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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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Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
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- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- The University of Queensland
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
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