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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- White Energy Company Limited
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
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