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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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Saturday, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 24 April 20
COAL INDIA TO PRODUCE 710 MT COAL - MINISTER OF COAL AND MINES
Coal India Limited (CIL) will produce 710 million tonnes (MT) of coal and company’s coal off take target will also remain at710 MT for this f ...
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- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Central Electricity Authority - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
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