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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
|
|
|
Showing 31 to 35 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- The University of Queensland
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Australian Coal Association
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
|
| |
| |
|
