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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, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
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- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
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