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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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Showing 76 to 80 news of total 6871 |
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- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- The University of Queensland
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
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