Oil prices retreated on Monday after the Trump administration pulled back from sanctions threats against Colombia over illegal immigration, alleviating concern about oil supply disruptions. Washington swiftly reversed plans to impose tariffs and sanctions on Colombia after the South American country agreed to accept deported migrants from the United States.
President-elect Trump has vowed to impose a 25% tariff on all goods arriving from Canada and Mexico, a move he says is meant to address concerns over illegal immigration and drug smuggling.
Overseas, CNOOC Ltd.’s production in the first three quarters of 2024 increased 12.2 percent year-over-year to 172.9 MMboe, driven by the Payara oilfield in Guyana’s Stabroek block.
Repsol has agreed to sell its oil and gas assets in Canada to Peyto for $468 million (approx. €433 million) as part of its ongoing portfolio management to focus activity on core regions.
Following a brief respite at the end of last week, the wildfires in Alberta began raging again this week as temperatures rose, threatening the oil sands operations in the province and forcing operators to shut in oil and gas production.
Crude oil prices were on the rise on Monday as the market continued to fear a tightening of crude supplies on Canadian wildfires.
(Reuters) – The Canadian Association of Petroleum Producers (CAPP) said on Wednesday it expects oil and natural gas investment in upstream production will reach C$40 billion ($29.4 billion) in 2023, surpassing pre-COVID levels
The Canadian oil and gas industry could see investments topping pre-pandemic levels at some C$40 billion, or $29.36 billion, the Canadian Association of Petroleum Producers said.
When Russian tanks and troops rolled into Ukraine one year ago, it was no shock that crude prices spiked above US$100 per barrel for the first time since 2014.
The U.S. energy sector has enjoyed bumper profits in the current year, with Big Oil companies setting records left, right and center. And Wall Street is saying the party is set to continue in the coming year.