In March of this year, the International Energy Agency (IEA) published their annual five year oil market outlook called the Oil Market Series report This week’s SnapChart plots the biggest sources of oil supply gains and losses to 2023 according to the publication. In the report, the IEA assumes that the vast majority of […]
This past weekend, the OPEC plus group met in Abu Dhabi. These Monitoring Committee gatherings typically don’t warrant too much attention, except for the most serious oil wonks. But with the price of global oil sliding from $US 85/B to under $US 70/B in the past 5 weeks (see Figure 1), market watchers of […]
The Canadian oil market remains oversupplied from a surge of oil sands production that has exceeded takeaway capacity and caused record breaking price discounts (see October 30th ARC Energy Ideas “Light at the end of the Pipeline”). Amidst the gloom of today’s extreme price discounts, don’t lose sight of the positive news. The announcements over […]
Western Canada has the cheapest oil prices in the world. Canadian heavy oil is selling for $US 45 under WTI, light oil is selling for $US 25/B less. The price markdowns are costing the Canadian economy over $C 100 million each day. This is not the first episode of Canadian cheap oil. Remember 2012 […]
