China Eyes Alberta Oil Sands Investment
A trade mission to China led by Calgary Economic Development will wrap up on May 31 following talks over the future of Chinese investment in the Alberta oil sands.
A trade mission to China led by Calgary Economic Development will wrap up on May 31 following talks over the future of Chinese investment in the Alberta oil sands.
Oil prices eased modestly early on March 28 after advancing rebels in Libya announced that they would be able to resume crude exports in a week and Qatar promised to help them market their product on world markets.The price remains 8 percent higher than it was a month ago, and 30 percent higher than a year ago, challenging global economic recovery.
The increasing investment in harder-to-reach oil is often sited as a sign of oil companies' belief in the end of easy oil. Additionally, while it is widely held that increased prices catalyze an increase in production, a growing number of oil insiders are now coming to believe that production is unlikely to increase widely beyond current ranges.
International Energy Agency last week indicated that “three digit oil prices risk damaging” the economic recovery, offering a message that OPEC should raise output; however, OPEC responded the same day by saying that global supplies are sufficient to meet demand.
Last month news reports out of China surfaced that the nation might see its natural gas supply fail to meet 35 percent of the demand in 2011, and the shortage could persist through 2021.
Bloomberg reports that Oil fell, posting its biggest weekly loss in three months.
As China demonstrates its political clout at the G20 summit in Seoul, the country continues to make headlines in economic and energy news as the China National Petroleum Company (CNPC) has made an agreement with Shell to develop oil sands. CNPC, the parent of PetroChina, reported that its president, Jiang Jiemin and Royal Dutch Shell Plc (NYSE:RDS.B)CEO Peter Voser signed a memorandum of agreement in Beijing on "integrated co-operation" of oil and gas projects in Canada and coal bed methane development in China.
Bloomberg reports that crude oil increased to a two-week high after Chinese manufacturing expanded at the quickest pace in six months.
The Wall Street Journal reports that oil prices were surging to a nearly five-month high.
China’s crude output edged down 0.3 percent in July from a year earlier, a slower dipped versus June. For full story, click here
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