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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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Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
Friday, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
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- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Planning Commission, India
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