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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, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
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Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
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- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
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