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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, 09 June 20
BUNKER SUPPLY CONTRACTS - KEY CONSIDERATIONS FOR THE BUYER - GARD
KNOWLEDGE TO ELEVATE
Regardless of whether a buyer purchases fuel directly from physical suppliers or via brokers or traders and whether sale ...
Tuesday, 09 June 20
INDIA: COAL IMPORT DROPS BY 20% TO NEARLY 19 MILLION TONNES IN MAY, SAYS REPORT - HINDUSTAN TIMES
The country’s coal import dropped by 20 per cent to 18.93 million tonnes (MT) last month, industry data showed.
The government ...
Monday, 08 June 20
WOOD MACKENZIE: THE INDISPENSABLE OPEC+
Rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the car ...
Monday, 08 June 20
CHINA'S COAL IMPORTS FALL NEARLY 20% IN MAY EVEN AS DEMAND RISES - REUTERS
China’s coal imports in May fell nearly 20% compared with a year earlier even as demand recovered at power plants and industrial users, custo ...
Monday, 08 June 20
JUNE 2020 INDONESIAN COAL PRICE REFERENCE HIT US$ 52.98 A TON, ITS LOWEST LEVEL SINCE AT LEAST AUGUST 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Planning Commission, India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- The University of Queensland
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Economic Council, Georgia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- VISA Power Limited - India
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