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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, 24 April 20
CHINA COAL PRODUCER YANZHOU COAL POSTS 9.6 PCT RISE IN 2019 NET PROFIT - XINHUA
China’s major coal producer Yanzhou Coal Mining Co., Ltd. said Thursday that its net profit saw a 9.6 percent rise in 2019.
Th ...
Tuesday, 21 April 20
INDONESIA ACCOUNTS FOR 19% OF JAPAN'S TOTAL COAL IMPORTS - BANCHERO COSTA
Coal trade in Asia is proving remarkably resilient this year, despite the global economic impact from COVID-19.
We have seen China&r ...
Tuesday, 21 April 20
COVID-19: CHARTERPARTY MATTERS FOR SHIPOWNERS - SKULD
KNOWLEDGE TO ELEVATE
Whilst the plight of cruise ships, stranded off shore with sick passengers and crew, may be dominating media headlines, t ...
Monday, 20 April 20
SUPRAMAX: A 52,000DWT SHIP FIXING AN INDONESIA COAL RUN TO CHINA AT $4400 - BALTIC BRIEFING
Capesize
This week was the strongest period seen for the Capesize market in several months. All routes globally succumbed to improved sentiment ...
Friday, 17 April 20
PANDEMIC TO BRING ASIA'S 2020 GROWTH TO HALT FOR 1ST TIME IN 60 YEARS - IMF: REUTERS
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented ...
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- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- The University of Queensland
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
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