OPEC, IEA offer different projections on crude consumption

Two contrasting scenarios are emerging

OPEC, IEA offer different projections on crude consumptionCrude pundits are divided – literally on geopolitical lines, depicting the fault lines within the industry. Two contrasting scenarios are emerging. On one end is the demand gloom, while on the other is the possibility of a rise in global crude consumption. The Organization of Petroleum Exporting Countries (OPEC) is saying a fall in global…

Oil Sands Divestment campaign won’t reduce global emissions

Activists like to trumpet the narrative that the world is rapidly transitioning away from fossil fuels, but the reality is different

Oil Sands Divestment campaign won’t reduce global emissionsAn activist group called Oil Sands Divestment is trying to convince the British Columbia Investment Management Corp. (BCI) to get out of fossil fuels by the end of this year. The campaign says oil and gas is not a sound investment and that projects are increasingly “stranded assets.” Neither is true. Amid what the International…

Saudis turn their backs on Biden’s request for more oil

The prospects of a global economic slowdown are beginning to hit oil demand

Saudis turn their backs on Biden’s request for more oilThe much-awaited ministerial meeting of the Organization of Petroleum Exporting Countries and its allies, including Russia, in the expanded OPEC+, opted to increase its September output by just 100,000 barrels per day (bpd). Despite the urgings of U.S. President Joe Biden to open Saudi Arabia’s crude oil taps during his visit there, the announced output…

Europe is counting on natural gas from Canada

But building LNG infrastructure like long-haul pipelines in Canada is "challenging"

Europe is counting on natural gas from CanadaCanada’s potential to supply natural gas to Europe as liquefied natural gas (LNG) has gone from an afterthought to a critical part of the discussion on how to replace gas from Russia, according to analysts with Norway-based Rystad Energy. European countries are facing emergency measures to reduce energy use to ensure enough natural gas is…

Saudis talk to suitors from all sides as oil market uncertainty grows

Saudi Arabia isn’t ready to ditch Russia

Saudis talk to suitors from all sides as oil market uncertainty growsAfter a brief lull and a price drop, crude oil markets are heating up again, surging by more than US$2 a barrel last week. The Aug. 3 expanded OPEC+ ministerial meeting, which includes Russia, is just around the corner. And signals from producing countries aren’t helping to stabilize the markets. In addition, the threat of…

Oil and gas benefits threatened by too-fast emissions reduction plan

Federal discussion paper outlines industry's value to Canadians

Oil and gas benefits threatened by too-fast emissions reduction planThe federal government’s plan to cap and cut emissions from the oil and gas sector comes with big risks. Reducing the industry’s emissions by a massive 42 per cent in less than 10 years is seen as unrealistic without cutting production – while Canada’s allies and people around the world are in a growing crisis without enough oil…

Saudi Arabia still not ready to ditch Russia

An intense tug of war is being waged on the global crude horizon

Saudi Arabia still not ready to ditch RussiaStakeholders continue to make interesting moves across the global energy chess board. Six days after U.S. President Joe Biden flew out of Saudi Arabia – without any public commitment from Riyadh to increase crude output significantly – Russian President Vladimir Putin and Saudi Crown Prince Mohammad bin Salman spoke by phone, underlining the importance of…

No guarantee Biden’s trip to Saudi Arabia will bring results

Biden wanted more crude, Mohammed bin Salman needed recognition. The visit served both purposes

No guarantee Biden’s trip to Saudi Arabia will bring resultsWhat did United States President Joe Biden gain from a trip that took him to Saudi Arabia, the state he once promised to make into the pariah he said it deserved to be? What did Biden get from meeting with Saudi Crown Prince Mohammed bin Salman, whom he has avoided until now? In response to…

Five reasons why Biden should ask Canada, not Saudi Arabia, for more oil

U.S. and Canada should work together to build new pipelines to strengthen North American energy security

Five reasons why Biden should ask Canada, not Saudi Arabia, for more oilHere’s an important message for U.S. President Joe Biden as he heads to Saudi Arabia tomorrow to ask the Organization of Petroleum Exporting Countries (OPEC) to increase oil production: he should be asking Canada instead. Canada’s oil producers have helped to free American consumers from the world’s oil dictators before and can do it again…

U.S. exporting Canadian natural gas as global LNG demand surges

U.S. transport of LNG to Europe is surging in the wake of Russia’s invasion of Ukraine

U.S. exporting Canadian natural gas as global LNG demand surgesCanadian natural gas is finding its way to global customers desperate for more LNG, but it’s not because of any export project on Canada’s coasts. Instead, the supply is taking off on ocean tankers as part of the mix from liquefied natural gas (LNG) terminals in the United States, according to Deloitte Canada. “It appears…

Does the decline in oil prices signal a coming global recession?

The driver of this bearish sentiment is an overly hawkish response by the Federal Reserve

Does the decline in oil prices signal a coming global recession?Last week, the crude oil markets saw one of the most significant single-day price declines in history. Have the bulls retreated – perhaps for good? Tuesday’s oil price collapse could go down as one of the most memorable moments of the oil market’s tumultuous year, said Josh Owens in his piece for Oilprice.com. Although oil…

Renewable energy dreams have turned into a nightmare. What now?

Maybe it is time to revive the forgotten concept of reduce, reuse, recycle

Renewable energy dreams have turned into a nightmare. What now?It’s not even Calgary Stampede time yet – it looks like it will be a good old-fashioned free-for-all – and I’ve already encountered a fascinating drunken goofball at the top of his game. Nothing unusual there, I suppose, except that this encounter actually had an interesting and thoughtful punchline. It happened on the train to…

Without Russian oil, can the world produce enough crude?

Analysts warn that prices could reach $380/barrel if existing penalties prompt Russia to make cuts

Without Russian oil, can the world produce enough crude?The crude oil world is in deep flux. Ongoing attempts by the G7 to put a price cap on Russian crude exports – almost an admission of its failure to curb the flow of petro-dollars to Moscow – also meant it needed to do more. But moving ahead with the proposal could result in global…

More world oil and gas investment desperately needed, report warns

Increasing spending does not contradict efforts to reduce emissions, says IEF

More world oil and gas investment desperately needed, report warnsWorld energy markets are facing a “red alert,” and there’s more trouble ahead without enough investment going into oil and gas to meet demand, according to a new report by the International Energy Forum (IEF). “At a time when the global energy crisis calls for more supply, underinvestment in hydrocarbons will be the main reason…

No sign of major crude oil price decline any time soon

Bullish pressure on crude oil markets doesn’t seem to be easing

No sign of major crude oil price decline any time soonCrude oil prices fell last week, notching their second weekly decline in the face of concern that rising interest rates could push the global economy into recession. Yet the future of crude oil still seems bullish to many. Spare capacity, or lack of it, is just one of the reasons. The global surplus of crude…

Canadian energy sector has been down, but will never be out

Global Energy Show signals Canada’s oil and gas recovery and strong future

Canadian energy sector has been down, but will never be outA clear signal that Alberta’s oil and gas industry is alive and kicking was Calgary’s Global Energy Show held June 6 to 8. Last held in 2019, this important annual event was one of the many casualties of the COVID-19 pandemic in 2020 and 2021. Originally called the National Petroleum Show when it was started…

Energy doesn’t have to be a political weapon

Canada can be the solution as the world looks for reliable energy while maintaining GHG targets

Energy doesn’t have to be a political weaponCanada and its partners in the G7 are calling on OPEC for solutions to the growing energy security crisis they say is a “grave concern” for households – particularly low-income households – around the world. The G7 is made up of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. It’s asking Organization…

The world’s remarkable reversal on the future of oil

The industry is hesitant to invest in production after years of disdain from politicians and environmental radicals

The world’s remarkable reversal on the future of oilThe love/hate relationship between oil companies and the world’s billions of customers is unique in the world of commerce. Until recently, the plan was to replace oil and gas with no workable plan to replace their products. Now people want more oil and gas production as quickly as possible. But not from Russia. This stunning…

Canada is nowhere near to facing its climate deficit

Approving new fossil fuel projects is moral and economic madness

Canada is nowhere near to facing its climate deficitAfter approving the Bay du Nord offshore oil project off Newfoundland and Labrador in April, the Canadian government has decided to take our climate risk-taking to a whole new level by issuing a Call for Bids for oil exploration for an area one third larger than the size of New Brunswick. Bids to drill for…

A subsidy by any other name: The problem with Bay du Nord’s royalties

The potential cost is hundreds of millions of dollars in royalties that must be paid

A subsidy by any other name: The problem with Bay du Nord’s royaltiesTwo weeks after Bay du Nord received environmental approval, the Canadian and Newfoundland and Labrador governments were arguing about who would foot the bill. The project promoted as the answer to Newfoundland and Labrador’s economic woes could end up costing hundreds of millions in revenue. Some backstory: according to the United Nations Convention on the…

The global energy map faces dramatic revisions

Putin's war on Ukraine has changed everything

The global energy map faces dramatic revisionsEnergy security is back on the global agenda. Not long ago, energy security was almost taken for granted by all. With the emergence of new energy frontiers over the last decade and a half – including shale oil and gas and the growing emphasis on renewables in the Americas – it was felt that energy…

Canada’s oil and gas workers don’t need a forced ‘just transition’

The sector will be critical to Canada, and the world, for decades to come

Canada’s oil and gas workers don’t need a forced ‘just transition’The idea of the need for a “just transition” for Canadian oil and gas workers is based on the false narrative that global demand is now decreasing and, therefore, Canada’s industry will no longer be profitable or essential in the very near future. This is not true. Oil and gas will continue to be critical…

Newfoundland and Labrador can grow as a trusted oil supplier to Europe

Already a steady supplier and can grow significantly if major projects get the go-ahead

Newfoundland and Labrador can grow as a trusted oil supplier to EuropeEurope needs new suppliers to get off Russian oil and maintain energy security in the long term. Newfoundland and Labrador’s offshore oil industry is already a steady supplier and can grow significantly if major projects get the go-ahead. “We have the potential certainly to be producing more,” says Paul Barnes, Atlantic Canada and Arctic director…

Will oil prices stall or continue to rise?

The relief we’re seeing from market manipulation could fade soon

Will oil prices stall or continue to rise?Bearish sentiments continue to overshadow the crude oil markets. Despite a small spike at the tail end, prices registered a back-to-back retreat last week. Several factors are in play. The announcement of the release of 180 million barrels of crude from the United States Strategic Petroleum Reserves (SPR) over the next six months played a…

Western Canada continues to get shafted by Trudeau

Oil tankers off West coast are bad but drilling for oil off Newfoundland's coast is OK

Western Canada continues to get shafted by TrudeauWe all know politics is the art of the possible. Perfection isn’t for the real world. We aren’t surprised when tradeoffs and the occasional compromise creep into government policies. Nor do we require elected members of government, even at the ministerial level, to be experts in their portfolio areas, although we expect them to avail…

Canada’s energy strategy defies stark global realities

Western leaders are acting in ways that make your cringe: It's like watching an out-of-control teen at their first party

Canada’s energy strategy defies stark global realitiesPeople have been asking for my thoughts on the recently announced federal climate plan. I shrug. I ask them what their thoughts are on the Iowa State Fair Hog Calling Regulations. I’m indifferent. I know I should care, but what’s the point? The feds throw something at us; we have to work with it. We…

WEBINAR: Balancing energy, environment and the economy

Today's guest, David Parker, discusses among other things, the importance of aligning political will, the truth and the public

The series was produced by KEI Network for Troy Media. We welcome your comments below. Bios of our moderator and today’s guest: Eric Newell Moderator Eric Newell’s career began with Imperial Oil and Esso, where his skills as an engineer and manager made him a valuable asset. He was frequently sent “on loan” to sites…

Federal oil and gas emissions plan will hurt Canadians 

Canada is the solution to reliable, affordable, responsible energy security

Federal oil and gas emissions plan will hurt Canadians The federal government’s plan to require a 42 per cent reduction in emissions from Canada’s oil and gas sector by 2030 is based on assumptions divorced from reality and will ultimately hurt Canadians. Setting aggressive targets to cap and reduce the sector’s pollution – while no other major producing nation does the same – is…

WEBINAR: Decarbonization: The dilemna for Canada

Our second episode in our 10-part series on decarbonization features Hal Kvisle, former CEO of Talisman Energy

The series was produced by KEI Network for Troy Media. We welcome your comments below. Bios of our moderator and today’s guest: Eric Newell Moderator Eric Newell’s career began with Imperial Oil and Esso, where his skills as an engineer and manager made him a valuable asset. He was frequently sent “on loan” to sites…

Bay du Nord oil project needs swift approval

Economic benefits crucial to the Newfoundland and Labrador economy

Bay du Nord oil project needs swift approvalWith the market prices of hydrocarbons soaring, accelerated by the Russian invasion of Ukraine, the federal government is once again extending the deadline for making a decision about the future of the Bay du Nord project off the shore of Newfoundland. Division within the Prime Minister’s Office on this project is certainly one of the…
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