iPolitics By iPolitics. Published on Jan 7, 2021 1:01pm Environment Minister Jonathan Wilkinson will appear at committee today. (Matthew Usherwood/iPolitics)
The Lead
Environment Minister Jonathan Wilkinson released a statement yesterday outlining his concerns over the Trump administration’s sale of energy leases in Alaska’s Arctic National Wildlife Refuge. Wilkinson argued the sale would detrimentally impact the region’s Porcupine caribou herd and local Indigenous communities.
“Porcupine caribou and their calving grounds are invaluable to the culture and subsistence of the Gwich’in and Inuvialuit and are integral to biodiversity in the North,” the statement read.
According to the Canadian Press, the sale is also opposed by the Gwich’in First Nations in the Yukon. The Gwich’in people launched a lawsuit last year in an effort to block the sale. The case remains before the courts.
CALGARY As the availability of COVID-19 vaccines continues to grow, industry leaders say it could turn things around for the oil and gas sector. The latest forecast report from Deloitte says there will be a return to higher demand for crude after the challenges of 2020. Although crude oil markets are likely to remain relatively flat in the near term, we started seeing prices increase somewhat toward the end of 2020 and expect that to continue as economies begin to reopen and recover from the effects of the pandemic, said Andrew Botterill, national oil and gas leader for Deloitte Canada, in a release.
iPolitics By Quinn Barrie-Watts. Published on Jan 6, 2021 11:59am (Gina Dittmer via Public Domain Pictures)
The Lead
At the end of yesterday’s meeting of the Organization of Petroleum Exporting Countries, Saudi Arabia announced a large cut in crude-oil production.
“We are the guardian of this industry,” Saudi Energy Minister Prince Abdulaziz bin Salman said Tuesday, stressing that the decision was made unilaterally by Crown Prince Mohammad bin Salman himself.
While Russia had been pushing for an increase of 500,000 barrels a day for February, Saudi Arabia announced an additional cut of one million barrels a day in February and March, while the remaining majority of the group’s output would remain unchanged. However, Russia and Kazakhstan will be allowed to produce a combined 75,000 barrels a day in those months.
Energy sector poised for rebound in 2021, Deloitte predicts
A report from Deloitte Canada says there’s reason to believe the energy sector is poised for a rebound in 2021 as demand starts to exceed supply.
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Posted: Jan 06, 2021 2:03 PM MT | Last Updated: January 6
Deloitte’s price forecast predicts oil at $61 US per barrel by 2024.(Matthew Brown/The Associated Press)
Asia crude – Key market indicators this week
The crude oil market in Asia started the week of Dec. 21 lower as crude futures fell after closing at nine-month highs Dec. 18 due to the emergence of a highly infectious strain of coronavirus in the UK, which led to fears that tougher lockdown restrictions will be placed to curb its spread.
The ICE Brent February crude contract fell $1.70/b (3.25%) from the Dec. 18 settle to $50.26/b at 11:35 am Singapore time (0335 GMT) on Dec. 21.
MIDDLE EAST CRUDE Spot differentials for February-loading Middle East crude may ease further during the week starting Dec. 20, with most regional refiners having already completed the bulk of their crude procurement while plenty of cargoes remain unsold.