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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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- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- The University of Queensland
- VISA Power Limited - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
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