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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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Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
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- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- PTC India Limited - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
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- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
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- PowerSource Philippines DevCo
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