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Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
 In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the back of light tight oil production and increased NGLs output from non-conventional basins. US light tight crude production increased by 0.5 mb/d, with the Permian constituting the main source of growth, increasing by 0.6 mb/d, supported by a relatively lower breakeven price and higher drilling rig activities, while output in the Bakken and Eagle Ford declined. Liquids supply in Russia rose by around 230 tb/d. Canada, Guyana, China, Brazil and Oman also contributed to production growth in 2022. These developments were partially offset by supply declines totalling around 0.5 mb/d, mainly from Norway, Thailand and the UK.
Capital spending for oil and gas exploration and production (E&P) in non-OPEC countries increased by US$72 bn y-o-y in 2022 to US$431 bn. It is expected to rise by around 10% y-o-y in 2023. On a country level, E&P spending for 2023 is forecast to increase in Norway, Brazil, the US and Canada by 26%, 15%, 12%, and 8%, y-o-y, respectively. The year 2022 proved to be an extraordinary period for the energy market, with most oil and gas companies witnessing healthy profits. However, the ratio of investment to cash from operations was exceedingly low, since many international oil companies continue to focus on capital discipline to improve their balance sheets. Overall investment levels for non-OPEC supply in 2023 are expected to be just above pre-pandemic levels. However, this is still significantly below the high of US$747 bn in 2014.
For 2023, non-OPEC liquids supply is forecast to grow by 1.4 mb/d y-o-y. There remains substantial uncertainty, however, regarding geopolitical developments in Eastern Europe and the potential impact on Russian oil supply. Moreover, US liquids supply developments will continue to hinge on the degree of capital discipline employed by companies and the extent to which cost inflation impacts oil production. Liquids’ output in the OECD is expected to increase by 1.5 mb/d y-o-y in 2023, mainly on the back of production increases in the US, Norway and Canada. US crude oil and condensate production is anticipated to grow by 0.7 mb/d, with NGLs and biofuel production also expected to rise. In the US, the oil rig count has rebounded from 490 units in January 2022 to 591 units in the last week of April 2023. Moreover, US core oil frac operations continue to stay above 1,000, on a monthly basis. Canadian oil production, particularly Alberta’s oil sands, is forecast to grow by 0.2 mb/d y-o-y in 2023. Production growth in the North Sea and OECD Europe countries is also projected at around 0.2 mb/d, mainly supported by the ramp-up of the second phase of Norway’s Johan Sverdrup field development.
In the non-OECD region, Latin America is forecast to be the key driver for liquids supply. Output in the region is set to increase by 0.4 mb/d y-o-y in 2023, mainly from five offshore startups in Brazil and stable production at the Liza FPSOs in Guyana. Liquids output in Kazakhstan and China is also expected to rise y-o-y, by around 110 tb/d and 70 tb/d, respectively.
Uncertainties to the forecast remain large, especially given ongoing geopolitical developments in Eastern Europe. Moreover, high inflation levels, coupled with supply chain issues and monetary tightening by major central banks may also impact the cost of oil production and upstream sector investment levels. Given the uncertainties ahead, OPEC Member Countries and countries participating in the Declaration of Cooperation (DoC) will continue to closely monitor market developments over the remainder of the year, to help safeguard a stable and balanced market for the benefit of both consumers and producers.
Source: OPEC
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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Australian Coal Association
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Minerals Council of Australia
- Eastern Coal Council - USA
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
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