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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, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
Thursday, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
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- Australian Coal Association
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
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- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
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- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
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- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
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- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
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- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
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- Merrill Lynch Commodities Europe
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- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
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- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
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- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- The University of Queensland
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
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- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
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- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
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- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
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- Bhatia International Limited - India
- Mercator Lines Limited - India
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