Officials from the energy-rich Canadian province of Alberta on Friday insisted the federal government approve a massive oil sands project, rejecting the idea that aid from Ottawa would soften the blow if it were to be quashed. Reuters reported on Thursday that Canada is preparing a financial package that would help dull the pain if it blocks Teck Resources Ltd's plan to build the C$20.6 billion ($15.7 billion) Frontier mine that has raised climate and wildlife concerns. "We're not looking [Read more]

U.S. energy firms added oil rigs for the third time in four weeks even though producers planned to continue reducing spending on new drilling for a second consecutive year in 2020. Companies added 1 oil rig in the week to Feb. 7, bringing the total count to 676, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 854 active rigs. The oil rig count, an early indicator of future output, dropped by an average of 208 [Read more]

Oil prices dropped on Friday after Russia said it backs a recommendation for OPEC and other producers to deepen output cuts amid falling demand for crude as China battles the coronavirus epidemic that has hit global markets. U.S. West Texas Intermediate (WTI) crude futures were down 74 cents, or 0.5%, at $50.31 a barrel, also heading for a fifth consecutive week of losses. Brent crude futures fell 72 cents, or 1.45%, to $54.42 a barrel and is heading for a fifth weekly loss amid [Read more]

Canada is preparing an aid package for Alberta, heart of the country's struggling oil industry, that would help dull the pain if it blocks an oil sands project that could create thousands of jobs, sources familiar with the matter said this week. Ottawa must decide by end-February if Teck Resources Ltd can build the C$20.6 billion ($15.7 billion) Frontier mine in northern Alberta despite climate and wildlife concerns. The decision is a major test of Prime Minister Justin Trudeau's 2019 [Read more]

Canada is preparing an aid package for Alberta, heart of the country's struggling oil industry, that would help dull the pain if it blocks an oil sands project that could create thousands of jobs, sources familiar with the matter said this week. Ottawa must decide by the end of this month if Teck Resources Ltd can build the C$20.6 billion ($15.7 billion) Frontier mine in northern Alberta despite climate and wildlife concerns. The decision is a major test of Prime Minister Justin Trudeau's [Read more]