Crude oil market remains in flux

Global demand remains a major concern

Crude oil market remains in fluxUncertainty is ruling the energy world. “Crude producers continue to grapple with huge uncertainty about where this goes from here,” Tim Gould, the International Energy Agency (IEA) head of energy supply outlooks and investment, told the press last week. The Organization of Petroleum Exporting Countries (OPEC) agrees. “Uncertainties remain high going forward with the main…

Oil and gas exports critical to Canada’s economic future

It is a mistake to think Canada can thrive without the export wealth generated by the energy sector

Oil and gas exports critical to Canada’s economic futureBy Mark Milke and Lennie Kaplan Canadian Energy Centre You may have heard the persistent worldwide narrative that oil and natural gas are dead, or soon will be, and can easily be replaced with other forms of energy. The latter claim is simply false. Read the work of energy transition expert Vaclav Smil, professor of…

Saudis sacrifice to broker oil production cuts

Until recently, the nation has insisted it wouldn’t unilaterally cut output until others agreed to contribute. All that has changed

Saudis sacrifice to broker oil production cutsSaudi Arabia is back in its role as the swing crude oil producer of the world. Until recently, the nation has insisted it wouldn’t unilaterally cut output until others, including Russia, agreed to contribute. But all this changed – almost overnight. On Jan. 4, while the ministers from Organization of Petroleum Exporting Countries and its…

Oil markets still face uncertain future

Even if the vaccines remain effective against the new COVID-19 mutants, a true crude oil market rebound is still a long shot

Oil markets still face uncertain futureStrong headwinds continue to disrupt crude oil markets in the new year. In 2020, COVID-19 triggered demand destruction, with some insisting that global oil demand may have already peaked. Lifestyles changed – apparently forever. Working from home became the new norm, commuting to the workplace became extinct and flying became less prevalent. All these factors…

A legitimate demand for oil industry investment?

A legitimate demand for oil industry investment?Opposing interest groups are endeavouring to sway crude oil market sentiments. The global oil industry needs some $12.6 trillion in investments through 2045 to meet the demand, Organization of Petroleum Exporting Countries (OPEC) secretary general Mohammed Barkindo said at a videoconference. This declaration came despite the fact that earlier the month in its Monthly Oil…

Freer cross-Canada trade will most benefit Atlantic provinces

A number of restrictions inhibit labour mobility, as well as the free trade of goods and services. And trade barriers add regulatory burdens on businesses

Freer cross-Canada trade will most benefit Atlantic provincesBy Ben Eisen and Alex Whalen The Fraser Institute When many people think about threats to free and open trade to Canada, they immediately consider the protectionist outlook of departing U.S. President Donald Trump. In 2020, another obstacle to the free movement of products and people across boundaries has been the COVID-19 pandemic. However, even…

The crude oil market is approaching its peak

And the rush to monetize crude oil assets is on

The crude oil market is approaching its peakThe halcyon days of crude oil are over. The reality of the transition is dawning on stakeholders. From the Organization of Petroleum Exporting Countries (OPEC) and Russia, to the major oil companies, all are beginning to recognize, appreciate and react to this changing global energy kaleidoscope. Russia was denying the reality. No more. “The peak…

OPEC+ fault lines growing deeper

OPEC+ fault lines growing deeperIt was a political decision, a compromise between the differing oil producers. Last Thursday, after extended deliberations, debate and heated arguments, the Organization of Petroleum Exporting Countries (OPEC) and its allies in the extended OPEC+ finally opted to increase their crude oil output by 500,000 barrels per day (bpd) from January 2021. And every month…

Atlantic Canada facing a political vulnerability

Fiscal federalism, the lifeblood of the region's economy, faces increasing pressure for reform, especially in the post-COVID-19 world

Atlantic Canada facing a political vulnerabilityMassive government spending has landed the four Atlantic provinces at the bottom of economic freedom rankings among the 10 provinces and 50 U.S. states, according to the new Economic Freedom of North America report. Newfoundland and Labrador and Prince Edward Island are tied at the bottom, just below Nova Scotia (58th) and New Brunswick (57th).…

How Atlantic Canada fortunes and oil and gas are intertwined

How Atlantic Canada fortunes and oil and gas are intertwinedBy Mark Milke and Ven Venkatachalam Canadian Energy Centre Atlantic Canada struggled to create good-paying jobs long before the COVID-19 pandemic. The multiple reasons include poor policy and high taxes on businesses and individuals. Poor policy reinforces other lousy policy, leading to a self-reinforcing downward economic spiral. For instance, previous governments formed policy forbidding fracking…
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