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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, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
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- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
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