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Monday, 25 May 20
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
 Non-OPEC oil supply continued to increase by 2.0 mb/d in 2019, driven by US shale production, which rose by 1.7 mb/d, amounting to 84% of total non-OPEC supply growth. This growth came despite pipeline constraints in the Permian basin in 1H19, and as independent oil companies began to reduce spending in response to investor demands to raise free cash flow. With regard to infrastructure, Canada also suffered from limited pipeline and storage capacity, which led to a mandate to curtail oil sands production by the Alberta provincial government. Liquids production in Brazil, Australia, Russia and China also contributed to the gains, while part of this growth was offset by heavy declines in Mexico and Norway.
Capital expenditure, including exploration capex in non-OPEC countries, reached a record high of US$741 bn in 2014 when oil price levels were also high. However, in the years that followed and with lower average oil prices, investment dropped to considerably lower levels in 2016. Moreover, since the beginning of the renewed decline in oil prices in 4Q18, the amount of capex has also decreased to US$459 bn in 2019. Capex in 2020 is forecast to show a y-o-y decline of 23%, according to preliminary estimations, which is only approximately half of level of capex in 2014. The COVID-19 pandemic, which began in 1Q20 has spread globally in a matter of a couple of months, has caused a recession in the global economy as well as an unprecedented oil demand shock, leading to large oversupply in the oil market.
In response to this sudden and huge market imbalance, OPEC and the 10 non-OPEC participants in the Declaration of Cooperation (DoC), decided to adjust down their combined current production by 9.7 mb/d in May and June 2020, to be followed by a combined reduction of 7.7 mb/d in 2H20 and by 5.8 mb/d for a period of 16 months, from 1 January 2021 to 30 April 2022. Furthermore, on 12 May 2020, Saudi Arabia, the UAE and Kuwait announced that they would voluntarily deepen oil output adjustments from June, by 1 mb/d, 100 tb/d and 80 tb/d, respectively, in an effort to expedite draining a global supply glut and rebalancing the oil market. Outside of the DoC, other non-OPEC producers, particularly US producers, reduced their production by shutting-in producing wells or adjusting down the rate of production. According to different sources and company announcements, US producers – including oil majors – have so far cut production by at least 1.5 mb/d in 2Q20, which is likely to be achieved by shut-ins of higher-cost wells, partial reductions in output of selected wells and the deferral of “putting on production” wells.
Additionally, 2020 oil production in Canada, particularly Alberta’s bitumen and synthetic crude, is forecast to decline by 0.4 mb/d on an annual basis, on reduced upstream capex of the main operators and shut-ins/curtailment announcements of around 1.0 mb/d.
Globally, outside of the DoC, as of 6 May 2020, around 3.6 mb/d of production cuts have so far been announced in response to the lack of demand, low oil prices, excess supply and limited storage capacity. With this, non-OPEC supply in 2020 is expected to see a deep contraction of 3.5 mb/d mainly in the US, Russia and Canada, as only few countries will to show some supply growth in 2020 such as Norway, Brazil, Guyana and Australia.
The speedy supply adjustments in addressing the current acute imbalance in the global oil market has already started showing positive response, with rebalancing expected to pick up faster in the coming quarters.
Source: OPEC
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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- MS Steel International - UAE
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
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