• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
  FEATURED
BREAKING: Federal Budget Pours Tens of Billions Into Clean Economy March 28, 2023
Somali Canadians Aid Drought-Stricken Homeland as 43,000 Reported Dead March 26, 2023
B.C.’s New Energy Framework a ‘Smokescreen,’ Critic Warns March 26, 2023
SPECIAL REPORT: ‘Defuse the Climate Time Bomb’ with Net-Zero by 2040, Guterres Urges G20 March 20, 2023
Devastating Impacts, Affordable Climate Solutions Drive IPCC’s Urgent Call for Action March 20, 2023
Next
Prev

Tentative OPEC Deal Produces Temporary Oil Price Surge

September 30, 2016
Reading time: 2 minutes

jpenrose / Pixabay

jpenrose / Pixabay

 
jpenrose / Pixabay
jpenrose / Pixabay

Oil prices were up by as much as 7% earlier this week, after OPEC nations meeting in Algiers unexpectedly reached an informal agreement to eventually cut their production by 740,000 barrels per day.

But within a couple of days, the apparent good news story for fossil producers was beginning to fray, with Russia announcing it had no plans to cut back its near-record oil production, investors selling their oil holdings while prices were up, and analysts at Goldman Sachs projecting that higher prices would encourage production by non-OPEC countries like the United States…which would then drive supplies up and prices back down.

  • Be among the first to read The Energy Mix Weekender
  • A brand new weekly digest containing exclusive and essential climate stories from around the world.
  • The Weekender:The climate news you need.
Subscribe

“I don’t think anybody in the market really expected there to be any kind of an agreement, as informal as it is, to really come out of that meeting in Algiers,” said Martin King of Calgary-based FirstEnergy Capital. But with details of the eventual deal still scarce, he indicated the impact on oil prices will be limited. “If they can pull off something more concrete in November, then maybe we’ll see some more price appreciation then.”

And there are many hurdles to clear before OPEC can declare victory. “There are a lot of details that have to be worked out between now then, such as individual country quotas, whose data sets they’re going to use—they can’t even necessarily agree on whose data they’re using for production, sometimes—who’s going to face production limits and who’s not,” King told CBC.

Terry Abel, executive vice president of the Canadian Association of Petroleum Producers, said it’s far too soon to tell whether the change in prices will affect energy projects in Alberta.



in Energy / Carbon Pricing & Economics

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

kelly8843496 / Pixabay
Finance & Investment

BREAKING: Federal Budget Pours Tens of Billions Into Clean Economy

March 29, 2023
736
Kenuoene/pixabay
Ending Emissions

Shift from Fossils to Renewables is Quickest, Cheapest Path to Cut Emissions, IPCC Report Shows

March 20, 2023
295
U.S. Bureau of Land Management/flickr
Oil & Gas

Biden Approves $8B Oil Extraction Plan in Ecologically Sensitive Alaska

March 14, 2023
189

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

kelly8843496 / Pixabay

BREAKING: Federal Budget Pours Tens of Billions Into Clean Economy

March 29, 2023
736
Faye Cornish/Unsplash

Abundance, Not Austerity: Reframe the Climate Narrative, Solnit Urges

March 26, 2023
178
U.S. Bureau of Safety and Environmental Enforcement/flickr

Willow Oil Project in Alaska Faces Legal Challenges, Economic Doubts

March 19, 2023
780
icondigital/pixabay

New Federal Procurement Rule Requires Biggest Bidders to Report Net-Zero Plans

March 28, 2023
198
TruckPR/flickr

Opinion: Hydrogen Hype Sabotages Potential to Decarbonize

March 28, 2023
394
Bruce Reeve/Flickr

Ontario Faces Multi-Million Dollar Lawsuits Over Cancelled Carbon Pricing Program

May 14, 2022
210

Recent Posts

UNICEF Ethiopia/flickr

Somali Canadians Aid Drought-Stricken Homeland as 43,000 Reported Dead

March 29, 2023
45
Σ64/Wikimedia Commons

B.C.’s New Energy Framework a ‘Smokescreen,’ Critic Warns

March 28, 2023
69
Prime Minister's Office/flickr

Biden’s Ottawa Visit Highlights EVs, Clean Grid, Critical Minerals

March 28, 2023
91
EUMETSAT/wikimedia commons

Cyclone Freddy Leaves Over 500 Dead on Africa’s Southeast Coast

March 23, 2023
65
Kern River Valley Fire Info/Facebook

SPECIAL REPORT: ‘Defuse the Climate Time Bomb’ with Net-Zero by 2040, Guterres Urges G20

March 20, 2023
345
IFRC Intl. Federation:Twitter

Devastating Impacts, Affordable Climate Solutions Drive IPCC’s Urgent Call for Action

March 21, 2023
1k
Next Post

Climate warnings masked by propaganda

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}