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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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Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
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- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
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