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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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Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
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Tuesday, 17 January 23
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INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
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Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
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- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- The University of Queensland
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
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