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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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Monday, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
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- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
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