The US shale industry is expected to shrink by more than 2m barrels a day following a collapse in global oil prices which has forced oil producers to shut down their fracking rigs. The US oil market slumped to fresh 18-year lows and below $18 a barrel on Friday following one of the biggest hikes in US oil stocks on record as demand for oil continues to fall and storage facilities near their limits. The international benchmark oil price fell to $28 a barrel.
Guardian 17th April 2020 read more »
A leaked letter from Canada’s largest oil and gas lobby to the country’s government has revealed more than 30 requests to suspend environmental regulations, laws and policies due to the coronavirus pandemic. The Canadian Association of Petroleum Producers (CAPP) made the requests over 13 pages to members of prime minister Justin Trudeau’s cabinet, in a letter reported by Global News. The letter, from 27 March, lays out proposals for a wide-range of delays, suspensions and changes in the industry relating to pollution monitoring, impact of sites on migratory birds, climate change and indigenous rights, among other topics.
Independent 17th April 2020 read more »