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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, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
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- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- The University of Queensland
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
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- Economic Council, Georgia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
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