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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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Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 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 ...
Wednesday, 25 March 20
CORONAVIRUS CRISIS IS CRUSHING GLOBAL GDP GROWTH - FITCH RATINGS
The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook” (GEO) ...
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- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- White Energy Company Limited
- Australian Coal Association
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- VISA Power Limited - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Planning Commission, India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
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