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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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Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
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Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
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- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- White Energy Company Limited
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Australian Coal Association
- Georgia Ports Authority, United States
- PTC India Limited - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
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