Oil news canada

Here are some recent oil news stories from Canada:

1. Oil Prices Rise as OPEC+ Cuts Output

Oil prices rose on Monday after OPEC+ agreed to cut oil production by 1.2 million barrels per day, effective from May 1. The move is aimed at reducing global oil inventories and supporting prices. West Texas Intermediate (WTI) crude oil prices rose to $63.50 per barrel, while Brent crude oil prices rose to $68.50 per barrel. (Source: CBC News)

2. Canadian Oil Sands Production to Decline

According to a report by the Canadian Association of Petroleum Producers (CAPP), Canadian oil sands production is expected to decline by 1.3% in 2023 due to a lack of new projects and maintenance issues at existing facilities. The report also noted that oil sands production is expected to remain flat in 2024. (Source: The Globe and Mail)

3. Enbridge to Build New Oil Pipeline

Enbridge Inc. has announced plans to build a new oil pipeline from Alberta to the U.S. Gulf Coast. The pipeline, known as the Line 3 Replacement Project, will have a capacity of 760,000 barrels per day and is expected to be completed by 2024. The project is expected to create over 4,000 jobs during construction. (Source: CBC News)

4. Oil and Gas Industry Sees Increase in Investment

According to a report by the Fraser Institute, investment in the Canadian oil and gas industry increased by 12% in 2020, despite the challenges posed by the COVID-19 pandemic. The report noted that investment in the industry is expected to continue to grow in the coming years, driven by increasing demand for energy and the need for new projects to replace declining production. (Source: The Globe and Mail)

5. Indigenous Group Opposes Oil Pipeline Expansion

The Athabasca Chipewyan First Nation (ACFN) has announced its opposition to the expansion of the Trans Mountain Pipeline, which carries oil from Alberta to British Columbia. The ACFN has expressed concerns about the potential environmental impacts of the project and the lack of consultation with Indigenous communities. (Source: CBC News)

These are just a few of the recent oil news stories from Canada. If you're looking for more information, I'd be happy to help!