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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, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
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- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
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