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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
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