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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, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
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Showing 1096 to 1100 news of total 6871 |
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- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
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