OPEC and non-OPEC oil ministers will meet in Vienna Thursday to discuss extending their production cuts beyond March 2018.
Market watchers expect the cuts to be extended. Are you also expecting a deal extension? Join our conversations on Twitter - use #PlattsMM and connect with us.
Asia thermal coal sellers Monday were waiting to hear if China’s informal restrictions on imported cargoes will be liftedby year end. Ships have been unable to discharge at many ports since September after import quotas for the year were reached earlier than expected.
Video Transcript
This week, OPEC and non-OPEC crude oil producers to discuss extending production cuts, China's coal import curbs continue to bite, and Japan set to start aluminum contract talks for next year
First, in oil, OPEC and non-OPEC oil ministers will meet in Vienna Thursday to discuss extending their production cuts beyond March 2018.
Market watchers expect the cuts to be extended. Are you also expecting a deal extension? Tell us your views on Twitter with #PlattsMM.
Details of any agreement from the coalition may not be disclosed this week. Still, an extension of the deal would see oil prices remain supported. And this may prompt major oil import nations in Asia to rejig fiscal policies that were imposed when prices were lower.
Also in oil, negotiations for condensate supply contracts from Qatar and Iran for 2018 are due to be concluded Thursday.
Traders say the ramping up of splitters at Qatar's Ras Laffan refinery complex could affect supply for next year.
Asian condensate buyers also fear a possible decline in exports from Iran’s South Pars fields in 2018 due to Iran's growing domestic refining capacity.
In thermal coal, Asia thermal coal sellers Monday were waiting to hear if China’s informal restrictions on imported cargoes will be lifted before year end. Ships have been unable to discharge at many ports since September after import quotas for the year were reached earlier than expected.
In Japan, power utilities are expected to issue tenders this week for Australian thermal coal for delivery in February and March, ahead of annual price discussions in April.
In metals, Japanese aluminum contracts for the first quarter of 2018 are expected to start this week in Tokyo.
Market participants expect producers to seek a price hike of at least 5 per cent.
Finally, in shipping, freight rates look set to rise this week as Chinese demand comes back on track. Panamax and Supramax freight rates turned around last week as surplus tonnage capacity in the spot market was cleared out.
Thanks for kicking off your Monday with us and have a great week ahead!