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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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Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
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