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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- The University of Queensland
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
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