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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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Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
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- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
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