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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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Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Australian Coal Association
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- The University of Queensland
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
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