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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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Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
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- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- White Energy Company Limited
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
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