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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 ...
Monday, 01 June 20
SUPRAMAX: IN SOUTH EAST ASIA RATES TRADED SIDEWAYS - BALTIC BRIEFING
Capesize
A sober end to the week, with the market seemingly ready for the weekend. After a steady week of rate declines a small flurry of Atlan ...
Friday, 29 May 20
COVID-19: COAL SUPPLY BY CIL TO POWER SECTOR DIPS 22% TO 32 MT IN APRIL DUE TO DEMAND SLUMP - PTI
Over 95% of CIL’s production comes from its 171 open cast mines.
The supply of coal to the power sector by state-owned Coal In ...
Friday, 29 May 20
AUSTRALIA'S NEW HOPE WARNS OF HIT FROM COAL PRICE SLUMP - REUTERS
Australia’s New Hope Corp Ltd said on Thursday that a sudden drop in thermal coal prices and lower output from its Queensland operations woul ...
Friday, 29 May 20
GOVT MAY LAUNCH COAL BLOCKS AUCTION PROCESS UNDER COMMERCIAL MINING ON JUN 11 - PTI
The Centre is likely to launch the process of coal blocks auction under commercial mining on June 11 and around 50 mines are expected to go under t ...
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- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- White Energy Company Limited
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- The University of Queensland
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
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