With the COVID-19 recession and the expansion of Chinese influence, it’s urgent that Canada take the initiative and position itself in new markets
In November, China and 14 Asia-Pacific countries including Japan and South Korea signed a free-trade deal covering 2.2 billion people and nearly 30 per cent of international trade. This Regional Comprehensive Economic Partnership shows that the Pacific region continues to reinforce its place as the world’s leading trade hub. Canada and, more precisely, the Prairie…
It is a mistake to think Canada can thrive without the export wealth generated by the energy sector
By Mark Milke and Lennie Kaplan Canadian Energy Centre You may have heard the persistent worldwide narrative that oil and natural gas are dead, or soon will be, and can easily be replaced with other forms of energy. The latter claim is simply false. Read the work of energy transition expert Vaclav Smil, professor of…
Even if the vaccines remain effective against the new COVID-19 mutants, a true crude oil market rebound is still a long shot
Strong headwinds continue to disrupt crude oil markets in the new year. In 2020, COVID-19 triggered demand destruction, with some insisting that global oil demand may have already peaked. Lifestyles changed – apparently forever. Working from home became the new norm, commuting to the workplace became extinct and flying became less prevalent. All these factors…
Opposing interest groups are endeavouring to sway crude oil market sentiments. The global oil industry needs some $12.6 trillion in investments through 2045 to meet the demand, Organization of Petroleum Exporting Countries (OPEC) secretary general Mohammed Barkindo said at a videoconference. This declaration came despite the fact that earlier the month in its Monthly Oil…
The halcyon days of crude oil are over. The reality of the transition is dawning on stakeholders. From the Organization of Petroleum Exporting Countries (OPEC) and Russia, to the major oil companies, all are beginning to recognize, appreciate and react to this changing global energy kaleidoscope. Russia was denying the reality. No more. “The peak…
Global energy players and major stakeholders are out with their keenly-awaited and immensely researched outlooks
Energy outlook season is here. And it’s not rosy. Global energy players and major stakeholders are out with their keenly-awaited and immensely researched outlooks. COVID-19 has turned 2020 into an unusual year, carrying long-term ramifications for the energy world. The Paris-based International Energy Agency has termed the pandemic a disruption not seen since the “world…
This is not business as usual. With the second pandemic wave around the corner and a significant drop in global capital spending, big oil is on a job-cutting spree. Job losses in the Canadian natural resources sector hit an all-time high in the second quarter of 2020. Currently, it stands at 43,000. Pipeline giant TC…
Plan requiring projects to describe how they will achieve net-zero emissions may not even be feasible
By Alex Whalen and Elmira Aliakbari The Fraser Institute Newfoundland and Labrador’s energy sector, already struggling from the downturn in world oil markets and the COVID-19 recession, has taken another blow – this time directly from the federal government. The Liberal government of Prime Minister Justin Trudeau recently imposed new rules – known as the…
The importance of oil and gas extraction to Canada’s GDP, jobs, incomes or tax revenues can’t be understated
By Mark Milke and Lennie Kaplan Canadian Energy Centre No matter how you slice it, Canada’s oil and natural gas sector has been one of the nation’s most significant contributors to jobs, gross domestic product (GDP) and tax revenues over the decades. Even in down years, such as 2016, the oil and gas extraction sector…
Desperation is creeping into the crude oil industry. With crude oil prices stuck at around $40 a barrel, S&P Global Ratings has estimated that the total government budgetary deficits of the oil-producing countries of the Co-operation Council for the Arab States of the Gulf could reach $490 billion cumulatively between 2020 and 2023. At the…
In November, China and 14 Asia-Pacific countries including Japan and South Korea signed a free-trade deal covering 2.2 billion people and nearly 30 per cent of international trade. This Regional Comprehensive Economic Partnership shows that the Pacific region continues to reinforce its place as the world’s leading trade hub. Canada and, more precisely, the Prairie…
