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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
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