{"id":8800,"date":"2015-06-04T06:02:54","date_gmt":"2015-06-04T11:02:54","guid":{"rendered":"http:\/\/olduvai.ca\/?p=8800"},"modified":"2015-06-04T06:02:54","modified_gmt":"2015-06-04T11:02:54","slug":"opec-oil-glut-is-shattering-harpers-superpower-dream","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=8800","title":{"rendered":"OPEC oil glut is shattering Harper&#8217;s superpower dream"},"content":{"rendered":"<div class=\"story-headline\">\n<h3 class=\"story-title\"><a href=\"http:\/\/www.cbc.ca\/news\/business\/opec-oil-glut-is-shattering-harper-s-superpower-dream-1.3097133\" target=\"_blank\">OPEC oil glut is shattering Harper&#8217;s superpower dream<\/a><\/h3>\n<\/div>\n<p class=\"story-deck\"><strong>Producers&#8217; brinksmanship has worked, and Canada is cutting production<\/strong><\/p>\n<p>In the battle to see who blinks first,\u00a0OPEC hasn&#8217;t blinked. And it looks like it isn&#8217;t\u00a0going to, as it meets this week in Vienna.<\/p>\n<p>Six months ago the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, announced it would keep pumping crude even though\u00a0the world was swimming in the stuff.<\/p>\n<p>While some analysts are predicting a surprise at this week&#8217;s meeting,\u00a0<a href=\"http:\/\/www.reuters.com\/article\/2015\/06\/03\/us-opec-meeting-idUSKBN0OJ0MK20150603\">most\u00a0reports now say<\/a>\u00a0OPEC is not considering reining in production.<\/p>\n<ul>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/business\/global-oil-glut-grows-to-2-million-barrels-a-day-as-opec-pumps-more-1.3072423\">Global glut grows to two million barrels a day as OPEC pumps more<\/a><\/strong><\/li>\n<li><a href=\"http:\/\/www.cbc.ca\/news\/business\/canada-s-crude-oil-production-fell-in-may-to-lowest-level-in-almost-2-years-barclays-says-1.3096083\"><strong>Canada&#8217;s crude production falls to nearly two-year lows,\u00a0says Barclays<\/strong><\/a><\/li>\n<\/ul>\n<p>And whether or not\u00a0OPEC continues to pump, there are new\u00a0signs that Prime Minister Stephen Harper&#8217;s dream for Canada\u00a0as an &#8220;emerging energy superpower&#8221; may be in trouble.<\/p>\n<p>A report this week from Barclays showed Canadian\u00a0<a href=\"http:\/\/www.cbc.ca\/news\/business\/canada-s-crude-oil-production-fell-in-may-to-lowest-level-in-almost-2-years-barclays-says-1.3096083\">production tumbling<\/a>. The global giants with a stake in Canada&#8217;s oil sands have stopped expansion plans and many have walked away.<\/p>\n<p>Meanwhile, Alberta oil producers have threatened to\u00a0put\u00a0new developments on hold until they see whether\u00a0Rachel Notley&#8217;s new NDP government gives them what they want.<\/p>\n<h2>Missing a crucial window<\/h2>\n<p>To add insult to injury, low\u00a0prices have emboldened\u00a0the &#8220;dirty oil&#8221; lobby. There are new reports this week that the New York oil hub is\u00a0rejecting\u00a0petroleum from Canada&#8217;s &#8220;<a href=\"http:\/\/www.huffingtonpost.ca\/2015\/06\/02\/new-york-oil-sands-facility-blocked_n_7494114.html\">tarsands<\/a>.&#8221;<\/p>\n<p>Alberta&#8217;s oilsands\u00a0may still contain some of the world&#8217;s largest petroleum reserves,\u00a0<a href=\"http:\/\/www.cbc.ca\/natureofthings\/features\/world-oil-deposits\">up there with Venezuela and Saudi Arabia<\/a>, but there is an increasing danger that Canada has missed a crucial window to develop and extract those resources.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPEC oil glut is shattering Harper&#8217;s superpower dream Producers&#8217; brinksmanship has worked, and Canada is cutting production In the battle to see who blinks first,\u00a0OPEC hasn&#8217;t blinked. And it looks like it isn&#8217;t\u00a0going to, as it meets this week in Vienna. Six months ago the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[1642,103,3544,3000,6071,3044,592,1775,595,4523,600,723,749,781],"class_list":["post-8800","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-bitumen","tag-canada","tag-cbc","tag-cbc-news","tag-energy-superpower","tag-oil-glut","tag-oil-price","tag-oil-price-collapse","tag-oil-production","tag-oil-sands","tag-opec","tag-shale-oil","tag-stephen-harper","tag-tar-sands"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8800"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8800\/revisions"}],"predecessor-version":[{"id":8801,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8800\/revisions\/8801"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}