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Tag Archives: oil

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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OPEC crisis meeting looms as oil plunges to $35 and nerves begin to fray

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The OPEC oil cartel will be forced to call an emergency meeting within weeks to stabilize the market if crude prices fail to rebound after crashing to eight-year lows of $35 a barrel, two member states have warned. Never mind $35 a barrel, Canada's oil is selling for closer to …

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Suncor attacks Canadian Oil Sands leadership as having ’almost no skin in the game’

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CALGARY — Suncor Energy’s latest appeal to Canadian Oil Sands shareholders attacks the leadership of the reluctant takeover target for having ‘almost no skin in the game.’ Suncor CEO Steve Williams says COS directors and executives own less than 0.1 per cent of the company’s shares. He says if COS …

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Oil to stay below $50 for two years, while other commodities rebound, Scotiabank says

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CALGARY – As benchmark oil prices tumbled to new 11-year lows on Monday, a new report painted a grim picture of the outlook for energy prices next year and 2017. How can Canada make money when it's selling the cheapest oil in the world? The oil collapse that pushed crude …

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

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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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Oil industry to lose 100,000 jobs by the end of 2015 as policy uncertainties, low prices decimate sector

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The oil and gas sector will see 100,000 job losses by the end of this year, including 40,000 direct jobs, as a combination of policy uncertainties and low crude oil prices decimates the sector, the head of the country’s oil and gas industry group says. Oilpatch survivors are suffering ‘burnout …

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Suncor Energy Inc’s bid for Canadian Oil Sands Ltd pits CEO’s pledge to deliver against poor record

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As Canadian Oil Sands Ltd. tries to fend off Suncor Energy Inc.’s $4.33 billion bid, the latest upset at its only business couldn’t have come at a worse time. Billionaire investor Seymour Shulich says he would support a sweetened offer for Canadian Oil Sands The most outspoken opponent of Suncor …

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