We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
|
|
|
Showing 6 to 10 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
|
| |
| |
|
