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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, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
Countries around the world are strengthening their border control measures in order to prevent the further spread of COVI ...
Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
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- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Economic Council, Georgia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
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