Oil Prices ///
The plunge in global crude prices is being exacerbated in Canada by a lack of pipeline capacity, sending the country’s oil prices to a near record discount to the U.S. and energy stocks reeling.
Oil rose, paring a sixth weekly loss, amid growing confidence that OPEC and its partners will reduce production to avert a glut next year.
Heavy Western Canadian Select crude fell to a record low as several oil producers shut in production and some demand the Alberta government intervene to mandate across-the-board cuts.
The world will need less energy from the 2030s onwards, but it will still require a significant amount of oil and gas in the lead-up to mid-century
President Vladimir Putin said he discussed the price of oil with U.S. counterpart Donald Trump when they met in Paris briefly on Sunday, adding that Russia is happy with current prices.
American fingerprints are all over oil’s record losing streak that’s plunged prices into a bear market.
Crude oil and natural gas prices are moving in opposite directions, with traders in both markets spooked by inventories.
OPEC will cut or adjust production as needed to balance the market, the group’s president, UAE Energy Minister Suhail Al Mazrouei, said Wednesday.
For more than a year, the world’s biggest oil companies have been saying that by keeping a tight rein on spending today, they’ll be fortified against the next crude-price collapse. What they didn’t expect was for that caution to pay off so soon.
Saudi Arabia said OPEC and its allies should reverse about half the increase in oil output they made earlier this year as fears of shortages are supplanted by concerns about oversupply and collapsing prices.
President Donald Trump criticized Saudi Arabia’s announced plan to cut oil production on Monday, as tensions rose between the U.S. and its long-time Middle East ally.
Canada’s oil producers can’t catch a break. Even as local production cuts help alleviate pipeline bottlenecks, heavy crude plunged below $18/bbl for the first time since 2016 -- dragged down by global oil prices.
A Saudi think tank is studying what happens to oil markets in a world without OPEC.
U.S. stocks fell amid a fresh batch of weak earnings from the technology sector and concern that a bear market in oil prices may mean trouble for the economy.
Oil notched its longest losing streak in four years as expanding U.S. stockpiles overshadowed supply concerns from the Persian Gulf to Latin America.
Two years after Exxon Mobil removed billions of bbl of oil-sands crude from its reserves, its Imperial Oil unit is investing again, saying low Canadian crude prices make it a perfect time to build.
Oil prices are likely to be “biased to the upside” for the rest of the year as demand from refineries rises in November and December, according to Citigroup.
Saudi Arabia raised pricing for the crudes it sells to Asia, a sign that OPEC’s biggest producer sees robust demand as it boosts output to offset the impact of sanctions on Iran.
Oil fell to a six-month low as the U.S. softened its crackdown on Iranian exports and American supplies surged, assuaging fears of an impending shortage.
Canadian oil producers are suffering from the worst domestic glut in a decade.