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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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Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
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- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- The University of Queensland
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- White Energy Company Limited
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
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