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Canada’s Pembina Pipeline Corp on Monday forecast 2021 capital investment to be $785 million, lower than 2020 projection, and said it would suspend execution of a joint venture project in the Alberta province indefinitely.
A sharp decline in global crude prices and demand destruction caused by the COVID-19 pandemic have battered Canada, which was already selling its oil at steep discounts.
iPolitics By Quinn Barrie-Watts. Published on Dec 14, 2020 11:45am Shipments of initial doses of COVID vaccines arriving in Canada (Master Cpl. Lisa Fenton/Canadian Armed Forces)
The Lead
A BW Rhine oil tanker exploded early Monday morning at the Saudi Arabian port of Jeddah. The explosion forced 22 sailors on board to flee, though no injuries were reported.
Oil climbed above $50 a barrel, despite the explosion raising concerns about the region’s stability. The incident follows another similar occurrence three weeks ago, when an oil tanker was damaged in a possible attack at the Saudi terminal of Shuqaiq.
Since the end of October, oil has risen more than 30 per cent amid vaccine breakthroughs and an OPEC+ deal on production. Furthermore, Iran is planning to nearly double output in the next year, in anticipation of the easing of sanctions from the United States once president-elect Joe Biden takes office.