competition authorities have approved the extension of the quota system at the port of Newcastle in an attempt to minimise persistent congestion, Reuters reports. Some 1.1 Mt of coal were removed from the export quota for the Q2 earlier this year as a consequence of increasing congestion at the port, according to McCloskey. Local agents advise there are currently over 40 ships at ... [more]
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| S. KOREA’S OIL DEMAND AND PRODUCT EXPORTS FALL |
24-04-2008 |
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S. Korea’s oil demand fell 1.28% y-o-y in March to 2.18m b/d, also lower than the 2.2m b/d in Feb, reports Platts. Demand for all products went up despite rising prices, but the increase was outweighed by a drop in kerosene demand from 147k b/d in Feb to 75k b/d in March. Gasoline demand was up at 164k b/d while diesel rose to 407k b/d. S. Korean refiners produced a total 2.55m b/d of products in ... [more]
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| US STEEL IMPORTS |
23-04-2008 |
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US steel imports in the 1q08 amounted to 6.95 Mt, 11.5% less than the same period last year, preliminary data from the American Iron and Steel Institute show. Some 2.28 Mt were imported in March alone. This brings the annualised total to 27.8 Mt, significantly lower than the recent peak of 40.9 Mt in 2006. ... [more]
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| US CRUDE STOCKS GROW, GASOLINE AND DISTILLATE FALL |
23-04-2008 |
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US crude stocks grew 2.4m bbl last week to 316.1m bbl, but remained 5.5% lower y-o-y, as imports rose 1.16m b/d to 10m b/d, according to the latest data from the US Department of Energy. Gasoline inventories fell 3.2m bbl to 212.6m bbl but were still 9.5% higher on the year, while imports rose 56k b/d to 1m b/d. Demand was down 123k b/d at 9.2m b/d. Distillate stocks dropped 1.4m bbl to 104.7m ... [more]
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| SOUTH KOREAN COAL IMPORTS |
22-04-2008 |
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Despite tight coal supply in the Asia-Pacific region during the 1q08, imports into South Korea registered a year-on-year increase of 9%, according to the latest trade data quoted by the Tex Report. Quarterly imports reached 22.9 Mt (+1.9 Mt YoY), with strong gains from Australia (+1.0 Mt to 8.0 Mt) and Indonesia (+0.8 Mt to 7.2 Mt). In contrast, short-haul shipments from China dropped (-1.4 Mt to ... [more]
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| AZERI EXPORTS TO HIT RECORD HIGH |
21-04-2008 |
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Azeri crude exports from Ceyhan are set to hit record levels in May, reports Petroleum Argus. Azerbaijan’s state-owned Socar will exports 606k b/d in May, up 26% from this month, while BP will ship 113k b/d, up from 66,700k b/d. Azeri crude output is expected to rise about 28% y-o-y this year to 1.09m b/d. The BTC pipeline is currently being expanded, with capacity due to be 1.2m b/d by the end ... [more]
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| IRON ORE STOCKPILES IN CHINA | |
