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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, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
Tuesday, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
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Showing 1021 to 1025 news of total 6871 |
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- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Wilmar Investment Holdings
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
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