The global industry is currently facing the juggling act of meeting energy demand and demonstrating environmental, social, and governance (ESG) practices.
February 28, 2022
Stephen Brown, Senior Canada Economist at Capital Economics, wrote in a note quoted by Bloomberg on Feb. 10 that Canadian crude producers are not ramping up supply to the US
February 21, 2022
According to internal PDVSA documents and tanker tracking data, Venezuela's oil exports fell by 34% from Dec. to 416,387 b/d in Jan.—their lowest level since last Sept.—amid loading bottlenecks caused by returned and rescheduled crude cargoes because of crude quality issues and the poor condition of storage tanks and port berths.
February 15, 2022
Both Iran and Venezuela are currently sanctioned by the US, which specifically targeted their oil exports to the international market, although both countries are finding ways to skirt the restrictions.
February 07, 2022
According to the Canadian Association of Petroleum Producers (CAPP), oilsands operators seek to boost spending by 22% to C$32.8B ($26.3B) this year to lift capacity, with higher oil prices and more export capacity supporting greater oilsands output.
January 31, 2022
Appointed back in Oct., Canada's new Natural Resources Minister Jonathan Wilkinson said that the Trudeau government was "going to be very aggressive in reducing emissions from the [oilsands] sector" and would work with other countries to drive down long-term crude demand as it looks to reduce GHG emissions to address climate change.
January 24, 2022
According to OPEC's Dec. 2021 Monthly Oil Market Report, Venezuelan oil production in Nov. was at 824K b/d, a 9% increase compared to Oct. and is nearly double the 434K b/d the country produced in Nov. 2020.
January 17, 2022
The latest developments in oil production and exports in three major heavy-oil players, i.e., Canada, Mexico, and Venezuela, are expected to impact US and, to some extent, Asian and European refiners in the coming years.
January 10, 2022
USD Partners said on Dec. 16 its new diluent recovery unit (DRU) at the Hardisty Energy Terminal in Alberta, Canada is now fully operational and processing over 50K b/d, with most of this output going to anchor customer ConocoPhillips (COP).
January 03, 2022
In June, five major oilsands producers—Suncor Energy Inc., Canadian Natural Resources Ltd., Cenovus Energy Inc., Imperial Oil Ltd., and MEG Energy—announced the Oil Sands Pathways to Net Zero initiative, which was formed with a goal of achieving net-zero GHG emissions from oilsands operations by 2050 to help Canada meet its climate goals.
December 20, 2021
