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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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Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
Tuesday, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
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- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
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