As the urban centre at the heart of Canada’s oilsands industry, Fort McMurray has seen more than its share of ups and downs. A decade and a half ago, the northern Alberta community was this country’s most famous boom town. High oil prices helped to drive unprecedented demand for the thick, viscous bitumen that lies … Read more
Oil prices have experienced a slight decrease for the third day in a row, after reaching a six-month record. Investors have seemingly shrugged off fears of a wider Middle East war disrupting supplies. Brent crude, the international benchmark, fell by 3.03% to $87.29 per barrel for June. Meanwhile, West Texas Intermediate, the U.S. marker, dropped … Read more
India is prepared to take adequate steps to mitigate any impact of the Iran-Israel conflict on its economy and will “remain alert”, Finance Minister Nirmala Sitharaman said on Thursday. “Can’t say that we are fully ready. As developments unfold, we are preparing to take adequate steps in India’s interests,” Sitharaman told the CNBC Awaaz news … Read more
Persistent and severe drought conditions across Western Canada could have a devastating effect on the oil and natural gas sector, which has drilling operations in some of the driest areas, according to a new report by Deloitte. Limited water supply could have significant effects on the production of oil and gas, the report warns, and … Read more
Environment Minister Steven Guilbeault says Ottawa has to take action against Saskatchewan for breaking the federal carbon-pricing law. Premier Scott Moe said last week Saskatchewan would not submit the money it owes for the carbon price on natural gas as required on Feb. 29. Moe is protesting Ottawa’s decision to exempt heating oil from the levy … Read more
New York: When Russia invaded Ukraine in 2022, the price of oil jumped to over $100 a barrel. But despite the threat of an escalation of tensions in the Middle East and attacks on Red Sea shipping, oil markets have yet to see such moves this time around, media reported. Oil prices spiked last month … Read more
Oil and gas giant Shell reported a dip in profits below the record highs of 2022, totalling $28.25 billion (£22.32 billion) in 2023 as energy prices remained elevated. The company’s shift towards trading more in liquefied natural gas (LNG) and increased production offset reduced earnings from refining and oil trading, along with higher operating costs. … Read more
CEO pay in the oil and gas sector has soared with the industry’s post-pandemic resurgence and will likely increase even more with the completion of the Trans Mountain pipeline expansion this year, a new report projects. The report released Wednesday by the Bedford Consulting Group looked at C-Suite salaries, bonuses and other forms of executive … Read more
India is keeping a close watch on West Asian developments, including any escalation of tensions following the US-UK military strikes on Houthis in Yemen. India has huge stakes in the West Asian region including energy supplies, diaspora and investments and is tracking events closely amid fears of conflict escalation in the region, ET has learnt. … Read more
In a welcome relief for consumers, the energy price cap in Great Britain is set to decrease by a significant 14 per cent starting April 1st, 2023. The reduction is anticipated to bring down annual bills by an average of £268, offering respite to households grappling with the ongoing economic challenges. The lowered cap, a … Read more
