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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, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
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- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
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