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As Canadian and U.S. oil producers slash investment, OPEC members double-down on spending – Financial Post

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If you’re long resource and you don’t think you can produce it in the time horizon that makes sense to you, then producing it now is a profit-maximizing strategy

Ian Nieboer, managing director, Enverus

“If you’re long resource and you don’t think you can produce it in the time horizon that makes sense to you, then producing it now is a profit-maximizing strategy,” Nieboer said.

By contrast, Nieboer said most private sector oil producers, and especially mid-sized operators in Canada, have been “trying to keep their heads above water” this year and don’t have the same ability to spend capital to grow production.

The United Arab Emirates also raised eyebrows earlier this month when one of its government officials questioned the advantage of being an OPEC member, which some interpreted as the country’s desire to quit the group and pump oil without constraints or quotas.

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“The UAE is a little bit annoyed with some of the non-compliance players in OPEC,” said Skinner. He dismissed the idea that the UAE would leave the oil cartel, saying mutterings about non-compliance are commonplace.

Skinner, an executive fellow at the University of Calgary School of Public Policy, added that he doesn’t expect the UAE to leave OPEC and interprets Abu Dhabi’s spending plans as a potential way to boost production from its key Murban oilfield, which the emirate is promoting as a benchmark crude.

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria.
The logo of the Organization of the Petroleum Exporting Countries is seen outside its headquarters in Vienna, Austria. Photo by Leonhard Foeger/Reuters files

“The problem is you have to have liquidity for a reference crude. There may be some interest in investing to bring up the production of Murban,” he said.

While state-owned oil producers are focused on capturing new opportunities, North American producers are hemmed in by institutional investors who are demanding capital discipline after years of paltry returns, even before the disastrous collapse in oil prices in 2020.

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Tech

Apple iPad Air 2024: Insider Makes Hasty U-Turn On New Feature – Forbes

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Well, that was quick. On May 18, a respected industry insider predicted a new display technology for the iPad Air that’s expected in the coming days—Apple just announced its latest special event.

The new 12.9-inch iPad Air, the report claimed, would have the same miniLED backlighting currently found on the larger iPad Pro, using the leftover inventory from the current Pro as that model switches to OLED. That was exciting news.

But now, Ross Young, the analyst who made the claim, has changed his mind. The new prediction, shared with paid subscribers only, is that the miniLED technology won’t be coming to the iPad Air, in either size.

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While it made sense that the inventory could be maximized in this way, it now “makes sense” that it won’t.

Young says that while he’d heard from supply chain sources that it would, he’d now had contact from “even more supply chain sources” that it won’t.

And the reason this change of heart now makes sense is that this miniLED technology is expensive, so it would be surprising if it made it to the iPad Air, which is more affordable than the Pro.

That’s not quite all the analyst shared. He also said that there are now reports of a new iPad coming later in the year. This is a 12.9-inch iPad, with miniLED backlighting and it could arrive between October and December this year.

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This is intriguing. What could it be? Assuming that the iPad Pro and iPad Air are released in May, it’s extremely unlikely either will be updated later in the year. And if the iPad Air isn’t pricey enough for miniLED to be included, what tablet could Apple be introducing that is the same size as the bigger Pro, with a pricey screen tech, which would sit between the Air and the Pro, it seems?

Young is highly reliable, but this seems slightly preposterous to me. The only other iPad in the range due a refresh is the regular iPad (at 12.9-inches, the iPad mini is clearly out of the picture) and that doesn’t seem likely either.

It seems to me that any regular iPad will almost certainly have the same screen size as now, 10.9 inches. The regular iPad only grew to this size screen in the current generation, and Apple almost never changes designs after one iteration.

Perhaps things will become clearer as the year goes on.

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Health

AHS confirms case of measles in Edmonton – CityNews Edmonton

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Alberta Health Services (AHS) has confirmed a case of measles in Edmonton, and is advising the public that the individual was out in public while infectious.

Measles is an extremely contagious disease that is spread easily through the air, and can only be prevented through immunization.

AHS says individuals who were in the following locations during the specified dates and times, may have been exposed to measles.

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  • April 16
    • Edmonton International Airport, international arrivals and baggage claim area — between 3:20 p.m. and 6 p.m.
  • April 20
    • Stollery Children’s Hospital Emergency Department — between 5 a.m. to 3 p.m.
  • April 22
    • 66th Medical Clinic (13635 66 St NW Edmonton) — between 12:15 p.m. to 3:30 p.m.
    • Pharmacy 66 (13637 66 St NW Edmonton) — between 12:15 p.m. to 3:30 p.m.
  • April 23
    • Stollery Children’s Hospital Emergency Department — between 4:40 a.m. to 9:33 a.m.

AHS says anyone who attended those locations during those times is at risk of developing measles if they’ve not had two documented doses of measles-containing vaccine.

Those who have not had two doses, who are pregnant, under one year of age, or have a weakened immune system are at greatest risk of getting measles and should contact Health Link at 1-877-720-0707.

Symptoms

Symptoms of measles include a fever of 38.3° C or higher, cough, runny nose, and/or red eyes, a red blotchy rash that appears three to seven days after fever starts, beginning behind the ears and on the face and spreading down the body and then to the arms and legs.

If you have any of these symptoms stay home and call Health Link.

In Alberta, measles vaccine is offered, free of charge, through Alberta’s publicly funded immunization program. Children in Alberta typically receive their first dose of measles vaccine at 12 months of age, and their second dose at 18 months of age.

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Science

SpaceX launch marks 300th successful booster landing – Phys.org

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Credit: Unsplash/CC0 Public Domain

SpaceX sent up the 30th launch from the Space Coast for the year on the evening of April 23, a mission that also featured the company’s 300th successful booster recovery.

A Falcon 9 rocket carrying 23 of SpaceX’s Starlink internet satellites blasted off at 6:17 p.m. Eastern time from Cape Canaveral Space Force Station’s Space Launch Complex 40.

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The first-stage booster set a milestone of the 300th time a Falcon 9 or Falcon Heavy booster made a successful recovery landing, and the 270th time SpaceX has reflown a booster.

This particular booster made its ninth trip to space, a resume that includes one human spaceflight, Crew-6. It made its latest recovery landing downrange on the droneship Just Read the Instructions in the Atlantic Ocean.

The company’s first successful booster recovery came in December 2015, and it has not had a failed booster landing since February 2021.

The current record holder for flights flew 11 days ago making its 20th trip off the .

SpaceX has been responsible for all but two of the launches this year from either Kennedy Space Center or Cape Canaveral with United Launch Alliance having launched the other two.

SpaceX could knock out more launches before the end of the month, putting the Space Coast on pace to hit more than 90 by the end of the year, but the rate of launches by SpaceX is also set to pick up for the remainder of the year with some turnaround times at the Cape’s SLC-40 coming in less than three days.

That could amp up frequency so the Space Coast could surpass 100 launches before the end of the year, with the majority coming from SpaceX. It hosted 72 launches in 2023.

More launches from ULA are on tap as well, though, including the May 6 launch atop an Atlas V rocket of the Boeing CST-100 Starliner with a pair of NASA astronauts to the International Space Station.

ULA is also preparing for the second launch ever of its new Vulcan Centaur rocket, which recently received its second Blue Origin BE-4 engine and is just waiting on the payload, Sierra Space’s Dream Chaser spacecraft, to make its way to the Space Coast.

Blue Origin has its own it wants to launch this year as well, with New Glenn making its debut as early as September, according to SLD 45’s range manifest.

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