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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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- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Indika Energy - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
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