Most of Western Canada’s oil production has been restored, according to the Canada Energy Regulator, but U.S. oil producers haven’t had as much luck.
Both countries had to curtail oil production in May due to low oil prices amid the coronavirus pandemic and the oil price war waged by Saudi Arabia and Russia.
The Canada Energy Regulator (CER) now says that about 700,000 barrels of oil production per day has been brought back online after it was forced to cut nearly 1 million barrels per day back in May. The total curtailments as of October now stand at 270,000 bpd.
Last year, Western Canada produced an average of 4.4 million barrels per day.
The oil production rebound tracks oil prices. Western Canadian Select prices were trading around $14 per barrel at the beginning of May but have since more than doubled to $32 per barrel.
Elsewhere in the world, oil production is not rebounding at the same rate. In the United States, oil production fell to 11.5 million bpd in mid-May, down from 13.1 million bpd in March prior to the pandemic and oil price war that tanked prices. U.S. oil production has not yet rebounded, however, and the latest data for the week ending October 16 pegs U.S. oil production at an average of 9.9 million bpd.
In the beginning of May, WTI traded around $22 per barrel. Today, prices have recovered to about $40 per barrel. Still, production is stubbornly low.
There is hope on the horizon, however. Baker Hughes has shown for the last several weeks an increase in the number of new drilling rigs in the United States. The number of rigs actively drilling new wells in the United States rose from 179 in mid-September to 205 in mid-October. That’s the largest four-week increase since the rigs began to drop off.
This rig count movement is a good indication that an increase in production in the United States is in our future.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
Scotiabank CEO 'cautiously optimistic' about COVID rebound, reports $1.9B Q4 profit – Yahoo Canada Finance
Apple Rush Company seeing continued success with Element C through its distributor Botanaway, Inc. in Virginia
TITUSVILLE, Fla., Dec. 01, 2020 (GLOBE NEWSWIRE) — The Apple Rush Company, Inc. (US OTC PINK: APRU), announces that it has shipped additional pallets of Element C to Botanaway, Inc. in Virginia. Element C continues to prove itself in the territories it is represented in. Sales have been solid and we believe it is the best in class of CBD beverages. It is one of a kind in taste, efficacy, and value. Depending on the market, pricing at retail is falling between $5.99 and $7.99 per can with 25mg of CBD. We have a new production run scheduled for next week and are excited about the reorder rate from retailers in the Midwest as well. Tony Torgerud, CEO of Apple Rush, said, “each of our distributors is proving that Element C is a top notch product that consumers love. We are receiving testimonials from consumers that can’t believe the difference Element C has made in their lives and expect that will continue as we expand to additional territories.”David Reynolds Derian, CEO of Botanaway, Inc., commented, “Element C is an amazing CBD beverage. We are seeing success with it throughout our thousands of retail stores and have our sights on several other functional beverages in the near future. The technology in formulation that APRU utilizes has proven to be a great differentiator from the other CBD infused beverages on the market.”Tony Continued, “we are excited to have David and his team on board for Element C. His support has been invaluable in what we do in research and development for new products. Our production runs will continue to increase in size as we expand across the country. I would expect to be making some announcements in the near future on new product development expanding the Element Brands line. We have been receiving calls from other parts of the country for distribution and will be adding those as production increases.” About The Apple Rush Company, Inc. The Apple Rush Company, Inc., through its subsidiary APRU, LLC, is a distributor of CPG products under the trademarked Apple Rush brand, Element brand and other labels. The Apple Rush brand has more than 47 years of existence in the natural beverage industry. As a historical leader in the organic and natural beverage sector our goal is to now become a leader in the distribution of anhydrous hemp oil products nationwide. For more information, please go to www.applerush.com, www.aprubrands.com, and www.mistyk.com with our expanded product portfolio.Safe Harbor Act: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations including words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter forward-looking statements, whether as a result of new information, future events or otherwise. Investor Relations Contact: Tony Torgerud 888-741-3777 x 2
Scotiabank beats as international unit rebounds, provisions fall – BNN
Bank of Nova Scotia kicked off earnings season for Canada’s Big Six lenders by handily beating profit expectations amid a sharp drop in funds set aside for loans that could go bad.
Scotia said Tuesday its fiscal fourth quarter net income was $1.9 billion, compared to $2.3 billion a year earlier. On an adjusted basis, it earned $1.45 per share. Analysts, on average, expected $1.22.
In a potentially encouraging signal about credit quality trends amid the second wave of COVID-19, the bank booked $1.13 billion in provisions for credit losses during the three months ending Oct. 31. While that was a 50-per-cent increase from a year earlier, it was a significant decline from the $2.18 billion that had been set aside in the previous quarter.
Scotia’s core Canadian banking operations struggled in the quarter compared to the same time in 2019, with revenue falling four per cent year-over-year and adjusted profit sliding 13 per cent. The bank pointed out its net interest income came under pressure because of the Bank of Canada’s rate cuts. On a sequential basis, the unit’s profit surged 81 per cent.
The bank’s sprawling international operations rebounded in the quarter as adjusted profit hit $353 million from just $4 million in the fiscal third quarter.
Scotia’s other primary operating units – wealth management and global banking and markets – each delivered year-over-year growth in adjusted profit.
“As we look forward to 2021, we will continue to put customers first and we remain cautiously optimistic that better times lie ahead as we continue to grow our presence as a leading bank in the Americas,” said CEO Brian Porter in a release.
Ottawa must be more transparent regarding COVID-19 vaccine rollout: expert – Canada News – Castanet.net
As some provinces push for clarity on when they will receive their share of Canada’s COVID-19 vaccines, one expert said Monday the government should be more transparent about the terms of its contracts with the companies making the shots.
Kerry Bowman, who teaches bioethics and global health at the University of Toronto, said it’s likely Ottawa doesn’t have the information the provinces are seeking regarding the timing and quantity of vaccine deliveries, particularly if its contracts with drugmakers are conditional.
But if that’s the case, he said, the federal government should state it clearly or risk eroding public trust in its system.
While news that COVID-19 immunizations could begin in some countries in a matter of weeks is good for Canada in the long term, it will lead to widespread frustration in the near future if the country is lagging behind, he added.
“There’s benefits to all of humankind, no matter who’s getting it,” he said.
Still, “if two weeks from now, the news is full of us watching people all over the world being inoculated, including the United States, and we’re not, there’s going to be some very unhappy Canadians.”
As well, he said, any delay in immunization translates to more COVID-19 cases and deaths, and mounting economic strain.
“People will die and other people’s lives will continue to be ruined until we pull out of it. And so, to me, whether it’s this month or that month (that we get the vaccine) is not irrelevant — it’s highly relevant,” he said.
Ontario Premier Doug Ford renewed his calls Monday for a clear delivery date for the province’s share of vaccines, stressing that “the clock is ticking” when it comes to fighting the novel coronavirus.
Ford said he was set to speak to Pfizer, one of the drugmakers that has entered into an agreement with Canada, on Monday afternoon but expected to be told the information must come from Ottawa.
The premier cited reports that other countries, such as the United Kingdom, are on track to start COVID-19 immunizations soon, adding Ontarians “need answers.”
Meanwhile, the American biotech company Moderna said Monday the first 20 million doses of its COVID-19 vaccine will be shipped to the United States next month.
The chairman of the American vaccine maker told the CBC on Sunday that Canada is near the front of the line to receive the 20 million doses it pre-ordered, confirming that the country’s early commitment to purchasing the shots means it will get its supply first.
Moderna is one of several companies to have already submitted partial data to a “rolling review” process offered by Health Canada. Rather than presenting regulators with a complete package of trial results, the would-be vaccine makers file data and findings as they become available. Canada has been looking at Moderna’s first results since mid-October.
The issue of when Canada will receive its orders came to the forefront last week when Prime Minister Justin Trudeau said the country will have to wait a bit because the first doses off the production lines will be used in the countries where they are made.
Trudeau has repeatedly defended his government’s vaccine procurement policy, saying Ottawa has secured multiple options for the country.
The federal government was pressed on the matter further during Monday’s question period, as some MPs called for greater transparency regarding vaccine rollout, noting other countries such as Australia have made their plans public.
Health Minister Patty Hajdu said the government has been working with the provinces and territories to ensure the plan is robust.
“Canada is well-served by the diversity of vaccines we have purchased early and in fact in great quantity. Canadians can be assured they too will have access to these vaccines that will bring us to the end of COVID-19,” she said.
Case counts remained high in several provinces Monday.
Ontario, Alberta and Quebec, reported 1,746, 1,733 and 1,333 new infections respectively. Together, the three provinces had 39 new deaths related to the virus.
Toronto, one of two Ontario hot spots currently under lockdown, recorded a daily high of 643 new infections.
In Manitoba, health officials stressed residents must limit their contact with others in order to bring down the numbers, as the province reported 342 new cases and 11 additional deaths.
The provincial government imposed strict measures on business openings and public gatherings more than two weeks ago, but officials said the test positivity rate remains at 13 per cent.
Nunavut, however, will begin to lift the lockdown measures it enacted in mid-November on Wednesday, as more people recover from the illness.
Only Arviat, which has 86 active cases, will continue to be in lockdown for at least another two weeks, with travel restrictions in place, Nunavut officials said.
The territory reported four new cases Monday, bringing the total to 181.
In British Columbia, the province announced the highest number of deaths for a three-day period as it recorded 46 fatalities over the weekend.
Provincial health officer Dr. Bonnie Henry became emotional Monday as she expressed her condolences to families and thanked caregivers for their dedication.
“Health-care workers have been at the front lines, or maybe the last line of defence right now,” she says. “I know how challenging it is and I’m with you every single day, supporting you in admiration for the work that you’re doing.”
Out east, six new infections have been recorded in New Brunswick today, while Newfoundland and Labrador reported one.
Nova Scotia reported 16 new cases of COVID-19, bringing its total of active cases to 138.
On Sunday, the federal government announced it will extend a series of travel restrictions meant to limit the spread of COVID-19 into January, in light of the steady rise in case counts across the country.
Public Safety Minister Bill Blair and Hajdu said in a statement the measures, which were first enacted near the start of the global health crisis, would be in effect until Jan. 21, 2021, for travellers entering Canada from a country other than the United States.
Scotiabank CEO 'cautiously optimistic' about COVID rebound, reports $1.9B Q4 profit – Yahoo Canada Finance
Brawn: Understanding 'dynamics' of Grosjean crash key to improvements – F1i.com
Leak: Samsung Galaxy S21 Plus render arrives in shiny silver colorway – Android Authority
Silver investment demand jumped 12% in 2019
Iran anticipates renewed protests amid social media shutdown
Galaxy M31 July 2020 security update brings Glance, a content-driven lockscreen wallpaper service
Economy4 hours ago
Statistics Canada to say today how country's economy fared in third quarter of 2020 – Humboldt Journal
Art16 hours ago
Hariri Pontarini To Design Art Gallery of York University – Urban Toronto
Economy5 hours ago
Statistics Canada to say today how country's economy fared in third quarter of 2020 – CKPGToday.ca
Sports15 hours ago
Current and former Lions players rejoice over Matt Patricia's firing on social media – Yahoo
Politics22 hours ago
Shelburne Councillor shares his journey into politics – Toronto Star
Tech17 hours ago
Cyber Monday gaming deals 2020: time's running out on these massive savings – Gamesradar
Art18 hours ago
Province puts up $100K to get more art into public places on P.E.I. – CBC.ca
Health18 hours ago
Ontario parents can now apply for second COVID-19 payout. Here's how – CTV Toronto