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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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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
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- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
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