Oil price stall, global uncertainty prompt caution from energy companies
Analyst says drawdowns are constructive, but the market remains reliant on drastic production cuts from OPEC+ to restore balance.
Oil sands companies restoring production as demand spurs higher price
Executives are confident the oil price crisis is subsiding but are dismayed by recent setbacks for oil pipelines in the US.
Plunging oil prices point to ‘deep collapse’ in sector: drilling firm CEO
Kevin Neveu of Precision Drilling says spending on oil and gas exploration will fall even further from already-depressed levels because of pricing signals.
Oil price crash: what does it mean for Canada?
The turmoil is already affecting Canadian companies and consumers.
Oil price drops for 2nd day as Saudi crude output recovers
Attack on Saudi Aramco’s processing facility in Abqaiq pushed crude prices up more than 14% Monday.
Saudi Arabian attacks linked to higher oil prices, spark energy stock rally
A weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record.
Alberta government announces further easing of oil production restrictions
Effective June 1, the province will allow 3.71 million barrels per day to be produced.
Oilpatch financial results to reflect extreme Q4 oil price volatility
Analysts also expect investor interest in prospects for crude-by-rail shipments.
CN and CP well poised for 2019 trade headwinds: analysts
Crude-by-rail exports have spiked over the past year amidst a pipeline shortage and a big discount on Western Canadian Select oil.
Oil prices remain strong as Alberta production cutbacks kick in
Provincial curtailments of 325,000 barrels per day aim to relieve a glut and free up export pipeline space.
Groups preparing new Trans Mountain legal challenge, argue government’s mind made up
Trudeau has said many times the pipeline is going to be built.
Ottawa to announce $1.6B boost Tuesday for battered energy sector
It is a package based, in some ways, on those offered to softwood, steel and aluminum producers.
Canadian Natural cuts $1B from budget due to low oil price
Oil sands producer will ramp up capital spending if prices improve and stabilize, and there’s clarity on market access.
Alberta buying its own rail cars to move oil without feds: Notley
The province has already started talks with a third party to buy enough rail cars and locomotives to put two more oil trains a day on the tracks.
Energy giant BP says 3Q earnings more than double
The bump was attributed to higher oil prices and streamlined operations.
Canada will have lots of allies if Trump goes after energy trade: Notley
Alberta premier notes huge cost increases if the US slaps a border adjustment tax on Canadian energy.
OPEC production jumped before deal on cuts, IEA says
Energy agency says next few weeks will be crucial in determining if production cuts are being implemented.
Sluggish exports slow to offset pain of low oil prices
Bank of Canada’s Stephen Poloz still believes a successful transition will happen – albeit slower than expected.
Possible OPEC output deal drives up oil prices by 5%
Excess supply has forced producers to work hard to bring costs down.
Depressed oil prices push Alberta deficit to $6.4B last fiscal year
Lower resource revenue and a reduced take in corporate and personal income taxes to blame.
Inflation rate was just 1.5% in May amid low fuel prices
Higher energy, vehicle prices are offset by offset by cheaper gasoline, fuel oil and natural gas.
Lower energy prices keep annual inflation rate at a cool 1.3% in March
Downward forces on oil and gas countered higher prices for shelter and food.
Slashed spending by drillers could lead to price spike, report says
IEA suggests investment in oil exploration and production is declining for a second straight year.
The Liberals face these economic numbers as they prep budget
Economic growth, low oil prices, budgetary balance and debt-to-GDP ratio will all be top of mind come budget season.
Shell shareholders approve deal to buy UK rival BG
Deal is worth $49 billion.
Morneau insists Liberal plan will grow economy despite falling loonie, oil
Finance minister hasn’t indicated whether the federal government will accelerate infrastructure spending to kickstart the economy.
Canada must let forces behind low dollar, oil prices play out: Poloz
Central bank governor said there is no simple policy response to fix the problem.
No short term fix for Alberta job losses
Oil price collapse has eliminated 40,000 jobs in the province’s energy sector.
Calgary faces uncertainty and opportunity in 2016
Oil price plunge likely to encourage growth in other sectors to diversify Alberta’s economy.
Carbon tax would further punish already ailing Alta. economy: Wildrose
Brian Jean says a tax would hurt Albertan consumers already feeling the pain of low oil prices.
BDC earmarks additional $500M for SMEs impacted by lower oil prices
Development bank will also expand its advisory services to help companies adjust their business operations.
Slashed interest rates are saving economy long term: Poloz
Central bank governor admits lower rates put risks on household debt levels, but set the overall economy to recover more quickly.