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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, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
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- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- The University of Queensland
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
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