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Tag Archives: oil

Liberals’ new cabinet more eco-friendly than oil-friendly

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Huge expectations await Canada’s new environment and natural resources ministers, who will have to hit the ground running to deliver on Prime Minister Justin Trudeau’s climate change and environment priorities so bitumen pipelines can move forward. Ottawa Centre MP and lawyer Catherine McKenna is heading the environment and climate change …

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World awash with oil as record 3 billion barrels stockpiled — and it’s only getting worse, IEA says

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The world is awash with oil having built record stockpiles of almost 3 billion barrels in recent months and slowing demand growth combined with resilient non-OPEC supply could worsen the glut well into next year, the International Energy Agency (IEA) said on Friday. How OPEC has earned itself a permanent …

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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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