oil prices

Alberta’s COVID-19-era budget made a hard landing on Thursday, February 25, 2021, with an $18.2-billion deficit but also a promise that good times will return.

A Canadian family of four can expect to spend almost $700 more for their food next year, according to a report released Tuesday. That’s about a five per cent increase compared to 2020.

A survey by energy labour market organization PetroLMI shows that more than two-thirds of the employers in Canada's oil and gas sector imposed labour cost reduction measures in the wake of the COVID-19 pandemic lockdowns, including 37 per cent who enacted permanent layoffs.

At the beginning of 2020, decommissioning Newfoundland and Labrador’s offshore oil installations seemed a distant concern. But after a crash in oil prices amid a global pandemic, Husky Energy, which owns and operates the White Rose oilfield about 350 kilometres east of St. John's, announced in September it was reviewing its operations in the province.

Canadian oil producers would be taking a loss of US$4 to $6 per barrel if they sold to Asian refineries through TMX compared to selling to U.S. refineries, says the Canadian Centre For Policy Alternatives’ B.C. office.

The double blow of collapsing oil prices and the COVID-19 crisis has pushed Alberta into a historic deficit of $24.2 billion — more than triple what the United Conservative government projected in its February budget.

Oilsands producer MEG Energy Corp. is reporting a higher second-quarter net loss on voluntarily curtailed bitumen production and lower oil prices.

Oilsands companies are restoring thousands of barrels of daily production to take advantage of higher oil prices as relaxed pandemic measures allow North American consumers to get back on the road.

Baytex Energy Corp. says it is responding to higher oil prices by bringing back on line some of the wells it had shut down in April and May to avoid selling into an oversupplied market.

Western Canadian producers are moving to restore some oil production as crude prices rise with demand thanks to the gradual opening of the world economy and OPEC and Russian output cuts.

Teck Resources Ltd. is leaving the Canadian Association of Petroleum Producers, an industry organization whose members represent about 80 per cent of Canada's oil and gas production.

A $1.2-billion writedown in the value of its oil and gas assets around the world due to low global commodity prices resulted in a first-quarter net loss of $1.3 billion or $8.42 per share for Vermilion Energy Inc., the energy producer announced on Tuesday, April 28, 2020.

Canada's oil and gas producers have asked the federal government to freeze the carbon tax and delay new climate change regulations while the industry weathers the storm of COVID-19.

Canadian oil wells will continue to be shut down amid weak global oil prices despite an agreement to limit production struck by OPEC and other major producers on the weekend, producers say.

Oil-producing countries including those of the OPEC cartel and Russia are trying to strike a global deal to pump less crude in a bid to limit a crash in prices that, while welcome for consumers, has been straining government budgets and pushed energy companies toward bankruptcy.