Oil royalties shrunk due to lower-than-forecast prices, with the impact softened by a smaller discount oilsands producers receive for their product compared to conventional oil.
says it’s on track for a $2.4-billion surplus by the end of the fiscal year, despite slightly lower oil prices and wildfires that have burned through most of its contingency fund.Wildfires have consumed nearly $1 billion so far this fiscal year.Together with other events, that’s taken up about three-quarters of the money the United Conservative government has set aside for emergencies.
Officials say the government is looking at increasing that fund in coming years as extreme weather events are not expected to let up.Oil royalties have shrunk due to lower-than-forecast prices. But that impact has been softened by a smaller discount oilsands producers receive for their product compared to conventional oil.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alberta on track for surplus despite wildfires, lower oil prices, fiscal update showsWildfires have consumed nearly $1-billion so far this fiscal year
Read more »
Canadian province of Alberta's projected surplus intact despite oil price volatilityCanada's main oil-producing province of Alberta on Thursday forecast a virtually unchanged budget surplus in the 2023/24 fiscal year and said the outlook was strong, despite unpredictable crude prices. Alberta is Canada's largest oil-producing province and home to the oil sands, the world's third-biggest crude reserves. 'With rising demand expected to outpace supply, oil markets should tighten in the second half of the year and support prices ... downside risks remain elevated,' said the update, citing China's economic slowdown and the risk posed to growth by high global interest rates.
Read more »
Why Hurricane Idalia won't move oil prices muchAs Floridians prepare for Hurricane Idalia, Lipow Oil Associates President Andrew Lipow joins Yahoo Finance Live to discuss the impact of the hurricane on oil prices. Lipow says, “the impact of Hurricane Idalia on the energy infrastructure is actually very small. The majority of natural gas and oil production, if you will, is to the west of Mobile, Alabama.” Lipow explains what he is “really looking for is the supply disruptions coming from tanker deliveries of gasoline and diesel being delayed into the port of Tampa, as well as along the Florida panhandle from Pensacola over to Panama City.” “For the global oil market,” Lipow says, we’ve been focusing on “the production cuts that we’ve been seeing out of OPEC+, specifically Saudi Arabia, as they try to get the price back towards $90 a barrel for Brent crude oil. And we’ve seen Saudi Arabia impose voluntary production cuts,” that Lipow expects will “continue through October and perhaps through the end of the year.” Lipow notes that “the oil market has been… disappointed with the re-opening of the Chinese economy and the rate of growth that we’re seeing in oil demand.” Chinese oil demand in the second quarter was “very robust” at '16 million barrels a day… but we expect that demand is going to start to slack in the third and fourth quarter,” Lipow says.
Read more »
Animal surrenders increasing across Alberta; Edmontonians asked to care for dogsThe Animal Care and Control Centre won't be accepting surrenders of healthy dogs for the time being, the City of Edmonton said Tuesday.
Read more »
Some communities oppose Alberta’s 6 month pause on renewable energy approvalsSome Alberta communities are pushing back against the provincial government's six-month pause on approvals of new renewable energy projects.
Read more »
Some communities oppose Alberta’s six-month pause on renewable energy approvalsAlberta’s pause on approvals of new renewable energy projects has been criticized by mayors, economists and environmentalists
Read more »