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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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Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
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- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
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- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Interocean Group of Companies - India
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- Bangladesh Power Developement Board
- White Energy Company Limited
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- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
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- Savvy Resources Ltd - HongKong
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- Electricity Authority, New Zealand
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- Global Coal Blending Company Limited - Australia
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- Eastern Coal Council - USA
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- Minerals Council of Australia
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- Deloitte Consulting - India
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- Rio Tinto Coal - Australia
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- Petron Corporation, Philippines
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- Ministry of Transport, Egypt
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- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- The University of Queensland
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- Australian Coal Association
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
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- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
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- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
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- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
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- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- PTC India Limited - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
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- Global Business Power Corporation, Philippines
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- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
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- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
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- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
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- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
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- CIMB Investment Bank - Malaysia
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