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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, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
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