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Jun 8, 2022 · Oil prices around the world have risen to their highest levels in years, but Canadian oilsands producers are seeing comparatively less for every barrel because of imbalances in supply and...
- Oil price war will last months, experts say, adding 'pain' to ...
In the two weeks since an oil price war broke out between...
- Oil price war will last months, experts say, adding 'pain' to ...
- A Fight Over Market Share
- Both Sides Gird For A Long Fight
- Canadian Operators Feel The Strain
Saudi Arabia, the de facto leader of OPEC, and Russia became locked in a war for global oil market share after their three-year deal to restrain output collapsed in early March. With global oil demand falling because of the coronavirus pandemic, OPEC wanted to deepen supply cuts but Moscow said it would agree only to an extension to the existing pa...
On Friday, the price of West Texas Intermediate (WTI), the North American benchmark, closed at $22.53 US a barrel — capping a remarkable 29-per-cent drop for the week. Brent crude, the global yardstick, fell 20 per cent in the week to close at $26.98 US a barrel. Such low prices will put a strain on Russia and Saudi Arabia. According to Bloomberg N...
Few observers appear to expect a quick resolution to the price war. Rather than wait things out, U.S. officials said Fridaythe Trump administration plans to send a special energy envoy to Saudi Arabia to work with the kingdom on stabilizing the global oil market. Kamel thinks it's going to take more economic pain and revenue loss to get Russia or S...
Dec 26, 2020 · An international oil price war combined with a pandemic made 2020 a very difficult year for Canada's oil and gas sector. But the year ahead will offer little respite, with the pace of...
Apr 4, 2023 · Canadian oil and gas companies reaped record profits in 2022 as the war in Ukraine and global fears about energy security drove commodity prices sky-high in the spring of last year.
- Crude oil price. The price of crude oil is the most important factor that drives production and investment in the oil and gas extraction sector. Chart 1 presents movements in two of the most relevant crude oil prices for Canada, the WTI and the Western Canadian Select (WCS) from January 2019 to February 2021.
- Production and employment. Chart 2 presents monthly production and employment in the oil and gas extraction industry and in all industries as a whole from January 2019 to April 2021.
- Crude oil and merchandise exports. The global value chain and, therefore, merchandise exports have been greatly affected by the pandemic because of declining demand.
- Capital expenditures. Capital expenditures in oil and gas extraction are highly related to crude oil price. Lower oil prices will drive down the profit level of oil and gas extraction and ultimately discourage investment in the industry, and this will affect its production capacity in the long term.
Mar 4, 2022 · The price of oil continues to rise amid conflict between Russia and Ukraine, energy experts in Calgary say Canada must increase it's capacity to produce and export oil.
People also ask
What happened to Canada's Oil & Gas sector?
Are Canadians 'price takers' in the global oil market?
How has Canada responded to the oil crisis?
Why are Canadian oil and gas prices so low in 2023?
Why are oil prices so low in Canada?
Which countries suffer the most from an oil price war?
Canadians are “price takers” in the global oil market, and, since 2014, gasoline prices have not fallen as far as crude oil prices. Alberta’s reliance on oil production made it vulnerable to the price decline, with impacts felt in public finance, business and consumer behaviour.
