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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, 16 June 20
SHALE SHOCKED - WOOD MACKENZIE
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Sunday, 14 June 20
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Friday, 12 June 20
CHINA CURBS COAL IMPORTS AFTER 5 MONTHS OF RECORD INFLOWS - SOURCES: REUTERS
China has stepped up customs checks for coal imports, leading to lengthy processing delays at ports, four sources familiar with the matter said, as ...
Friday, 12 June 20
COAL INDIA LIMITED SET FOR MARKETING DRIVE TO CREATE DEMAND - FINANCIAL EXPRESS
State-run miner Coal India (CIL), which is primarily focused on supplying coal to the power sector, is now reorienting its marketing to create dema ...
Friday, 12 June 20
MOODY'S REVISES BRENT OIL PRICE OUTLOOK TO $35/BARREL IN 2020 - TASS
Low oil prices are likely to exert the highest pressure on Iraq, Oman and Kuwait due to the limited space for the fiscal policy pursuit and higher ...
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- Sree Jayajothi Cements Limited - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
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- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
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- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
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- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
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- Makarim & Taira - Indonesia
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- South Luzon Thermal Energy Corporation
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- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
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- Electricity Generating Authority of Thailand
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- Bangladesh Power Developement Board
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- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- PTC India Limited - India
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- Power Finance Corporation Ltd., India
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- Vedanta Resources Plc - India
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- Kumho Petrochemical, South Korea
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- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
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- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
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- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- The Treasury - Australian Government
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- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- PowerSource Philippines DevCo
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- Electricity Authority, New Zealand
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- White Energy Company Limited
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- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
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- Coalindo Energy - Indonesia
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- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
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- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
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- Globalindo Alam Lestari - Indonesia
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- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
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- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
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- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
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- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
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- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
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- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
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- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
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- Ministry of Finance - Indonesia
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- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
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