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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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Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
Friday, 14 February 20
KOWEPO INVITED BIDS FOR 1.275 MILLION TONS OF MIN. 5,600 NCV COAL
COALspot.com: Korea Western Power Co. Ltd (KOWEPO). as a representative of five Korean Gencos has issued an international tender for total 1,275,00 ...
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- Mercator Lines Limited - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Planning Commission, India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
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