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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Indian Oil Corporation Limited
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