British Columbia's New Democratic government said on Monday it would increase the Western Canadian province's carbon tax rate by C$5 a tonne from April 1, 2018, and also raised the provincial corporate tax rate and taxes on higher earners. Unveiling an update to a February provincial budget drafted by the then right-of-center Liberal government, NDP Finance Minister Carole James forecast a budget surplus of C$246 million ($203.27 million) for the 2017-2018 fiscal year, and surpluses [Read more]
Oil rises as U.S. refineries restart, Irma wanes
NEW YORK (Reuters) - Oil prices rose on Monday as key U.S. refineries began restarts following Hurricane Harvey, which may help revive crude oil processing, while fuel prices fell as Hurricane Irma is likely to clip demand for gasoline and diesel. The possibility of an extension to the 15-month production pact between members of the Organization of the Petroleum Exporting Countries and non-OPEC producers also helped to support prices, traders said. Brent crude oil futures settled up 6 cents, [Read more]
Oil mixed amidst Irma demand fears, Saudi cut extension talks
NEW YORK (Reuters) - Oil prices were mixed on Monday, with Hurricane Irma’s continued pounding Florida raising demand fears, while U.S. refinery restarts and Saudi cut extension talks gave upward pressure. Brent crude oil futures were down 13 cents, or 0.2 percent, at $53.65 a barrel at 12:17 p.m. while U.S. West Texas Intermediate crude rose by 59 cents, or over 1 percent, to $48.07. Hurricane Irma knocked out power to nearly 5.8 million Florida homes and businesses on Sunday after millions [Read more]
Oil weakens on fears Irma could dent U.S. demand
Oil prices edged lower on Monday on concerns that Hurricane Irma’s pounding of heavily populated areas of Florida could dent oil demand in the world’s top oil consuming nation. Losses were capped by weekend talks between Saudi Arabia’s oil minister and counterparts over a possible extension to a pact to cut global oil supplies beyond next March. Brent crude oil futures for November delivery LCOc1 were down 31 cents at $53.47 a barrel while benchmark U.S. West Texas intermediate crude CLc1 [Read more]
Iran to raise oil production to 4.5 million bpd within five years
Iran will reach an oil production rate of 4.5 million barrels per day (bpd) within five years, Ali Kardor, the managing director of the National Iranian Oil Company (NIOC), said Sunday according to the oil ministry news site SHANA. Iran has been producing around 3.8 million bpd in recent months. Iranian gas production will reach 1.3 billion cubic meters per day and production of gas condensate will reach 864,000 bpd in the next five years, Kardor said. The boost in oil production will [Read more]
Canada regulator’s plan for review of Energy East pipeline under fire
A Canadian regulator's plan to assess indirect carbon emissions when considering TransCanada's Energy East pipeline application sets a harsh precedent for future projects, the Alberta government and supporters of the pipeline said on Friday. TransCanada said on Thursday it may abandon the proposed 1.1 million barrel per day pipeline - from Alberta to New Brunswick - following a decision by the National Energy Board in August to look at upstream and downstream carbon emissions when [Read more]
Canada regulator’s plan for review of Energy East pipeline comes under fire
CALGARY, Alberta, Sept 8 (Reuters) - The Canadian energy regulator’s plan to assess indirect carbon emissions when considering TransCanada’s Energy East pipeline application sets a harsh precedent for future projects, the Alberta government and supporters of the pipeline said on Friday. TransCanada said on Thursday it may abandon the proposed 1.1 million barrel per day pipeline - from Alberta to New Brunswick - following a decision by the National Energy Board in August to look at upstream and [Read more]
Oil slides as Irma heads for Florida, threatening demand
NEW YORK (Reuters) - Oil prices slid on Friday, with U.S. crude down more than 3 percent on worries that commerce and energy demand in Florida and the Southeast would be hit hard as Hurricane Irma, one of the most powerful storms in a century, drove toward the region. Irma, the second major hurricane to approach the United States in two weeks, has already killed 14 and destroyed islands in the Caribbean. Its predecessor, Harvey, shut a quarter of U.S. refineries and 8 percent of U.S. oil [Read more]
U.S. oil drillers cut rigs for 3rd week in four as recovery stalls -Baker Hughes
U.S. energy firms cut oil rigs for a third time in the past four weeks as a 14-month drilling recovery stalls with energy firms reducing spending plans in response to recent crude price declines. Drillers cut three oil rigs in the week to Sept. 8, bringing the total count down to 756, the least since June, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 414 active oil rigs during the same week a year ago. Drillers [Read more]
Oil steady as Irma heads for Florida, Saudi Arabia cuts supply
Oil prices steadied on Friday after almost a week of sharp rises as Hurricane Irma, one of the most powerful storms in a century, drove towards Florida after tearing through the Caribbean. Irma is the second major hurricane to approach the United States in two weeks and has already killed 14, flattening whole islands. Its predecessor, Harvey, shut a quarter of U.S. refineries and 8 percent of U.S. oil production. “Hurricanes can have a lasting effect on refinery and industry demand,” said [Read more]