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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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Tuesday, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
Friday, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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Showing 1026 to 1030 news of total 6871 |
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- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
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