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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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Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
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