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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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- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
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