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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, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
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Showing 926 to 930 news of total 6871 |
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- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- The University of Queensland
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
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