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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- The University of Queensland
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
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