It 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…
The rush to monetize oil and gas assets gathers momentum as major debt problems rise for many oil-producing countries
Climate change is at the top of U.S. president-elect Joe Biden’s priority list. By nominating a person of the stature of former secretary of state John Kerry as the special presidential envoy on climate change, Biden has spelled out his intentions. The message is getting loud and clear to stakeholders. Consequently, the rush to monetize…
The viability of OPEC as an effective organization is now in question
Gloom continues to cloud crude oil markets. With a COVID-19 vaccine unlikely to ride to the rescue of the global oil market for some time, the combination of weaker demand and rising oil supply provides a difficult backdrop to the meeting of the Organization of Petroleum Exporting Countries (OPEC) and their allies later this month,…
The $493 billion in oil and gas revenues paid to governments since 2000 is more than family allowance and children’s benefits since 1970
By Mark Milke and Lennie Kaplan Canadian Energy Centre Humans are wired to respond to stories that paint a relatable picture of an issue at hand. And those stories are easier to remember. If we repeat a Rex Murphy story about how out-of-work cod fishery workers from Newfoundland saved their homes and marriages by moving…
Canada can supply oil and natural gas to world markets for decades, while driving down emissions and bolstering our economic recovery
Imagine a global $800-billion natural gas and oil investment market and the opportunity that represents for Canada. Canadians should be very interested in what it would mean for our country’s economic recovery if we market the strengths of our vast natural gas and oil industry, and capture an increasing share of those billions of investment…
Crude oil demand is under the cloud. Not long ago, global demand was expected to peak around 110 million barrels per day (bpd). And in 2007, the Organization of Petroleum Exporting Countries (OPEC) forecast world demand for crude oil would reach even higher – 118 million bpd by 2030. But that was a different world.…
Global energy players and major stakeholders are out with their keenly-awaited and immensely researched outlooks
Energy outlook season is here. And it’s not rosy. Global energy players and major stakeholders are out with their keenly-awaited and immensely researched outlooks. COVID-19 has turned 2020 into an unusual year, carrying long-term ramifications for the energy world. The Paris-based International Energy Agency has termed the pandemic a disruption not seen since the “world…
This is not business as usual. With the second pandemic wave around the corner and a significant drop in global capital spending, big oil is on a job-cutting spree. Job losses in the Canadian natural resources sector hit an all-time high in the second quarter of 2020. Currently, it stands at 43,000. Pipeline giant TC…
Plan requiring projects to describe how they will achieve net-zero emissions may not even be feasible
By Alex Whalen and Elmira Aliakbari The Fraser Institute Newfoundland and Labrador’s energy sector, already struggling from the downturn in world oil markets and the COVID-19 recession, has taken another blow – this time directly from the federal government. The Liberal government of Prime Minister Justin Trudeau recently imposed new rules – known as the…
The importance of oil and gas extraction to Canada’s GDP, jobs, incomes or tax revenues can’t be understated
By Mark Milke and Lennie Kaplan Canadian Energy Centre No matter how you slice it, Canada’s oil and natural gas sector has been one of the nation’s most significant contributors to jobs, gross domestic product (GDP) and tax revenues over the decades. Even in down years, such as 2016, the oil and gas extraction sector…