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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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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Planning Commission, India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
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