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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, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- White Energy Company Limited
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
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