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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, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
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- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
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