OPEC and allied oil-producing countries decided Thursday to stick to a modest increase in production, even as Europe's proposed phaseout of Russian oil threatens to yank millions of barrels off a global market already thirsty for crude.
At an online meeting, the alliance known as OPEC+ -- which includes non-member Russia -- stayed with its road map to gradually open the oil taps, agreeing to add 432,000 barrels per day in June. The plan is to make those regular increases to restore cuts made in 2020 during the worst of the pandemic recession.
That cautious approach will exacerbate a global energy crunch, with prices expected to rise further for oil and the gasoline, diesel and aviation fuel made from it. Those higher prices will worsen global inflation, eating away at people's ability to spend money that would otherwise support the economic recovery.
Analysts from Rystad Energy foresee the global market potentially losing up to 2 million barrels within six months if the 27 European Union countries approve a proposal to sanction Russian oil. Russia is expected to see production fall after losing its biggest oil customer -- Europe.
OPEC has made it clear to European officials that the oil cartel is not going to increase production to compensate for lost Russian oil. Some members of the oil cartel already are not able to meet their quotas.
Oil prices are up more than 40% this year. Bigger increases have been held back by the U.S. and other members of the International Energy Agency releasing oil from strategic reserves and diminished demand due to COVID-19 lockdowns and other restrictions in China.
Russia is the world's largest oil exporter with some 12% of global supply. Before the invasion of Ukraine, Russian sent around 3.8 million barrels of oil per day to the European Union, where refineries turn it into gasoline and diesel fuel.
If the EU carries through on its plans to phase out crude imports in six months, Russia could try to sell those barrels to countries in Asia that are not participating in the boycott. But it might not be able to find customers for all of the oil displaced from Europe, even at tempting knockdown prices.
There is limited pipeline and rail capacity to Asia. And while some oil could be redirected by sea, that will depend on the availability of oil tankers willing to deal with Russian crude, given the risk of sanctions. Banks and companies that insure tanker fleets may be reluctant to facilitate the sale of Russian oil.
"Higher prices could be around the corner," said Bjornar Tonhaugen, head of oil markets research at Rystad Energy. "The oil market has not fully priced in the potential of an EU oil embargo, so higher crude prices are to be expected in the summer months if it's voted into law."
U.S. oil prices rose Thursday, up 1.2% after the meeting to $109.01 per barrel, or 43% higher since the start of the year. International benchmark Brent crude rose 1.7%, to $111.81 per barrel.
For U.S. consumers, average gasoline prices stood at $4.19 per gallon Wednesday, up $1.29 from a year ago. The price of crude oil accounts for about 60% of the price at the pump in the United States.
Diesel for trucks and farm equipment has risen even more over a year ago, by $2.34, to $5.43 per gallon.
Drivers in Europe, where taxes make up a larger proportion of the price at the pump, are paying more, too. Gasoline prices are averaging 1.95 euros per liter in Germany, or the equivalent of $7.77 per gallon, while diesel has been at 2.02 euros per liter, or $8.05 per gallon.
U.S. President Joe Biden and Vice-President Kamala Harris on Monday made their first joint appearance since her U.S. selection loss when they observed Veterans Day together by laying a wreath at the Tomb of the Unknown Soldier.
Canadians gathered Monday in cities and towns across the country to honour the sacrifice of men and women in uniform who gave their lives in service of the country's values and principles.
Canada has announced changes to their visitor visa policies, effectively ending the automatic issuance of 10-year multiple-entry visas, according to new rules outlined by Immigration, Refugees and Citizenship Canada.
U.S. President-elect Donald Trump is naming longtime adviser Stephen Miller, an immigration hard-liner, to be the deputy chief of policy in his new administration.
Toy giant Mattel says it 'deeply' regrets an error on the packaging of its 'Wicked' movie-themed dolls, which mistakenly links toy buyers to a pornographic website.
If Earth's astronomical observatories were to pick up a signal from outer space, it would need an all-hands-on-deck effort to decipher the extraterrestrial message. A father-daughter team of citizen scientists recently deciphered the message. Its meaning, however, remains a mystery.
Business groups are raising concerns about the broad effects of another round of labour disruptions in the transport sector as Canada faces shutdowns at its two biggest ports.
A team of tornado experts is heading to Fergus, Ont. after a storm ripped through the area Sunday night.
Researchers are uncovering deeper insights into how the human brain ages and what factors may be tied to healthier cognitive aging, including exercising, avoiding tobacco, speaking a second language or even playing a musical instrument.
A government-funded report released to Â鶹´«Ã½ highlights 'systemic racism' against dozens of Black executives within the federal public service, including allegations of abuse, violence and harassment that, in some instances, led to suicide.
A team of tornado experts is heading to Fergus, Ont. after a storm ripped through the area Sunday night.
Two nephews of the beloved Harry R. Hamilton share stories about his life and legacy.
The federal government is urging both sides in the British Columbia port dispute to return to the table after mediated talks broke off on Saturday, the first of three scheduled days.
The union representing some 1,200 dockworkers at the Port of Montreal has overwhelmingly rejected a deal with their employers association.
Canada has announced changes to their visitor visa policies, effectively ending the automatic issuance of 10-year multiple-entry visas, according to new rules outlined by Immigration, Refugees and Citizenship Canada.
Israel’s new foreign minister said that there has been 'certain progress' in efforts to end the fighting with Lebanon’s Hezbollah.
U.S. President Joe Biden and Vice-President Kamala Harris on Monday made their first joint appearance since her U.S. selection loss when they observed Veterans Day together by laying a wreath at the Tomb of the Unknown Soldier.
A Spirit Airlines plane was hit by gunfire Monday over Haiti’s capital Port-au-Prince, according to diplomatic source in the country, resulting in what the airline described as “minor injuries†to one of its crew members.
New York City Mayor Eric Adams is seeking to move up the start of his trial on corruption and bribery charges so he can focus on his campaign for reelection this spring.
With armed conflict again on their continent, many European leaders marked the end 106 years ago of First World War with warnings that liberty, so often taken as self-evident, should be cherished and defended.
A former British soldier who is facing spying charges has admitted escaping from a London prison by clinging to the underside of a delivery truck.
Murray Sinclair’s family members say the late justice and senator has been laid to rest according to his wishes.
Prime Minister Justin Trudeau announced voters in Cloverdale—Langley City will pick their next member of Parliament on Dec. 16.
Canada's ambassador to the United States — and co-lead of the federal government's Team Canada war room — says U.S. president-elect Donald Trump has a different understanding of the bilateral relationship than he did during his first term in the White House.
An opponent of vaccines who urged violence against scientists, politicians and public health officials during the COVID-19 pandemic was sentenced Monday.
Researchers are uncovering deeper insights into how the human brain ages and what factors may be tied to healthier cognitive aging, including exercising, avoiding tobacco, speaking a second language or even playing a musical instrument.
Since the U.S. Supreme Court’s 2022 Dobbs decision eliminated the federal right to abortion, miscarriage management has become trickier and in some cases, deadlier.
If Earth's astronomical observatories were to pick up a signal from outer space, it would need an all-hands-on-deck effort to decipher the extraterrestrial message. A father-daughter team of citizen scientists recently deciphered the message. Its meaning, however, remains a mystery.
Bernadett 'Bett'†Szabó, a 19-year-old Hungarian sex worker, was murdered in the Dutch capital in 2009. Now, more than 15 years after her death, police are hoping to uncover new information about her killing.
In 1916, Harold Wrong plucked a flower from the fields of Somme, France and tucked it into a letter he mailed home to Toronto. For decades, the type of flower sent remained a mystery.
Taylor Swift came out on top at the 2024 MTV EMAs on Sunday, walking away with best artist, best U.S. act, best live act and best video for “Fortnight†(featuring Post Malone).
Chu shared on his Instagram Stories that he and his wife Kristin Hodge welcomed their fifth child on Saturday, writing that he “can’t believe this happened while the movie is premiering.â€
On Thursday morning, Dave Penny officially ended a suggested hundred-day isolation period that followed his diagnosis and stem cell treatment for non-Hodgkin's Lymphoma. On Thursday night, Penny returned to a stage at a downtown St. John's bar, regaling a small crowd with songs and stories with a distinctive Newfoundland flair.
Most U.S. stocks are rising Monday and adding to the gains made during their best week of the year.
Business groups are raising concerns about the broad effects of another round of labour disruptions in the transport sector as Canada faces shutdowns at its two biggest ports.
Toy giant Mattel says it 'deeply' regrets an error on the packaging of its 'Wicked' movie-themed dolls, which mistakenly links toy buyers to a pornographic website.
Doom spending, or the practice of spending money to soothe fears about broader issues like politics or the economy, shows up everywhere from YouTube and TikTok videos to Reddit to personal finance discussions and data in surveys.
A Vancouver designer is making waves in the architectural world with an outdoor modular building created to address the city’s unrelenting housing crisis.
A rare letter signed by three of the U.S. Founding Fathers of the United States is going on sale, and is expected to fetch up to US$1 million when it goes under the hammer next week.\
Canada will be without captain Alphonso Davies for its upcoming CONCACAF Nations League quarterfinal against Suriname.
Pat McLaughlin is stepping down as Hockey Canada's chief operating officer and executive vice-president of strategy, the governing body announced Monday.
The Edmonton Oilers may have found the break they were looking for.
Select Porsche owners in Canada have been told to stop driving their cars immediately and to seek repairs after an issue was identified that could cause wheels to separate from vehicles.
A driver's trip from London, Ont. to Ottawa to visit their girlfriend ended in a traffic stop for speeding on Highway 417, according to police.
Recall notices have been issued for some Volkswagen models from 2006 to 2019 for airbag safety issues.
A congestion crisis, a traffic nightmare, or unrelenting gridlock -- whatever you call it, most agree that Toronto has a congestion problem. To alleviate some of the gridlock, the Ontario government has announced it plans to remove bike lanes from three major roadways.
For the second year in a row, the ‘Gift-a-Family’ campaign is hoping to make the holidays happier for children and families in need throughout Barrie.
Some of the most prolific photographers behind CTV Skywatch Pics of the Day use the medium for fun, therapy, and connection.
A young family from Codroy Valley, N.L., is happy to be on land and resting with their newborn daughter, Miley, after an overwhelming, yet exciting experience at sea.
As Connor Nijsse prepared to remove some old drywall during his garage renovation, he feared the worst.
A group of women in Chester, N.S., has been busy on the weekends making quilts – not for themselves, but for those in need.
A Vancouver artist whose streetside singing led to a chance encounter with one of the world's biggest musicians is encouraging aspiring performers to try their hand at busking.
Ten-thousand hand-knit poppies were taken from the Sanctuary Arts Centre and displayed on the fence surrounding the Dartmouth Cenotaph on Monday.
A Vancouver man is saying goodbye to his nine-to-five and embarking on a road trip from the Canadian Arctic to Antarctica.
A suspect was arrested for allegedly brandishing a knife outside a Vancouver elementary school on Friday – just as the young students were heading home for the day.
The federal government is urging both sides in the British Columbia port dispute to return to the table after mediated talks broke off on Saturday, the first of three scheduled days.
Thousands of people gathered in downtown Vancouver Monday to observe the 100th Remembrance day ceremony at the Victory Square cenotaph, paying their respects to the Canadian soldiers who made the ultimate sacrifice for their country.
Several hundred people gathered outside the Ontario legislature in Toronto to honour veterans and remember those who died fighting for their country.
Toronto is expected to see an economic boost to the tune of nearly $300 million thanks to Taylor Swift’s upcoming Eras Tour, which will be making a stop in Canada’s largest city for a six-show run later this month.
A man believed to be in his 40s has been rushed to a trauma centre following a stabbing in downtown Toronto.
Calgarians observed Remembrance Day at a number of different ceremonies across the city on Monday, including at the Hangar Flight Museum.
July 2025 may seem like it’s in the distant future, but for the St. Luke playground committee time is ticking to fundraise the $340,000 they still need to build a new playground.
Getting out to the mountains is even easier with a new bus route from a growing Germany-based service.
Crowds gathered in Ottawa and eastern Ontario on Monday to honour the sacrifice of men and women in uniform who gave their lives in service of Canada.
The Fleet Street Pumping station is Ottawa's oldest water facility. Up to two-thirds of the city's water supply can move through it,
The company confirms it will open the new Chipotle at 5671 Hazeldean Road on Thursday, in the former location of Benny & Co.
A 36-year-old Montreal man who was out on bail after allegedly uttering death threats to a woman is now accused of murdering her on the South Shore.
Private Martine Roy was only 20 years old in 1984 when she was arrested, interrogated and dismissed from the Canadian Armed Forces for being what was then termed a "sexual deviant."
With fewer interments and rising maintenance fees, the money for Canada's largest military cemetery will run out in three to four years.
Canadians gathered Monday in cities and towns across the country to honour the sacrifice of men and women in uniform who gave their lives in service of the country's values and principles.
A member of Canadian Forces Base (CFB) Edmonton participated in the national Remembrance Day Ceremony in Ottawa on Monday.
Canada will be without captain Alphonso Davies for its upcoming CONCACAF Nations League quarterfinal against Suriname.
Thousands of Maritimers turned out in wet weather Monday to remember those who have served, and continue to serve, in Canada's armed forces for Remembrance Day.
A Cape Breton senior recalls her life in German-occupied France, and her mother’s death, during the Second World War.
Thousand of people gathered at the Menin Gate in the Ypres, Belgium for Monday’s Remembrance Day Ceremony.
Thousands gathered at the RBC Convention Centre on Monday to bear witness to a sombre and historic Remembrance Day ceremony.
One Manitoba veteran is on a mission to commemorate and honour those who served our country, and not just on Remembrance Day.
Winnipeg police have identified two men involved in a stabbing incident earlier this week.
There will be two ceremonies taking place in Regina for Remembrance Day, hosted by the Royal Canadian Legion.
Fire crews reported that no one was hurt after flames broke out in a home on Robinson Street in central Regina.
Regina author Valerie Crowther is celebrating the release of her book ‘War Letters: Linking Lives in the Second World War.’
A team of tornado experts is heading to Fergus, Ont. after a storm ripped through the area Sunday night.
A man is facing an attempted murder charge after an attack at a bar in downtown Guelph.
Toy giant Mattel says it 'deeply' regrets an error on the packaging of its 'Wicked' movie-themed dolls, which mistakenly links toy buyers to a pornographic website.
Saskatchewan RCMP are searching for a suspect after a man was seriously injured in a farm-related incident in Montreal Lake.
It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.
The Regina Rams claimed the Hardy Cup after a hard fought battle against the Saskatoon Huskies 19-14 on Saturday in the first all Saskatchewan U-Sports western conference final since 2002.
Timmins-James Bay MP Charlie Angus was among approximately 120 people who gathered Sunday night for a candlelight vigil near the scene of a vicious attack against a 16-year-old in Cobalt.
Canadians gathered Monday in cities and towns across the country to honour the sacrifice of men and women in uniform who gave their lives in service of the country's values and principles.
If Earth's astronomical observatories were to pick up a signal from outer space, it would need an all-hands-on-deck effort to decipher the extraterrestrial message. A father-daughter team of citizen scientists recently deciphered the message. Its meaning, however, remains a mystery.
Emergency crews responded to the scene on Road 68/Highway 2 east of Thamesford around 7 p.m.
A team of tornado experts is heading to Fergus, Ont. after a storm ripped through the area Sunday night.
The events will start at 10:15 a.m. with a parade that forms up in front of the Delta London Armories, marches east on Dundas Street and turns north onto Waterloo Street to Dufferin Avenue, the west to the Cenotaph.
A Barrie man is at the centre of an alleged $2.2 million stolen used car scheme.
The 75th anniversary of the Barrie Santa Claus Parade will feature floats, live entertainment, and new attractions, including Santa’s Fireside Gathering.
Environment Canada issued a weather alert for Barrie, Collingwood and surrounding areas, alerting residents about the wicked winds that are expected to pick up to 80 kilometres per hour in the afternoon hours.
Representatives of the Windsor Veterans Memorial Services Committee, military representatives, wreath bearers, government officials, and members of the public will attend the Cenotaph at City Hall Square for the outdoor service.
Windsor Paralympic champion, Danielle Campo, has been crowned the number one Inspirational Speaker of the Year for 2024 at the Inspirational Speaking Finals.
One person has been arrested after Chatham-Kent Police Service (CKPS) received multiple complaints about an alleged drunk driver.
Environment Canada says heavy rain and winds could cause power outages on Vancouver Island as an "intense" storm system is set to hit the B.C. coast Sunday.
Six deer were struck by vehicles in six different locations in a six-hour period on B.C. highways on Saturday, according to the transportation ministry.
The union for locked-out port workers in British Columbia says the BC Maritime Employers Association cut off talks in less than an hour Saturday, refusing to budge on a final offer that the union has so far rejected.
The emergency department at South Okanagan General Hospital in Oliver, B.C., will be closed for 31 hours this weekend, the second such closure in a week and the third since the start of November.
Police in Kamloops, B.C., are reminding parents and guardians to check their children's Halloween candy after receiving a report of a mother finding a razor blade in one of her daughter's treats.
More than two years after Alannah Brown and Douglas Barker were found dead north of Penticton, police are asking for help identifying a vehicle they believe was associated with the crime.
The Southern Alberta Recreation Association is officially announcing the Town of Taber as next year’s host for the Southern Alberta Summer Games.
The Lethbridge Hurricanes broke open a close game with three goals in the first two minutes of the third period as they defeated the Warriors 7-3 in a game played Friday night in Moose Jaw.
There might not a lot snow just yet, but many southern Albertans are still itching to get outdoors.
Timmins-James Bay MP Charlie Angus was among approximately 120 people who gathered Sunday night for a candlelight vigil near the scene of a vicious attack against a 16-year-old in Cobalt.
It was just days before the COVID-19 pandemic shut the world down when the Shaft Bottom Boys of Sudbury broke a world record for 'Deepest Concert Underground.' Now, more than four years later, a Timmins band is looking to take the title.
Police say that a 16-year-old was attacked with a sword Nov. 3 in Cobalt, Ont., in a case of intimate partner violence.
Police in Newfoundland say a man was electrocuted Saturday by a downed power wire about 10 kilometres north of St. John's, N.L.
On Thursday morning, Dave Penny officially ended a suggested hundred-day isolation period that followed his diagnosis and stem cell treatment for non-Hodgkin's Lymphoma. On Thursday night, Penny returned to a stage at a downtown St. John's bar, regaling a small crowd with songs and stories with a distinctive Newfoundland flair.
A Memorial University scientist says the mysterious white blobs washing up on Newfoundland beaches are actually gobs of plastic -- and they need to be cleaned up.
The Shopping Trends team is independent of the journalists at Â鶹´«Ã½. We may earn a commission when you use our links to shop. Read about us.
