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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
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