FREDERICTON - Alberta Premier Alison Redford will meet her New Brunswick counterpart next week as the two try to drum up support for the west-east pipeline project. Redford will meet David Alward next Friday to discuss the proposed development, which would ship oilsands crude from Alberta to the East Coast if it goes ahead. She will also tour the Irving Oil refinery in Saint John, the largest refinery in Canada, and speak to the city's board of trade. Her trip comes after [Read more]
OPEC oil ministers keep crude output target at 30 million barrels a day
VIENNA (AP) - OPEC oil ministers reached quick agreement Friday on keeping output targets steady but deferred solutions on how to deal with surging U.S. shale oil production and internal rivalries denting the organization's image of unity. The 12-nation oil cartel's decision on keeping the status quo on production of 30 million barrels a day was expected. The price for internationally traded benchmark oil is over $100 barrels a day, level most OPEC countries are happy with. That's not the [Read more]
Iran says sanctions not affecting oil production
VIENNA — Iran’s oil minister shrugged off the effects of sanctions on its oil industry on Friday, claiming that a drop in crude exports was being made up for by international sales of gasoline and other refined products. Oil Minister Rostam Ghasemi spoke Friday ahead of an OPEC meeting held amid new challenges threatening both the organization’s unity and its traditional role as the world heavyweight in determining prices and supplies. The meeting is formally focused on how much [Read more]
Wall says energy growth crucial for Canada and Saskatchewan
REGINA - Saskatchewan Premier Brad Wall put on his sales cap at his annual premier`s dinner, giving a rousing speech to more than 2,000 supporters. Wall says Saskatchewan needs to be ready to move its energy to the east and west coasts, as well as the rest of the world. Wall used the address to promote economic growth for the province and his vision of Canada as an energy super-power. Wall says the point is not to gain money or prominence, it`s about helping people. He says [Read more]
OPEC to meet amid Iran-Saudi tensions
VIENNA - Once the symbol of oil dominance, OPEC faces new challenges as its members gather for a ministerial meeting this week on how much crude to pump.For the 12 oil ministers from countries ranging from Venezuela to Nigeria and Iran, the formal focus of Friday's get-together is to determine production levels. The consensus in the markets is that ministers will opt to maintain the status quo as prices for U.S. benchmark oil have traded in a narrow range a few dollars above $90 a [Read more]
Repairs done on portions of Keystone XL in Texas
(AP) - TransCanada says it is repairing parts of the Keystone XL line in Texas. TransCanada spokesman Shawn Howard says in an email that inspections of the pipeline revealed “small imperfections.” He says nine sections totaling about 81 feet will be repaired. He says 75 percent of the pipeline in Texas is complete. Howard says it will be in operation by late 2013. The 485-mile pipeline currently under construction will carry oil sands crude from a hub in Cushing, Okla., to refineries along [Read more]
Quebec coalition of business and union groups supports Enbridge’s Line 9 project
MONTREAL - A coalition of business and union groups have come together in support of Enbridge's Line 9 reversal project, which they say will maintain almost 2,000 jobs in the province's petrochemical industry. The coalition said Wednesday the Line 9 reversal project will allow Quebec to become less dependent on oil from outside North America. Enbridge (TSX:ENB) is planning to reverse a stretch of its Line 9 pipeline that currently runs from Montreal to Westover, Ont., and [Read more]
Second Wave goes private
CALGARY - Second Wave Petroleum Inc. (TSX:SCS) says it has accepted a deal to be taken private by its controlling shareholder, Brookfield Bridge Lending Fund.Under terms of the definitive agreement announced Wednesday, Brookfield Bridge will pay 30 cents for each of the shares it doesn't already own.The deal amounts to a premium of 131 per cent over the stock's closing price on May 3, the last trading day before the offer was made. The company has just over 84.1 million shares.On the Toronto [Read more]
Total to pay $245 million in bribe case
The French oil giant Total has agreed to pay $242.5 million to settle criminal charges alleging the company paid bribes to win lucrative contracts in Iran. Court papers indicate Total paid $60 million in bribes between 1995 and 2004 that allowed it to re-enter the Iranian oil and gas market. The case was jointly pursued by the U.S. and French governments. French authorities said Wednesday they have requested the company and its CEO face criminal charges there for violating [Read more]
US crude oil falls below $94 due to ample supplies, weak demand
BANGKOK - The price of oil fell below US$95 a barrel Wednesday, parting ways with rising stock markets, as ample supplies keep buying appetite in check.Benchmark oil for July delivery was down below $94 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.Positive signs for the U.S. economy helped oil prices break a falling streak on Tuesday. U.S. home prices rose the most in seven years and consumer confidence reached a five-year high. The [Read more]
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