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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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Thursday, 07 May 20
UKRAINE PRODUCES 2.5 MLN TONNES OF COAL IN APRIL - UKRINFORM
Ukraine produced 2.5 million tonnes of coal in April 2020, which is 39% less than planned, according to the Coal Miners Union of Ukraine.
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Thursday, 07 May 20
INDIA: GOVT TO DO AWAY WITH MANDATORY WASHING OF COAL FOR THERMAL POWER UNITS - BUSINESS STANDARD
The Centre is planning to do away with the mandatory requirement of washing of coal before it is transported to thermal power stations. The Ministr ...
Thursday, 07 May 20
CIL'S SUPPLY TO POWER SECTOR FALLS IN MARCH AMID SLUMP IN COAL DEMAND - PTI
The supply of coal to the power sector by state-owned CIL registered a decline of eight per cent to 42.30 million tonne in March in the wake of slu ...
Thursday, 07 May 20
COAL PRICE REFERENCE FALL SHARPLY IN MAY 2020 DUE TO CORONAVIRUS OUTBREAK
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 May 20
KOSPO INVITED COAL BIDS FOR LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 160,000 Metric Tons (MT) Low Calorific Value Coal for J ...
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- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- The University of Queensland
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
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