Russia: Canada's Oil Industry is in Near Death Condition

mentalfloss

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Jun 28, 2010
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Canada's Oil Industry ‘In Near-Death Condition,' Russian State-Owned Rosneft Says

"In Canada the [oil] industry is in a near-death condition,” Rosneft spokesperson Mikhail Leontiev told the Russian News Service, as quoted at the Moscow Times.

“This was sanctions against the departed, and I don't mean Rosneft, I mean Canadian oil production."

The Harper government announced late Tuesday a new round of economic sanctions targeted against 17 Russian companies, including Rosneft, an oil and gas giant majority-owned by the Russian government.

Prime Minister Stephen Harper said the sanctions were in response to "escalated acts of aggression" by Russian-backed rebels in Ukraine, in particular an assault on the city of Mariupol on Jan. 24.

Rosneft’s Leontiev suggested Harper is trying to win over ethnic Ukrainian voters.

"Canada is a country preoccupied with its Ukrainian diaspora, a large part of which are [nationalists], that's well-known. There is a very strong lobby there," Leontiev said.

Canada’s oil industry has suffered in the wake of the oil price collapse, with the IEA recently downgrading its 2020 forecast for Canadian oil production by 10 per cent. CIBC recently predicted a “mild” recession for Alberta.

But Russia, being more dependent than Canada on oil exports, stands to make out far worse in the low oil price environment. Russia is the world’s third-largest oil producer, behind the U.S. and Saudi Arabia, and produces more than twice as much as Canada.

An analysis in the Wall Street Journal in December (when oil prices were still higher than they are now) suggested Russia’s economy is roughly four times as exposed to falling oil prices as Canada’s.

At that point, when Brent crude had fallen to US$71, the decline in oil prices from their peak was equivalent to 4.7 per cent of Russia’s economy, but only 1.2 per cent of Canada’s economy.

Rosneft has business interests in Canada. It owns 30 per cent of the Cardium tight oil project in Alberta, run by Imperial Oil and ExxonMobil Canada.

Canada's Oil Industry
 

B00Mer

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Canada's Oil Industry ‘In Near-Death Condition,' Russian State-Owned Rosneft Says

"In Canada the [oil] industry is in a near-death condition,” Rosneft spokesperson Mikhail Leontiev told the Russian News Service, as quoted at the Moscow Times.

“This was sanctions against the departed, and I don't mean Rosneft, I mean Canadian oil production."

The Harper government announced late Tuesday a new round of economic sanctions targeted against 17 Russian companies, including Rosneft, an oil and gas giant majority-owned by the Russian government.

Prime Minister Stephen Harper said the sanctions were in response to "escalated acts of aggression" by Russian-backed rebels in Ukraine, in particular an assault on the city of Mariupol on Jan. 24.

Rosneft’s Leontiev suggested Harper is trying to win over ethnic Ukrainian voters.

"Canada is a country preoccupied with its Ukrainian diaspora, a large part of which are [nationalists], that's well-known. There is a very strong lobby there," Leontiev said.

Canada’s oil industry has suffered in the wake of the oil price collapse, with the IEA recently downgrading its 2020 forecast for Canadian oil production by 10 per cent. CIBC recently predicted a “mild” recession for Alberta.

But Russia, being more dependent than Canada on oil exports, stands to make out far worse in the low oil price environment. Russia is the world’s third-largest oil producer, behind the U.S. and Saudi Arabia, and produces more than twice as much as Canada.

An analysis in the Wall Street Journal in December (when oil prices were still higher than they are now) suggested Russia’s economy is roughly four times as exposed to falling oil prices as Canada’s.

At that point, when Brent crude had fallen to US$71, the decline in oil prices from their peak was equivalent to 4.7 per cent of Russia’s economy, but only 1.2 per cent of Canada’s economy.

Rosneft has business interests in Canada. It owns 30 per cent of the Cardium tight oil project in Alberta, run by Imperial Oil and ExxonMobil Canada.

Canada's Oil Industry

Quit posting stupid anti-Canadian articles.. we all get it, you hate Big Oil, you don't want to see Canada's economy successful and you're a Socialist Welfare Bum.

Oil prices are on the rise, so Ontario won't miss a transfer payment from Alberta.

Oil Prices Up 3% on News of Economic Growth in Europe, but Supplies Rise
 

mentalfloss

Prickly Curmudgeon Smiter
Jun 28, 2010
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Stop being so silly. The OP isn't ant-Canadian.

If anything, the article actually reveals how Russia is actually at higher risk than we are.

But you were expecting Boomer to actually read the OP, so I'm going to have to knock you one point there. ;)
 

EagleSmack

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Feb 16, 2005
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Flossy will get home tonight and turn up the heat to warm his house. Completely blocking his hypocrisy from his mind.
 

mentalfloss

Prickly Curmudgeon Smiter
Jun 28, 2010
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I don't agree with either of your beliefs of my intentions.

Please continue to talk about this imaginary person you guys believe that I am lol
 

B00Mer

Keep Calm and Carry On
Sep 6, 2008
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Silly people like Boomer and Eagle believe, If you can't refute reality, make something up and refute it.

Cannuck and MentalFloss... LOL the Odd Couple.



I just wonder which one of the two is Felix. ;)
 

Cannuck

Time Out
Feb 2, 2006
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Cannuck and MentalFloss... LOL the Odd Couple.

Hey!!! You finally got something right. How many posts did it take you. Flossy and I are definitely the odd couple. I'm a fiscal conservative and he's a socialist and yet we both think you're foolish.
 

petros

The Central Scrutinizer
Nov 21, 2008
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Getting less money for oil.

Why was it lowered? Why did we back out of the $100bbl minimum and let it drop? Do you believe the $100bbl was a natural market led price? Do you believe our Govt and US Govt didn't prepare well ahead of time knowing they were going drop prices?