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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, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
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- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- The University of Queensland
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
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