VIENNA - Facing few options to reverse plunging oil prices, OPEC oil ministers decided Thursday to keep their production target on hold, a move that is likely to push the market even lower at a time of already high supply.Oil prices fell sharply on the news. Even though the decision was largely expected, it showed the once-powerful cartel is losing the power to push up markets to its own advantage.Some experts said the move was an effort by OPEC to allow prices to fall further — even at the cost [Read more]
Saskatchewan premier continues to call for support of Energy East pipeline
REGINA - Saskatchewan's legislature passed a motion Wednesday calling for the removal of what Premier Brad Wall calls unnecessary barriers to the Energy East pipeline project."We just wanted to make the point in the legislature that this is Canadian oil replacing foreign oil," he said. "Even though we are one of the most prolific producers of oil in the world, parts of our country import oil from Iraq, Algeria, Saudi Arabia, Venezuela, the United States. This doesn't make a lot of sense."The [Read more]
Saudi Oil Minister Naimi suggests OPEC does not need to cut output in effort to drive up price
VIENNA - Top OPEC producer Saudi Arabia suggested Wednesday there is no need for the cartel to cut its output ceiling despite a plunge in prices that has poorer members of the organization hurting.Saudi Oil Minister Ali Naimi told reporters he expects the oil market to eventually "stabilize itself." That suggests the Saudis, who effectively determine OPEC's production policy, will not back any calls for reducing output by other nations at Thursday's oil ministers' meeting.The global price of oil [Read more]
TransCanada cuts ties with U.S. public relations firm over campaign concerns
A Canadian pipeline company will no longer work with a controversial U.S. public relations firm on the Energy East proposal after leaked documents raised concerns about suggested tactics. TransCanada (TSX:TRP) has cut ties with the multinational firm Edelman on the campaign to build support for a plan to bring Alberta's oilsands crude to eastern refineries after it recommended secretly using third parties to attack the pipeline's opponents.The tactics were contained in documents leaked to the [Read more]
B.C. government gives environmental green light to three LNG projects
VICTORIA - Three proposed multibillion-dollar liquefied natural gas projects in northern B.C. have been awarded the environmental green light by the provincial government.The ministries of Environment and Natural Gas Development now have environmental assessment certificates for two pipelines and one export facility.The Westcoast Connector Gas Transmission pipeline and the Prince Rupert Gas Transmission pipeline would start near Fort St. John and Hudson's Hope, respectively, and end hundreds of [Read more]
Oil industry plays OPEC guessing game, tries to divine motivations for possible action
NEW YORK - Does Saudi Arabia have it out for frackers in the U.S.? Or Iran? Or Russia? Will low oil prices make it easier to fight the Islamic State? Or harder?Trying to guess what OPEC members are thinking in the run-up to Thursday's meeting in Vienna is a high stakes parlour game for energy analysts, political scientists and armchair geo-politicians.This year the game is more complex than it has been in years. There is political upheaval across the Middle East, Iran is suffering under Western [Read more]
Anti-pipeline grandma willing to go to jail by violating B.C. court order
BURNABY, B.C. - An 84-year-old retired librarian says she's willing to violate a court injunction and go to jail as she and other anti-pipeline protesters take a stand against fossil fuels by interfering with survey work in Burnaby, B.C.Barbara Grant joined activists near Burnaby Mountain on Tuesday to demonstrate against Kinder Morgan's proposed plan to nearly triple its pipeline capacity to transport Alberta oil to British Columbia.Grant said she has the support of her three children and three [Read more]
Oilsands alliance sets water use goals, but GHG targets proving tougher
CALGARY - A group of oilsands companies has set its first environmental performance target by limiting the use of fresh water in oil production, but goals for cutting greenhouse gas emissions have proven much more complicated.Members of the Canadian Oil Sands Innovation Alliance — an organization through which 13 oilsands players aim to make the industry greener — said Tuesday they have agreed to halve the amount of fresh water used to produce a barrel of crude from steam-driven projects to 0.2 [Read more]
National Energy Board to ask Canadians for input on pipeline safety
SAINT JOHN, N.B. - The National Energy Board will launch a tour early in the new year in an effort to strengthen pipeline safety, the chairman of the federal regulatory agency said Tuesday.Peter Watson said board members and staff will visit every province and the North to hear from Canadians on how it can improve its pipeline safety program."We felt there was a lot of need to get out from inside our hearing rooms and have a more fundamental discussion about pipeline safety and protection of the [Read more]
Saskatchewan premier concerned about ‘unnecessary barriers’ to pipeline project
REGINA - Saskatchewan's premier says he's concerned about the stance taken by his Ontario and Quebec counterparts in regards to the Energy East Pipeline project.The $12-billion project seeks to connect more than one million barrels of western crude a day to oil refineries in Eastern Canada.Ontario Premier Kathleen Wynne and Quebec Premier Philippe Couillard said last week that greenhouse gas emissions must be considered in the development of the project.Wynne also wants assurances there will be [Read more]
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