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