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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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Showing 56 to 60 news of total 6871 |
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- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
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