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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Planning Commission, India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- The University of Queensland
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
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