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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, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
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- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Wilmar Investment Holdings
- Central Electricity Authority - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
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