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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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Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
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- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Central Electricity Authority - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- The University of Queensland
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
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