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Conference Board of Canada predicts oil industry's loss of another $1.1B this year

Conference Board of Canada predicts oil industry's loss of another $1.1B this year

India Blooms News Service | | 14 Mar 2017, 10:48 pm
Toronto, May 14 (IBNS): Canada's oil industry is expected to lose money as a whole in 2017, the Conference Board of Canada said Monday, media reports said.

Carlos A. Murillo, board economist predicted that an increased global demand and continuous upsurge of oil prices would result in Canadian oil companies’ loss of a cumulative $1.1 billion Cdn before taxes in 2017, although better than the $8.6 billion lost in 2016, but still concerning.

Global oil demand is expected to increase by two million barrels a day this year, surpassing an expected growth in supply of 1.3 million barrels which will lead to increase in oil prices and decrease in profit in the oil industry.

2014’s drop in oil prices was due to oversupply but this year’s demand far exceeds the supply resulting in the increase in oil prices.

Oil prices have increased from $40 a barrel in 2016 to over $50 a barrel for most of 2017 and expected to increase to an average price of $55 per barrel for the year and will spike to $71 a barrel by 2021.

Pipeline developments projects offer good news for the oil sector.

Enbridge's Line 3 replacement and Kinder Morgan's Trans-Mountain expansion projects would add a million barrels a day and The Keystone XL and Energy East projects would add another two million barrels of capacity to Canada's pipeline network and would enable the increased availability of products in market.

Although Pipeline developments projects offer good signs for the growth of oil sector, the reality of present situation is that there is  great need for new capacity and it will be some time before the increased market access of products and better prices for the industry will materialize.

(Reporting by Asha Bajaj)

Image Canada’s Oil industry: Wikipedia

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Erdogan's Turkey turns Hagia Sophia into a mosque again; UNESCO regrets #HagiaSophia, #Turkey, #Istanbul, #HagiaSophiaMosqueAgain Istanbul/IBNS: Hagia Sophia, Turkey's iconic monument, a UNESCO World Heritage and one of the central attractions of its capital Istanbul, is no longer a museum. It has been turned back as a mosque though some 1500 years ago it was built as an Orthodox Christian cathedral. Hagia Sophia was converted into a mosque during the Ottoman time in 1453 while under Ataturk it was turned into a museum in 1935. The decision comes amid a growing rise of the Islamists in Turkey who had been demanding that it be restored as a mosque though Opposition leaders with secular credentials had been against the move. A top court in Turkey ruled that turning it into a museum in 1935 by modern Turkey's secular architect Mustafa Kemal Ataturk was illegal, paving the way for present Turkey president Recep Tayyip Erdogan to declare it as a mosque again and to open it for Muslim prayers. Erdogan made the announcement an hour after the court ruled the conversion to museum in 1935 as illegal and scrapped its status. "May it be beneficial," posted Erdogan on Twitter, sharing an official document on the change with his signature. UNESCO regrets In an immediate reaction, UNESCO said it "deeply regrets" the decision. UNESCO said it was "regrettable that the Turkish decision was not the subject of dialog nor notification beforehand". "UNESCO calls on the Turkish authorities to open a dialog without delay in order to avoid a step back from the universal value of this exceptional heritage whose preservation will be reviewed by the World Heritage Committee in its next session," the United Nation's cultural body said in a statement. Istanbul icon of beauty and wonderment According to Turkey's official tourism website, Hagia Sophia is a remarkable achievement in the history of architecture. and a living proof of mankind's revolt against the laws of physics and it calls it a monument whose importance transcends borders. It is one of UNESCO's World Cultural Heritage sites attracting millions of visitors across the world with its majestic grandeur

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Erdogan's Turkey turns Hagia Sophia into a mosque again 11 Jul 2020, 01:37 pm