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Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
 In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the back of light tight oil production and increased NGLs output from non-conventional basins. US light tight crude production increased by 0.5 mb/d, with the Permian constituting the main source of growth, increasing by 0.6 mb/d, supported by a relatively lower breakeven price and higher drilling rig activities, while output in the Bakken and Eagle Ford declined. Liquids supply in Russia rose by around 230 tb/d. Canada, Guyana, China, Brazil and Oman also contributed to production growth in 2022. These developments were partially offset by supply declines totalling around 0.5 mb/d, mainly from Norway, Thailand and the UK.
Capital spending for oil and gas exploration and production (E&P) in non-OPEC countries increased by US$72 bn y-o-y in 2022 to US$431 bn. It is expected to rise by around 10% y-o-y in 2023. On a country level, E&P spending for 2023 is forecast to increase in Norway, Brazil, the US and Canada by 26%, 15%, 12%, and 8%, y-o-y, respectively. The year 2022 proved to be an extraordinary period for the energy market, with most oil and gas companies witnessing healthy profits. However, the ratio of investment to cash from operations was exceedingly low, since many international oil companies continue to focus on capital discipline to improve their balance sheets. Overall investment levels for non-OPEC supply in 2023 are expected to be just above pre-pandemic levels. However, this is still significantly below the high of US$747 bn in 2014.
For 2023, non-OPEC liquids supply is forecast to grow by 1.4 mb/d y-o-y. There remains substantial uncertainty, however, regarding geopolitical developments in Eastern Europe and the potential impact on Russian oil supply. Moreover, US liquids supply developments will continue to hinge on the degree of capital discipline employed by companies and the extent to which cost inflation impacts oil production. Liquids’ output in the OECD is expected to increase by 1.5 mb/d y-o-y in 2023, mainly on the back of production increases in the US, Norway and Canada. US crude oil and condensate production is anticipated to grow by 0.7 mb/d, with NGLs and biofuel production also expected to rise. In the US, the oil rig count has rebounded from 490 units in January 2022 to 591 units in the last week of April 2023. Moreover, US core oil frac operations continue to stay above 1,000, on a monthly basis. Canadian oil production, particularly Alberta’s oil sands, is forecast to grow by 0.2 mb/d y-o-y in 2023. Production growth in the North Sea and OECD Europe countries is also projected at around 0.2 mb/d, mainly supported by the ramp-up of the second phase of Norway’s Johan Sverdrup field development.
In the non-OECD region, Latin America is forecast to be the key driver for liquids supply. Output in the region is set to increase by 0.4 mb/d y-o-y in 2023, mainly from five offshore startups in Brazil and stable production at the Liza FPSOs in Guyana. Liquids output in Kazakhstan and China is also expected to rise y-o-y, by around 110 tb/d and 70 tb/d, respectively.
Uncertainties to the forecast remain large, especially given ongoing geopolitical developments in Eastern Europe. Moreover, high inflation levels, coupled with supply chain issues and monetary tightening by major central banks may also impact the cost of oil production and upstream sector investment levels. Given the uncertainties ahead, OPEC Member Countries and countries participating in the Declaration of Cooperation (DoC) will continue to closely monitor market developments over the remainder of the year, to help safeguard a stable and balanced market for the benefit of both consumers and producers.
Source: OPEC
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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Australian Coal Association
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
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