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Tag Archives: oil

How Saudi Arabia’s high-risk oil gambit could destroy OPEC while feeding the ISIL monster

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LONDON – The rumblings of revolt against Saudi Arabia and the OPEC Gulf states are growing louder as half a trillion dollars goes up in smoke, and each month fails to bring about the long-awaited killer blow against U.S. shale. How OPEC has earned itself a permanent pay cut in …

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Oil industry vows more investment, more action on climate change

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CALGARY – Canada’s largest oil and gas industry association has vowed to do more to tackle climate change by investing in technologies that would “take carbon out of the barrel.” Canadian Association of Petroleum Producers president and CEO Tim McMillan was in Ottawa on Friday, meeting with officials and trying …

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Canadian Oil Sands Ltd has received interest from 25 potential buyers, and four are ‘highly credible’

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CALGARY – There are four “highly credible parties” interested in Canadian Oil Sands Ltd., which will take its battle against a hostile takeover bid by Suncor Energy Inc. to a Calgary securities commission hearing Thursday. Canadian Oil Sands' ‘fear-mongering’ in Suncor Energy Inc takeover talks no help to shareholders With …

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Oilsands producers hoping for ‘clean oil’ tag after backing climate policies: Murray Edwards

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LAKE LOUISE — Billionaire oil investor Murray Edwards said Canadian oilsands producers took the “bold step” of backing Alberta’s aggressive climate change plan to help change perceptions that Canada’s oil is dirty. Edwards, the chairman and a top shareholder of Canadian Natural Resources Ltd., along with leaders of Suncor Energy …

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Why OPEC has no choice but to keep pumping more oil

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On Friday, Paris was full of people trying to change the world and Vienna was full of people trying to cope with a changing world. This is not a coincidence. So this is what winning looks like: OPEC's 'victory' against rivals comes at heavy price While OPEC’s strategy has cancelled …

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Oil tanks below US$40 a barrel after OPEC mantains output amid global glut

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NEW YORK — Oil prices fell on Friday after news that the Organization of Petroleum Exporting Countries was planning to maintain its production near record highs despite depressed prices, as the producer group continued to guard its share of an oversupplied market. The group failed to agree on a new …

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Six reasons OPEC’s oil market disarray looks like the 1990s slump all over again

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OPEC has seemingly dropped any attempt at trying to fulfill its founding mission and manage the oil market, sending global benchmark Brent crude to a six-year low. For Saudi Arabia’s Ali al-Naimi, the most powerful and longest-serving of the group’s oil ministers, it may have seemed like history was repeating …

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How much oil is OPEC pumping? 900,000 barrels a day more than the world needs

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OPEC raised crude output to the highest in more than three years as it pressed on with a strategy to protect market share and pressure competing producers. Tax hikes, carbon caps and now $37 crude: For Canada’s oilpatch, the bad news just keeps coming With the latest oil price collapse, …

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B.C. oil commission confirms 4.6-magnitude earthquake in August caused by fracking

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FORT ST. JOHN, B.C. — The British Columbia Oil and Gas Commission has confirmed that fracking caused a 4.6-magnitude earthquake in August — the largest linked to the industry in the province to date. The commission says an investigation has determined that the Aug. 17 quake in northeastern B.C. was …

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Canada’s challenge is how to make money selling the world’s cheapest oil — but it can be done

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CALGARY — Rock bottom oil prices could be the single biggest challenge facing Canada’s economy in 2016. Never mind $35 a barrel, Canada’s oil is selling for closer to $20 As oil crashes through $35 in New York today, Alberta, which produces the world’s cheapest oil at the highest cost, …

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