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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- PTC India Limited - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
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