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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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Thursday, 04 June 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 04 June 20
DON'T FORGET THE REAL PURPOSE OF RISK ASSESSMENTS - GARD
KNOWLEDGE TO ELEVATE
When doing a risk assessment, we often overcomplicate it and forget its real purpose.
Rather than ensuring that crew ...
Wednesday, 03 June 20
MARKET INSIGHT - INTERMODAL
Once again shipping is about to venture into uncharted waters and before the challenges of the past decade are forgotten, shipowners will have to o ...
Tuesday, 02 June 20
KOSPO LOOKING FOR 80000 MT OF 4200 NCV COAL FOR JULY
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) 4200 NCV coal for 12 - 21, July ...
Tuesday, 02 June 20
INDONESIAN COAL MINER BUMI RESOURCES Q1 OUTPUT UP 5% - REUTERS
Indonesia’s largest coal miner Bumi Resources posted a 5% increase in first-quarter output at 20.8 million tonnes, the company said in a stat ...
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- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
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