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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, 27 May 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.94 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.03 points Monday, up 0.94 percent week on week.
The index, released by China ...
Sunday, 24 May 20
A 63,000 FIXED DELIVERY VIETNAM TRIP VIA INDONESIA REDELIVERY KOSICHANG AT $8,500 - BALTIC BRIEFING
Capesize
After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last F ...
Saturday, 23 May 20
COLOMBIA COAL OUTPUT DOWN 7.2% IN Q1 ON LOW PRICES, CORONAVIRUS LOCKDOWN - REUTERS
Coal production in Colombia, the world’s fifth-largest coal exporter, fell 7.2% in the first quarter because of low prices and coronavirus qu ...
Saturday, 23 May 20
EWP INVITES BIDS FOR 840,000 METRIC TONS OF MIN 5700 NAR COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd (EWP) has Issued an International Tender for total Max 840,000 Metric Tons of min 5 ...
Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
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- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
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