The Organization of the Petroleum Exporting Countries and its allies are taking a multi-layered bet that global oil dynamics will work in their favour by extending their crude oil production cuts until the end of 2018. The group met market expectations by extending the combined 1.8 million barrels per day (bpd) of output cuts from their previous expiry of March next year at their meeting in Vienna on Thursday. A commitment to exit the agreement gradually so as not to shock the market also [Read more]
MEG Energy expects to produce more oil in 2018
Canadian oil sands producer MEG Energy Corp said on Friday it expects higher production in 2018, compared to its 2017 forecast. The company expects to produce 85,000 to 88,000 barrels per day (bpd) next year, compared to its 2017 forecast of 80,000 to 82,000 bpd. MEG Energy expects capital expenses of C$510 million ($396.02 million) next year, the majority of which will be used to drill new oil wells. The company said it plans to spend C$120 million next year on thermal technology at [Read more]
Oil mixed as OPEC extends cuts, Nigeria and Libya included
NEW YORK (Reuters) - Oil was mixed on Thursday after OPEC members agreed to extend curbs on output, though a final deal hinged on a decision by non-OPEC producers later in the day. Iran’s energy minister announced that Nigeria and Libya would be included in the oil output deal and an OPEC communique stated that the countries would not produce above 2017 levels in the new year. The Oman minister said that Nigeria had agreed to cap output at 1.8 million barrels per day. Under the deal, due to [Read more]
OPEC, Russia agree oil cut extension to end of 2018
VIENNA (Reuters) - OPEC and non-OPEC producers led by Russia agreed on Thursday to extend oil output cuts until the end of 2018 as they try to finish clearing a global glut of crude while signaling a possible early exit from the deal if the market overheats. Russia, which this year reduced production significantly with OPEC for the first time, has been pushing for a clear message on how to exit the cuts so the market doesn’t flip into a deficit too soon, prices don’t rally too fast and rival [Read more]
Arctic drilling hits speed bumps in U.S. tax bill
WASHINGTON (Reuters) - A quest by Republicans to open Alaska’s Arctic National Wildlife Reserve was slowed after a nonpartisan Senate official ruled late on Wednesday that the exploration was subject to environmental assessments by the Interior Department. Senator Lisa Murkowski, a Republican from Alaska and the head of the Senate energy panel, has been pushing a measure in the U.S. tax bill that would open a portion of the refuge on the coastal plain to two lease sales in 10 years for [Read more]
Canada backs Kinder Morgan pipeline appeal as related hearings start
Canada's federal government on Wednesday backed Kinder Morgan Canada Ltd's second appeal to the country's energy regulator over local permits for its planned Trans Mountain oil pipeline expansion, as related public hearings began. The government's response in a rare case put before the regulator comes as Kinder Morgan pushes its C$7.4 billion ($5.9 billion) pipeline in an increasingly public way. Since its federal approval last year, the project has run into increased [Read more]
Canada says it supports Kinder Morgan’s Trans Mountain pipeline appeal
Canada's federal government said on Wednesday it supports Kinder Morgan Canada Ltd's second appeal to the country's energy regulator over local permits for its planned Trans Mountain oil pipeline expansion project. Kinder Morgan has been pushing its C$7.4 billion ($5.9 billion) federally approved pipeline in an increasingly public way, repeatedly seeking regulatory intervention amid increased roadblocks with lower governments and environmentalist and aboriginal opposition. [Read more]
Canada says it supports Kinder Morgan’s Trans Mountain pipeline appeal
CALGARY, Alberta, Nov 29 (Reuters) - Canada’s federal government said on Wednesday it supports Kinder Morgan Canada Ltd’s second appeal to the country’s energy regulator over local permits for its planned Trans Mountain oil pipeline expansion project. Kinder Morgan has been pushing its C$7.4 billion ($5.9 billion) federally approved pipeline in an increasingly public way, repeatedly seeking regulatory intervention amid increased roadblocks with lower governments and environmentalist and [Read more]
Oil slips on OPEC deal uncertainty and rising U.S. inventories
LONDON (Reuters) - Oil prices slipped on Wednesday as doubts set in about Russia’s willingness to substantially extend a deal among some of the world’s biggest exporters to curb output to help tackle global oversupply and support prices. Brent crude futures were down 17 cents on the day at $63.44 a barrel by 1350 GMT, while U.S. light crude fell 28 cents to $57.71 a barrel. Oil ministers from the Organization of the Petroleum Exporting Countries and other producers began gathering in [Read more]
Keystone restarts, no date for return to full capacity -TransCanada spokesman
Transcanada Corp's Keystone oil pipeline restarted operations on Tuesday but the company has no timeline on when U.S. regulators will allow it to return to full capacity, a TransCanada spokesman said. The 590,000 barrel per day pipeline links Canada's oil sands to U.S. refineries and was shut down for nearly two weeks after a 5,000-barrel leak in rural South Dakota on Nov. 16. (Reporting by Nia Williams; Editing by Chris Reese) [Read more]