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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
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Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
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Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
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Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- PTC India Limited - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- The University of Queensland
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
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