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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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Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
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