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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, 25 March 20
MARKET INSIGHT - INTERMODAL
There is no doubt that the Covid-19 pandemic crisis is a world-shattering event that will change the world as we know it. Societies are facing chal ...
Wednesday, 25 March 20
INDONESIA TO CANCEL RULES REQUIRING DOMESTIC SHIPS FOR COAL, PALM EXPORTS : REFINITIV
Indonesia's government will revoke rules requiring exporters of coal and palm oil to use domestic shipping companies for shipments, Coordinatin ...
Wednesday, 25 March 20
JAN-FEB 2020, INDONESIA SHIPPED 64.5 MLN TONNES OF COAL, UP +3.4% YOY - BANCHERO COSTA
In the 12 months of calendar 2019, Indonesia exported 386.4 mln tonnes of coal, according to vessel tracking data from Refinitiv. This represents a ...
Tuesday, 24 March 20
MARKET ANALYSIS - ALLIED
As countries around the world struggle to take back control of the ongoing COVID-19 pandemic the global economy shuts down bit by bit, leaving only ...
Tuesday, 24 March 20
THE TRIPLE SHOCK OF CORONAVIRUS IN SHIPPING: WILL IT LAST? - DREWRY
Transport capacity shortages, disruptions to supply chains and inability to plan since late January have been a dangerous combination. But will all ...
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Showing 1046 to 1050 news of total 6871 |
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- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- ICICI Bank Limited - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
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