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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, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
Tuesday, 02 June 20
THE HISTORIC DECLINE OF US COAL - WOOD MACKENZIE
The first commercial power plant in the US was Thomas Edison’s coal-fired Pearl Street station in lower Manhattan, which started operating in ...
Tuesday, 02 June 20
COAL INDIA'S MAY SALES DRIVEN SHARPLY LOWER BY SLUMP IN POWER DEMAND - REUTER
Coal India’s sales fell 23.3% in May as utilities refrained from purchases amid record stockpiles and tepid demand because of a nationwide lo ...
Tuesday, 02 June 20
TUAH TURANGGA AGUNG RECORDED 4.54 MILLION TONS OF COAL SALES IN THE FIRST FOUR MONTHS OF 2020
PT United Tractors Tbk through its subsidiary, PT Tuah Turangga Agung recorded 4.54 million tons of coal sales in the first four months of 2020, up ...
Tuesday, 02 June 20
SOURING SINO-AUSTRALIA TRADE RELATIONS - BALTIC EXCHANGE
Cooling relations between the commodity powerhouses of China and Australia may point to trade troubles ahead when the world emerges from the Covid- ...
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- Indian Energy Exchange, India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Aditya Birla Group - India
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