The total amount of capital spending on Canadian oil and natural gas in 2017, down 19 percent from 2016 and 46 percent from 2014, according to A Global Vision for Canadian Oil and Natural Gas, released Feb. 26 by the Canadian Association of Petroleum Producers. Rising government costs, the burden of inefficient regulations and the lack of infrastructure to move Canadian energy to growing markets are all undermining investor confidence in Canada and negatively affecting the country’s ability to attract the capital needed to create jobs and national prosperity. Around the world capital investment in the oil and natural gas sector increased globally in 2017, but was down in Canada.
The reduction in the number of barrels per day (bpd) of crude oil that the United States imported between 2010 and 2016, according to the International Energy Agency’s latest World Energy Outlook. The surge in tight oil output from the United States has already triggered major changes in the dynamics of global oil supply and prices. Through a decline in imports and a surge in exports, U.S. tight oil is now having a similarly profound impact on global crude oil trade. Crude oil imports to the United States fell to 7.9 million bpd from 2010 to 2016. At the same time, U.S. exports have skyrocketed to more than 1 million bpd in October 2017.
The number of members in the International Energy Agency after Mexico joined on Feb. 17. Mexico is also the IEA’s first member in Latin America. Mexico is the world’s 15th largest economy and 12th largest oil producer. With its 30 member countries and seven association countries, the IEA’s membership now accounts for more than 70 percent of global energy consumption, up from less than 40 percent in 2015.