The biggest U.S. oil and gas trade association on Thursday released new industry guidelines for energy companies to report greenhouse gas emissions, in a bid to address the sector's carbon footprint. The American Petroleum Institute, which includes Exxon Mobil Corp and Chevron Corp, said the framework aims to standardize the way companies track emissions, including flared natural gas, and prompts them to voluntarily disclose those details publicly. Aaron Padilla, API's manager of climate [Read more]
Oil dips but hovers near three-year highs on recovery signs
Oil prices dipped on Thursday but still held close to their highest in almost three years, supported by drawdowns in U.S. inventories and accelerating German economic activity. Doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports also helped prices. U.S. crude slipped 40 cents, or 0.55%, to $72.84 a barrel, after hitting a session high of $73.61 earlier. Brent dipped 39 cents, or 0.53%, to $75.00 a barrel, after earlier rising to [Read more]
Enbridge says additional permit requirements will delay start of Line 5 tunnel project
The U.S. Army Corps of Engineers' decision to undertake a tougher environmental review of Enbridge Inc's proposed oil pipeline tunnel under the Great Lakes will delay the start of construction on the project, the company said on Wednesday. The Canadian company had planned to start building the $500 million tunnel along the lakebed of the Straits of Mackinac, connecting Lakes Huron and Michigan, this year. The tunnel will house the Line 5 oil pipeline, which ships 540,000 barrels per day of [Read more]
Trans Mountain allowed to resume tree clearing for oil pipeline project
The Canada Energy Regulator (CER) this week lifted a stop work order on Trans Mountain Corporation that restricted tree clearing and mowing across the oil pipeline project to protect the environment and migratory birds. The order issued on June 3 required Trans Mountain to investigate and find the root cause of two incidents related to contractor oversight issues in May. "The CER has now lifted the Order and Trans Mountain is proceeding with the implementation of the action plan prior to [Read more]
Oil hits more than two-year high on U.S. inventories
Oil rose above $75 a barrel on Wednesday, reaching its highest since late 2018, after an industry report on U.S. crude inventories reinforced views of a tightening market as travel picks up in Europe and North America. The American Petroleum Institute reported that crude stocks fell by a bigger than expected 7.2 million barrels, two market sources said. Official inventory figures from the Energy Information Administration are due at 1430 GMT. U.S. West Texas Intermediate jumped $1.09 [Read more]
Canadian watchdog allows resumption of Trans Mountain oil project
The Canada Energy Regulator (CER) has issued a notice allowing Trans Mountain Corp to resume work on its Trans Mountain Expansion (TMX) oil pipeline project. The company was ordered in April to halt work on a section of the project in Burnaby, British Columbia, for four months to protect hummingbird nests. The C$12.6 billion ($10.17 billion) TMX project will nearly triple capacity of the pipeline, which runs from Edmonton in Alberta to the coast of British Columbia, to ship 890,000 barrels [Read more]
What special relationship? Canada grimaces amid hail of U.S. trade blows
After Prime Minister Justin Trudeau held a cordial first meeting with U.S. President Joe Biden in February, marking an end to years of battles with the Trump administration, a relieved Canadian official said, "We feel we are off to the races here." But old trade disputes that flared up during the Trump years show no signs of fading. Last month Washington announced plans to double duties on imports of Canadian lumber and requested a dispute panel on Canada's dairy import quotas. Biden is [Read more]
Oil may hit $100 but volatility will also grow, say energy CEOs
Benchmark oil prices could hit $100 a barrel and price volatility could also grow due to lower investments and the energy transition, the heads of top energy companies said on Tuesday. "There is quite a chance to reach $100 but we could see again in the coming years some lows as we have been accustomed to volatility," TotalEnergies Chief Executive Patrick Pouyanne said at the Qatar Economic Forum. Crude prices climbed on Tuesday to a more than two-year high above $75 a barrel. "We're [Read more]
Oil falls but sentiment stays strong on demand recovery hopes
Crude dropped on Tuesday as investors cashed in on a recent rally, but market sentiment remained solid on hopes for a quick recovery in oil demand in the U.S. and European markets and fading expectations for an early return of Iranian crude. U.S. West Texas Intermediate (WTI) crude for July was at $72.93 a barrel, down 9 cents, or 0.13%. Brent crude futures for August dipped 8 cents, or 0.11%, to $74.74 a barrel. Brent gained 1.9% and WTI jumped 2.8% on Monday. Both benchmarks have [Read more]
Canada’s climate plan charts hard road ahead for oil sands
WINNIPEG, Manitoba/CALGARY, Alberta - Canada has set ambitious targets for slashing emissions to fight climate change, but faces a stiff challenge: not only is its economy dependent on oil production, but the Canadian oil industry's carbon emissions are among the world's highest for every barrel of oil it pumps. In the long term, Canada needs to cut its dependence on the energy sector that accounts for 10% of its economy, as the world works on a transition and being less reliant on fossil fuels. [Read more]
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