Fossil-fuel demand is set to surpass pre-pandemic levels

Oil markets breaking out of their long-term downward trend

Fossil-fuel demand is set to surpass pre-pandemic levelsDespite the Omicron variant of COVID-19 hitting the world badly, the Organization of Petroleum Exporting Countries and its allies in the expanded OPEC+ have confirmed the scheduled output increase of 400,000 barrels per day (bpd) for February. By now, OPEC+ countries have restarted about two-thirds of the production they halted in the early stages of…

Expect more oil price uncertainty in 2022

No one has a real handle on the market and its future direction

Expect more oil price uncertainty in 2022Despite the growing call for a cap on their consumption, fossil fuels are going nowhere. They will continue to drive our energy-driven civilization for the foreseeable future. Global oil demand is on the verge of reaching its pre-pandemic levels. As a result, oil markets posted their biggest gains since at least 2016 as 2021 wound…

Think the oil industry is dying? Think again

Lack of investment in the industry could lead to an energy crisis

Think the oil industry is dying? Think againLed by kingpin Saudi Arabia, oil-producing nations are gaining confidence and delivering a message: the oil era is far from over. Last week, Saudi Petroleum Minister Prince Abdulaziz bin Salman warned that global oil production could drop by a massive 30 million barrels per day (bpd) by 2030. That’s around 30 per cent of the…

Consuming nations are gaining the upper hand in oil markets

Major oil-consuming nations seem to have gained some leverage in a market full of uncertainties

Consuming nations are gaining the upper hand in oil marketsAs 2021 winds down, oil markets face uncertainties. Omicron has begun to change crude demand perceptions. Economies – especially in Europe – are beginning to stutter, and Canada is also under pressure, with increasing restrictions in place. All this will impact crude oil consumption in the months to come. There’s no unanimity among experts on…

Oil investment decline is leading to an energy crisis

The current European/Asian energy crisis is a preview of what we can all expect in the years ahead

Oil investment decline is leading to an energy crisisIndustry and environmentalists are on a clash course. The 23rd World Petroleum Congress in Houston last week was enough to highlight the emerging trends, complexities and challenges faced by the oil and gas industry. The message from the industry was clear – a global oil scarcity is on the horizon. Underinvestment since oil prices began…

Pipelines are safe and green despite Suzuki’s extremist rhetoric

Comment the mark of an extremist with little interest in human safety

Pipelines are safe and green despite Suzuki’s extremist rhetoricIn mid-November, prominent environmental activist David Suzuki made some remarks that any impartial observer would consider radical. This was during an event hosted by an organization that is not known for its measured responses: Extinction Rebellion. Suzuki’s message was clear: “there are going to be pipelines blown up if our leaders don’t pay attention to…

Oil markets dampen with new COVID strain, release of reserves

The dip came as a new COVID-19 strain sparked fears of renewed lockdowns and demand destruction

Oil markets dampen with new COVID strain, release of reservesWorld crude oil markets crashed on Friday by more than 10 per cent. For the first time since late September, West Texas Intermediate, the U.S. crude, tumbled below $70 a barrel, while the global benchmark, Brent, slumped to less than $75 a barrel. This crash wasn’t anticipated. The relief didn’t just come from the co-ordinated…

Achieving net-zero will take decades to accomplish

The world is learning the hard way that the global economy still relies on fossil fuels

Achieving net-zero will take decades to accomplishWith the UN-sponsored Climate Change Conference (COP26) climate talks in Glasgow over, it is important to review some of the agreements and implications that have resulted from this process and assess the impact on Canada’s energy resources sector. Putting the rhetoric in context One can take seriously the undeniable threat posed by climate change while…

Atlantic Canada missing out on potential oil and gas boom

Energy sector created more than 20,000 jobs and nearly $7 billion in GDP in 2017 alone

Atlantic Canada missing out on potential oil and gas boomBy Ven Venkatachalam and Lennie Kaplan Canadian Energy Centre Next year will mark 30 years of offshore oil and natural gas production in Atlantic Canada. In that time, Atlantic Canada has been the primary source of human capital for the oil and gas industry in other parts of Canada, while being a significant recipient of…

Second World War attack helped shape Bell Island’s history

It was the only domestic location where Canadians lost their lives during the global conflict

Second World War attack helped shape Bell Island’s historyTroy Media publisher Doug Firby was part of a group of Canadians who call themselves ConnecTour. Starting last May in British Columbia and ending in October in Newfoundland, they made an 8,000-km bicycle journey across the country, discovering how the COVID-19 pandemic has reshaped our lives and sense of community. Bell Island is a little…
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