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Canada’s oilpatch to become third largest contributor of new crude by 2040, but LNG prospects challenging: IEA


Despite the headwinds facing the Canadian oilpatch, the industry would likely add another 2.5 million barrels per day of crude oil by 2040, but don’t expect the country’s liquefied natural gas export industry to start up anytime soon, according to a new International Energy Agency report. The International Energy Agency’s …

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Crude crashes to six-year low as OPEC, strong greenback gang up on oil


Oil fell to the lowest level in more than six years amid speculation that a record global glut will be prolonged after OPEC effectively abandoned its longtime strategy of limiting output to control prices. The Organization of Petroleum Exporting Countries will keep pumping about 31.5 million barrels a day, President …

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Brent crude drops below $40 for first time in almost 7 years


Brent crude fell below US$40 a barrel for the first time in almost seven years after OPEC effectively abandoned any limits on crude output, prompting speculation that a record global glut will continue. Prices fell to the lowest since Feb. 20, 2009, dropping for a third day after the Organization …

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Tax hikes, carbon caps and now $37 crude: For Canada’s oilpatch, the bad news just keeps coming


For Canada’s oil industry, the bad news won’t stop. With OPEC’s decision on Friday to keep pumping oil in the face of a glut and prices for the commodity falling to their lowest level since 2009, Canadian producers are once again faced with the now-familiar problem of how to make …

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Costs to produce crude in oilsands finally drop after 15 years of sharp inflation


CALGARY – After a 15-year period of sharp and continuous inflation, the cost to produce crude from northern Alberta’s oilsands dropped this year, according to a new report from IHS Energy. “Costs will continue to come down, but that’s true of all sources of (oil) supply in the world and …

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Oil hits lowest since 2004 with Goldman Sachs predicting $20 crude before we’re done


LONDON — Brent crude prices hit their lowest in over 11 years on Monday, hounded by a relentless rise in global supply that looks set to outpace demand again next year. Oil production is running close to record highs and, with more barrels poised to enter the market from the …

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Canadian crude — the world’s cheapest oil — falls to record low as slump deepens


A deepening oil market slump is adding fresh pain for producers of the world’s cheapest crude as the Canadian heavy grade reached a record low, raising the prospect of more production coming offline. Spot prices for Western Canadian Select fell to US$19.81 a barrel on Wednesday, the lowest since tracking …

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Crude prices are getting slammed, in wild day for oil market


Crude oil is getting slammed on Monday, with front-month contracts for Brent and West Texas Intermediate each down more than 6 per cent at their lows of the day. Meanwhile, Western Canadian Select, a heavier blend of crude, trades at US$16.32 per barrel. A supply response to lower prices continues …

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Crude awakening: What will the worst oil rout since 1970 mean for the global economy?


The current oil rout is now worse than any since 1970, with the price of Brent crude slumping from $115 a barrel in the summer of 2014 to an 11-year low beneath $32 in recent days. Oil could sink to $20 a barrel because of this unexpected foe, warns Morgan …

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Canadian dollar, crude oil plunge in tandem to lowest levels in 13 years


CALGARY – Crude oil prices and the Canadian dollar nosedived in tandem on Tuesday, bringing Canadian stock prices down with them, with the S&P/TSX Composite Index falling to its lowest point since 2013, before recovering on the back of a late-day rally in bank stocks. Loonie set for unprecedented plunge …

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