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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, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
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Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
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- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- White Energy Company Limited
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- The University of Queensland
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
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