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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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Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
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- Vizag Seaport Private Limited - India
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- The Treasury - Australian Government
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- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
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- Altura Mining Limited, Indonesia
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- Commonwealth Bank - Australia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
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- Indonesian Coal Mining Association
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- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
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- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
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- Singapore Mercantile Exchange
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- PowerSource Philippines DevCo
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- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
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- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
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- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
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- Minerals Council of Australia
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- India Bulls Power Limited - India
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- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
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- Samtan Co., Ltd - South Korea
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- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
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- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Australian Coal Association
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- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
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- Ambuja Cements Ltd - India
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- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- The University of Queensland
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
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- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
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- Edison Trading Spa - Italy
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- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
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- Mjunction Services Limited - India
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- Bangladesh Power Developement Board
- White Energy Company Limited
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
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- Economic Council, Georgia
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