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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Australian Coal Association
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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