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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, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
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- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Marubeni Corporation - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
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