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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, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
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- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Parliament of New Zealand
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
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