Read the latest insights and analysis from the experts at Oil Change International.
We are now one hundred and ten days since the start of Vladimir Putin’s bloody brutal war on Ukraine. Since the invasion the global energy market has been largely turned on its head, as old certainties of supply have been ripped up.
Although Canada’s controversial tar sands industry celebrated a small increase in production last year, this year’s forecast is looking gloomy, as investors continue to take flight over the climate risks and the relatively low oil price means that other oil patches look more profitable.
The world’s largest listed oil company, Exxon, announced on Friday it was going to have to cut its reported proved reserves by just under a fifth. It is the biggest reserve revision in the history of the oil industry.
At the beginning of last week, environmentalists celebrated when the largest energy infrastructure company in North America, Kinder Morgan, pulled the plug on its controversial natural gas pipeline which had been proposed through parts of Massachusetts and Southern New Hampshire, called NorthEast Energy Direct.
Desperate times mean desperate measures. Something has to give. With no end in sight to the low oil price, Canadian tar sands companies are having to sell what are being described as their “jewels in the crown” in order just to survive.
