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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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Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
Friday, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
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- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Bhatia International Limited - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
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