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Keystone XL Could Become Scrap If Biden Pulls License

by Bloomberg |Tuesday, January 19, 2021 Biden s campaign has pledged to cancel the pipeline s license, haunting Canada s oil sands industry. (Bloomberg) The Canadian province that invested $1.1 billion of taxpayers’ money in the controversial Keystone XL project is now considering the sale of pipe and materials to try to recoup some funds. “If the project ends, there would be assets that could be sold, such as enormous quantities of pipe,” Alberta Premier Jason Kenney said in a press conference Monday. “That would offset construction costs.” With Joe Biden set to be sworn in this week, the U.S. president-elect’s campaign promise to cancel the crude pipeline’s license is haunting the Canadian oil sands industry. The decision may come via executive action on his first day in office, CBC News reported on Sunday, citing people it didn’t identify.

Leaking Pipeline Underscores Libya Production Challenges

Libya’s oil output has dropped by about 200,000 barrels a day after the closure of a leaking pipeline (Bloomberg) Libya’s oil output has dropped by about 200,000 barrels a day after the closure of a leaking pipeline, underscoring how difficult it is for the country to maintain its production following almost a decade of civil war. The OPEC member’s output has fallen to around 1 million barrels daily in the wake of Waha Oil Co.’s decision to shut the pipeline taking crude to the eastern oil port of Es Sider, the country’s biggest. State-owned National Oil Corp., which controls Waha and made the announcement late Saturday on Facebook, said the repairs could take two weeks, though it hopes they can be completed in half that time.

Oil Prices Edge Downward

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