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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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Wednesday, 27 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.94 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.03 points Monday, up 0.94 percent week on week.
The index, released by China ...
Sunday, 24 May 20
A 63,000 FIXED DELIVERY VIETNAM TRIP VIA INDONESIA REDELIVERY KOSICHANG AT $8,500 - BALTIC BRIEFING
Capesize
After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last F ...
Saturday, 23 May 20
COLOMBIA COAL OUTPUT DOWN 7.2% IN Q1 ON LOW PRICES, CORONAVIRUS LOCKDOWN - REUTERS
Coal production in Colombia, the world’s fifth-largest coal exporter, fell 7.2% in the first quarter because of low prices and coronavirus qu ...
Saturday, 23 May 20
EWP INVITES BIDS FOR 840,000 METRIC TONS OF MIN 5700 NAR COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd (EWP) has Issued an International Tender for total Max 840,000 Metric Tons of min 5 ...
Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
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- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
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