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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Thiess Contractors Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
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