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Canada's Oil Production Continues To Surge


1. Australia’s LNG Strike Keeps Gas Markets on Tenterhooks

- European gas prices have been seesawing this week on the back of Australia’s industrial action saga, peaking at €43 per MWh mid-week ($15/mmBtu) only to fall back to €35/MWh after Woodside Energy announced a tentative deal with unions.

- Unions of offshore workers across Australia’s LNG liquefaction platforms have been demanding higher pay and better working conditions, however so far only Woodside (ASX:WDS) reached an in-principle agreement with them.

- Workers at Chevron’s (NYSE:CVX) two Australian projects, Gorgon and Wheatstone, almost unanimously rejected the US firm’s offer and might start industrial action as soon as Tuesday, once the votes of the Wheatstone strike ballot are counted.

- Australia’s LNG projects account for approximately 10% of global LNG supply and have been mostly going towards Japan (historically their key market) and China.

2. Not Even Wildfires Can Halt Canada’s Oil Production Surge

- Never-ending Canadian wildfires have overshadowed the stellar performance of Canada’s oil industry which is set to boost its total production by nearly 8% over the next two years, buoyed by new oil sands projects.

- Canada’s oil production is set to surpass the 5 million b/d threshold for the first time in history this year, thanks to a 175,000 b/d year-on-year increment, to be followed…

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