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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
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