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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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Monday, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
Output of raw coal in China rose 1.3 percent year on year to 1.15 billion tonnes in the first four months this year, official data showed.
&nbs ...
Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
Thursday, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
Crude oil prices recorded a second sharp monthly drop in April, amid an increasing oil surplus in the spot market. Th ...
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- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
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