“I don’t agree with that assessment,” Prime Minister Justin Trudeau responded on Thursday when asked about the comments made by the Green Party of Canada’s parliamentary leader Elizabeth May earlier this week that the country’s oil and gas sector is “dead.”
“I know that if we are to move forward in transforming our economy towards lower emissions, cleaner processes, workers and innovators in Alberta and across the country in the energy sector are going to be an essential part of that transformation,” Trudeau explained to reporters at the Thursday morning press conference, reports BNN Bloomberg.
So far during the COVID-19 pandemic, Trudeau has revealed a $2.45-billion stimulus package to prop up workers in the energy sector, $1.7 billion of which has been allocated to cleaning up orphan oil and gas wells in the country.
Saudi Arabia has increased the prices of its crude, leaving many of its usual Asian buyers unsatisfied. While the oil-rich country has raised the prices of four out of five grades of oil that it sells to the Asian market, many customers have had to decide to limit their purchases, according to traders.
Bloomberg has more.
On Friday morning at 9:30am EDT, West Texas Intermediate was at US$24.60 and Brent Crude at US$30.26.
The cost to build the Edmonton-area Heartland Petrochemical Complex has increased by close to $500 million according to Inter Pipeline Ltd., who designed the plant with the intent of converting propane into polypropylene plastic pellets. Original evaluations proposed a cost of around $3.5 billion for the facility, but new estimates show that it will cost close to $4 billion, reports the Canadian Press.
Meanwhile, Canadian Natural Resources Ltd. revealed a loss of $1.28 billion during its first quarter and is expected to cut its annual costs by $745 million (compared to last year), according to CP, too.
Canadian Crude Index was trading at US$17.07 and Western Canadian Select at US$21.33 this morning at 9:30am EDT.