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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, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
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- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- PTC India Limited - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
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