In a world with too much oil, OPEC+ sweats its next move: For many in the oil market, it’s the wrong move. Increasingly, some inside the OPEC+ coalition are also wondering if the group should reconsider.

“We do not need the extra oil,” said Marco Dunand, co-founder of Mercuria Energy Group, one of the world’s largest commodity trading houses.

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman and his Russian counterpart Alexander Novak face a difficult task. With too much oil around, some traders believe that OPEC may opt to delay, or spread the output hike over a number of months, trying to fine-tune the increase with seasonal consumption. “I don’t think the market sees it happening in one fell swoop,” said Mike Muller, the head of Asia at top oil trading house Vitol Group.

In a world with too much oil, OPEC+ sweats its next move: For many in the oil market, it’s the wrong move. Increasingly, some inside the OPEC+ coalition are also wondering if the group should reconsider.“We do not need the extra oil,” said Marco Dunand, co-founder of Mercuria Energy Group, one of the world’s largest commodity trading houses.Saudi Arabian Energy Minister Prince Abdulaziz bin Salman and his Russian counterpart Alexander Novak face a difficult task. With too much oil around, some traders believe that OPEC may opt to delay, or spread the output hike over a number of months, trying to fine-tune the increase with seasonal consumption. “I don’t think the market sees it happening in one fell swoop,” said Mike Muller, the head of Asia at top oil trading house Vitol Group.Read More

Exxon Projections Show Massive Emissions Increase as Quarterly Financial Losses Mount – The Energy Mix: ExxonMobil may be plotting to increase its already
enormous annual greenhouse gas emissions by 17% over the next five
years, as much as the entire nation of Greece, according to an internal
assessment of the company’s US$210-billion investment strategy obtained
by Bloomberg Green.

The report landed just days after Exxon warned that its
financial losses for the third quarter of the year may be higher than
expected, and in the same week the colossal fossil was temporarily
surpassed by Florida-based utility NextEra Energy as the biggest energy
company in the United States.

Exxon Projections Show Massive Emissions Increase as Quarterly Financial Losses Mount – The Energy Mix: ExxonMobil may be plotting to increase its already
enormous annual greenhouse gas emissions by 17% over the next five
years, as much as the entire nation of Greece, according to an internal
assessment of the company’s US$210-billion investment strategy obtained
by Bloomberg Green.The report landed just days after Exxon warned that its
financial losses for the third quarter of the year may be higher than
expected, and in the same week the colossal fossil was temporarily
surpassed by Florida-based utility NextEra Energy as the biggest energy
company in the United States.Read More

How Not to Work Towards Climate Change: National Snow and Ice Data Centre director Mark Serreze points to
melting ice in the arctic and increasing temperatures as being the
direct result of climate change. It is the only thing that can be
causing it. It’s also responsible for increased storms, droughts and
wildfires across North America. The melting in Antarctica will certainly
continue for the rest of this century. In fact, it may be irreversible.

We’ve already seen this has serious consequences for humanity and the
various fish and animal species we share the planet with. This is why
it’s so vital that we understand this is a climate crisis, and even more
important for governments around the world to live up to their promises
in the Paris Agreement.

How Not to Work Towards Climate Change: National Snow and Ice Data Centre director Mark Serreze points to
melting ice in the arctic and increasing temperatures as being the
direct result of climate change. It is the only thing that can be
causing it. It’s also responsible for increased storms, droughts and
wildfires across North America. The melting in Antarctica will certainly
continue for the rest of this century. In fact, it may be irreversible.
We’ve already seen this has serious consequences for humanity and the
various fish and animal species we share the planet with. This is why
it’s so vital that we understand this is a climate crisis, and even more
important for governments around the world to live up to their promises
in the Paris Agreement.Read More

Alberta’s Oilsands Owe Canadians Far More than They Can Pay | The Tyee: For reasons to be pondered by indebted generations yet unborn, the beleaguered Alberta Energy Regulator allowed the petroleum sector to pile up massive unfunded environmental liabilities on the dubious assumption that bitumen extraction would remain profitable for decades into the future. So towering is the tally of unreclaimed tailings ponds that it is possible the largest part of Alberta’s energy sector — heavily hyped as the economic engine of the nation — never actually made any money.

Bitumen royalties paid to the Alberta government back to 1970 total $49 billion. Corrected for inflation, this figure is closer to $59 billion. This sounds like a hefty sum, except when compared to unfunded cleanup costs. Officially the AER estimates total oil and gas liabilities to be $58 billion with only $1.6 billion held in securities. Leaked documents from the AER instead peg potential cleanup costs of the tailing ponds alone to closer to $130 billion.

Alberta’s Oilsands Owe Canadians Far More than They Can Pay | The Tyee: For reasons to be pondered by indebted generations yet unborn, the beleaguered Alberta Energy Regulator allowed the petroleum sector to pile up massive unfunded environmental liabilities on the dubious assumption that bitumen extraction would remain profitable for decades into the future. So towering is the tally of unreclaimed tailings ponds that it is possible the largest part of Alberta’s energy sector — heavily hyped as the economic engine of the nation — never actually made any money.Bitumen royalties paid to the Alberta government back to 1970 total $49 billion. Corrected for inflation, this figure is closer to $59 billion. This sounds like a hefty sum, except when compared to unfunded cleanup costs. Officially the AER estimates total oil and gas liabilities to be $58 billion with only $1.6 billion held in securities. Leaked documents from the AER instead peg potential cleanup costs of the tailing ponds alone to closer to $130 billion.Read More

Canada Gets A Lump of Coal For Christmas: Birds and animals across the continents are disappearing. Diseases, hunger and poverty are taking their toll on the human population. Many are dying from extreme heatwaves as the earth’s temperature rises.

On Friday, Prime Minister Justin Trudeau addressed the United Nations General Assembly, saying the world is in a climate crisis. Sixty-four leaders from 5 continents signed a pledge they wouldn’t allow their governments to destroy the world. Meanwhile, back home, Environment and Climate Minister Jonathan Wilkinson vowed that a series of five-year emissions targets through 2050 will be his top legislative priority this fall, while Natural Resources Minister Seamus O’Regan unveiled a $320-million cash infusion for the struggling fossil industry in Newfoundland and Labrador.

Canada Gets A Lump of Coal For Christmas: Birds and animals across the continents are disappearing. Diseases, hunger and poverty are taking their toll on the human population. Many are dying from extreme heatwaves as the earth’s temperature rises.On Friday, Prime Minister Justin Trudeau addressed the United Nations General Assembly, saying the world is in a climate crisis. Sixty-four leaders from 5 continents signed a pledge they wouldn’t allow their governments to destroy the world. Meanwhile, back home, Environment and Climate Minister Jonathan Wilkinson vowed that a series of five-year emissions targets through 2050 will be his top legislative priority this fall, while Natural Resources Minister Seamus O’Regan unveiled a $320-million cash infusion for the struggling fossil industry in Newfoundland and Labrador.Read More