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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, 20 February 20
CHINA RESUMES OVER 70 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 70.2 percent of its coal production capacity with output recovering steadily amid the fight against the novel coronavirus epidemi ...
Thursday, 20 February 20
CHINA THERMAL COAL MARKET FACES 2-3 MONTH CORONAVIRUS SHORT SQUEEZE: NOBLE - REUTERS
China’s domestic thermal coal market faces a 2-3 month short squeeze as a rapidly spreading coronavirus outbreak curtails production more tha ...
Wednesday, 19 February 20
KOREA MIDLAND POWER INVITED BIDS FOR 1 MILLION TONS OF HCV AND LCV COAL FOR Q2- Q4 LOADING
COALspot.com: Korea Midland Power Co. Ltd, (KOMIPO). has issued an international tender for total 1 million MT of coal for April to December 2020 l ...
Wednesday, 19 February 20
GLENCORE WRITES OFF ALMOST $1 BILLION AT COLOMBIAN COAL MINES DUE TO FALLING EUROPEAN IMPORTS: BLOOMBERG
The economic case against European coal is proving too much for even Glencore Plc.
The world’s biggest coal shipper cut the va ...
Wednesday, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
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- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
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