DUBAI, United Arab Emirates - The tiny, energy-rich Arab nation of Qatar announced on Monday it will withdraw from OPEC in January, mixing its aspirations to increase production outside of the cartel's constraints with the politics of slighting the Saudi-dominated group amid the kingdom's boycott of Doha. The surprise announcement from Qatar's minister of state for energy affairs, Saad Sherida al-Kaabi, again throws into question the role of the cartel after needing non-members to push [Read more]
Headlines
Suncor Energy provides update following Government of Alberta’s decision to cut oil production
CALGARY, Alberta, Dec. 03, 2018 (GLOBE NEWSWIRE) -- Suncor today confirms it is assessing the impact of the Government of Alberta’s announcement to curtail oil production during 2019. Suncor believes the market is the most effective means to balance supply and demand and normalize differentials. Less economic production was being curtailed and differentials were narrowing as a result of market forces. The anticipated regulations will require oil producers to reduce their production [Read more]
These Invert Tanks Were Abandoned During Manufacturing; Who else could use these?
Stop renting and start saving. Complete set of invert/horizontal tanks – one master, two slaves – that were abandoned during manufacturing, ready to be painted and finished to your specifications. Quick points: Built in 2016 – Never used Bare steel – can be finished with your company colours and logo Comes with full documentation, drawings and warranty Features: Skidded 85m3/530 BBL double walled invert storage tanks Master tank has dual chamber (Base Oil / [Read more]
Alberta orders 8.7 per cent oil production cut to help deal with low prices
EDMONTON - Alberta Premier Rachel Notley is ordering a mandatory cut in oil production to deal with a price crisis that she says is costing Canada an estimated $80 million a day. Notley says as of January there will be an 8.7 per cent reduction ordered in oil production. Output of raw crude oil and bitumen will be reduced by 325,000 barrels per day. That figure is expected to shrink as a glut of oil in storage is reduced. The mandated cut ends on Dec. 31, 2019 and will be [Read more]
New N.B. premier hopes to bring Energy East pipeline back from the dead
FREDERICTON - New Brunswick's new premier is trying to revive the Energy East pipeline — even though the original proponent says the project is dead. TransCanada Corporation abandoned the $15.7-billion project more than a year ago, after the National Energy Board modified the environmental assessment process. But Premier Blaine Higgs, along with some other premiers and federal politicians, are again pushing the proposed pipeline as a way to get more western crude to refineries in [Read more]
“Don’t hate us Bono, look what we did!’ Trudeau’s inner circle wants the UN’s respect far more than yours
Oh, Canada. A wildly blessed nation, with resources most countries can only dream about, and we have been thoroughly outwitted and outplayed by global economic forces and unelected rulers. How did we get here? How can our resources be landlocked when we have, by far, the most coastline of any nation? Regarding a lack of market access, the problem did develop a while ago, when historically anomalous commodity prices drove extremely rapid development. The price of oil shot up faster than anyone [Read more]
Notley to announce next steps for dealing with oil backlog on Sunday
EDMONTON - Premier Rachel Notley discusses the case for imposing industry-wide oil production cuts in a letter to Albertans ahead of a scheduled news conference. The provincial government says Notley will speak to reporters Sunday evening about the next steps to ensure Albertans get the best possible value for their energy resources. The premier has also released an op-ed piece where she says the province must act now to deal with a growing glut of oil she blames on a lack of [Read more]
Overflowing oil production continues to dampen oilpatch outlook, prices
CALGARY - Oil market analyst Kevin Birn likens Western Canada's crude supply to a bathtub with a drain that's too small to keep up with the increasing volume pouring out of the tap. As barrels of surplus oil lap the edge of the tub, desperate producers are forced to sell at rock-bottom prices to avoid a big mess. Meanwhile, no one seems to agree on how to either turn down the tap or install a bigger drain. "You can think of it as a bathtub that's full. And as long as the bathtub is [Read more]
Paramount Resources CEO backs calls for production cuts to support oil prices
CALGARY - A rift in the western Canadian oilpatch over how to best deal with a glut of oil blamed for wide discounts in local spot prices continues to widen despite the province's vow this week to buy locomotives and railcars to help drain the surplus. Alberta Premier Rachel Notley said in speeches in Ottawa and Toronto this week that the province has decided to buy as many as 80 locomotives and 7,000 rail tankers — expected to cost hundreds of millions of dollars — to move the province's [Read more]
Canada Weekly Rig Count Down 5 to 199
Western Canada’s fleet of drilling rigs decreased to a total of 199 according to data collected by Baker Hughes for the week of November 30th. From last Friday, Alberta rig counts went down 2 to 136. Saskatchewan's rig count decreased from 43 to 37. Oil drilling went from 124 to 119; natural gas rigs went remained at 80. View a full breakdown of western Canada’s rig activity. [Read more]