All eyes are focused on Saudi Arabia. Will it continue to single-handedly maintain stability in the markets?
Uncertainty has overtaken the crude oil markets again for several reasons. Since March, crude oil markets have mostly been ascending. But prices declined last week by a greater margin than any time in the last four-plus months. And the resurgence of COVID-19 in many parts of the world is clouding the near-term future of oil.…
But much still depends on United States-Iran nuclear talks and how OPEC+ members will react to any deal
Crude oil markets are hot. Prices are up and the US$75 line has been breached. Chatter about oil touching US$100 is getting loud and clear. Global oil consumption is getting closer to the pre-pandemic levels. The bleak clouds hanging over the crude oil horizon are beginning to dissipate. Industry eyes are again on the Organization…
Government maintains its sugar tax is all about keeping you healthy
What’s all about sweets, sours your wallet and leaves a bitter taste? It’s Premier Andrew Furey’s proposal for a new Pepsi tax. This tax will increase the price of soft drinks by 20 cents a litre. By this time next year, you’ll be paying 15 per cent more for a two-litre bottle of Pepsi at…
US$100 oil is a distinct possibility
The world needs more oil. The Organization of Petroleum Exporting Countries (OPEC), Russia and American shale oil producers all need to up their output to keep the rising prices of the “super cycle,” as Saudi Energy Minister Prince Abdulaziz bin Salman called it, under control. Media reports say Prince Abdulaziz bin Salman told the Robin…
The IEA concedes rising oil demand at odds with its call to end new oil, gas and coal funding
The International Energy Agency (IEA) is torn between two conflicting ends. On one hand, it’s grappling with climate change issues; on the other, it sees rising oil prices. For now, the two ends seem to be running parallel but not converging. Oil demand is rising fast, as are prices, reaching multi-year highs on Friday. Brent…
IEA wants all investments in new developments to stop. Others warn that could lead to $200 a barrel oil
The Organization of Petroleum Exporting Countries and their allies in OPEC+ are on a collision course with energy watchdog International Energy Agency (IEA) on at least two counts. Last month, the Paris-based IEA delivered the starkest warning yet on fossil fuels, saying the exploitation and development of new oil and gas fields must stop this…
Anyone who thinks the U.S. can do without Canadian oil, especially heavy oil, is misinformed. Canadian oil is critical to the Americans
By Mark Milke and Lennie Kaplan Canadian Energy Centre The United States banned exports of crude oil in the mid-1970s, as the result of an oil embargo directed at the U.S. by Middle Eastern countries. The embargo began as a result of American support for Israel during the 1973 Yom Kippur War. In response, some…
If Newfoundland and Labrador pursues a sugar tax, it’s certainly not to get its people to lead healthier lives. It’s about paying bills
In its recent budget, the Newfoundland and Labrador government announced it will introduce a tax of 20 cents per litre on sugary drinks, starting on April 1, 2022. This a first in Canada. So far we know very little about how the tax would work, which products would be affected and how revenues from the…
Alternative energy and calls for the world to overcome its reliance on fossil fuels gaining currency
The short-term prognosis for crude oil looks exciting. But that may be a mirage. The approaching summer driving season in the Northern Hemisphere and the lifting of COVID-19 restrictions have stimulated demand. The Organization of Petroleum Exporting Countries (OPEC) and its allies in the expanded OPEC+ appear confident that with the accelerating vaccination programs and…
Higher wages and better productivity contribute to an industry that’s a dominant part of Canada’s economy and its GDP
By Mark Milke and Lennie Kaplan Canadian Energy Centre It’s hard for anyone but mathematicians and economists to conceptualize numbers in the billions. To get around that problem, and as a prelude to comparing major Canadian industries, let’s start with a smaller number and a question: How would you like to make $2,740 every week?…