Oil accord boosts prices and shares

Article Abstract:

Toronto Stock Exchange's oil and gas index has climbed for eight consecutive trading days as a result of improving petroleum prices. The index posted a 21.5% increase during that period. Investors reacted positively to the news that major oil producers have agreed to reduce more than two million barrels a day of crude oil from the market. The proposed cut in producton will take effect on Apr 1, 1999. In reaction, petroleum prices jumped by 18.4% in the past nine trading days, while investors snapped up the shares of energy companies.

Securities issued, listed, Natural gas, Petroleum, Gas industry

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Canada seen as top oil growth region: New report highlights energy operations' low exploration risk, long reserve life

Article Abstract:

Canada has emerged as one of the growth regions in an energy market where the majority of oil-producing countries are past their prime or on the verge of declining output. Bolstered by the oil sands and offshore Newfoundland projects, Canadian oil production in 2003 averaged a record 2.5 million barrels a day, up 8.7 per cent from 2002.

Forecasts, trends, outlooks, Crude petroleum and natural gas, Petroleum refining, Economic aspects, Natural resources, Industry forecasts

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