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Canadian Natural Resources Ltd CNQ


Primary Symbol: T.CNQ

Canadian Natural Resources Limited is a Canada-based independent crude oil and natural gas exploration, development and production company. The Company's segments include exploration and production, oil sands mining and upgrading, and midstream and refining. The exploration and production segment is focused on North America, specifically in Western Canada; the United Kingdom portion of the North Sea, and Cote d'Ivoire and South Africa in Offshore Africa. The oil sands mining and upgrading segment produces synthetic crude oil through bitumen mining and upgrading operations at Horizon Oil Sands and through its direct and indirect interest in the Athabasca Oil Sands Project. Within Western Canada in the midstream and refining segment, the Company maintains certain activities that include pipeline operations, an electricity co-generation system and an investment in the Northwest Redwater Partnership, a general partnership formed to upgrade and refine bitumen in the Province of Alberta.


TSX:CNQ - Post by User

Post by Betteryear2on Jul 11, 2022 8:08pm
201 Views
Post# 34816725

Biden will push for greater oil output on Mideast trip

Biden will push for greater oil output on Mideast trip

Biden will push for greater oil output on Mideast trip -Sullivan

 
 and Steve Holland



WASHINGTON, July 11 (Reuters) - U.S. President Joe Biden will make the case for greater oil production from OPEC nations to bring down gasoline prices when he meets Gulf leaders in Saudi Arabia this week, White House national security adviser Jake Sullivan said on Monday.

Biden leaves Tuesday night on his first visit to the Middle East as president, with stops in Israel, the occupied West Bank and Saudi Arabia on his agenda.

The trip comes as Biden struggles at home to bring down gasoline prices that have contributed to a dip in his job approval ratings.

Sullivan said members of the Organization of the Petroleum Exporting Countries have the capacity to take "further steps" to increase oil production despite suggestions from Saudi Arabia and the United Arab Emirates that they can barely increase oil production.

"We will convey our general view…that we believe that there needs to be adequate supply in the global market to protect the global economy and to protect the American consumer at the pump," Sullivan added.

Experts say the White House understands Saudi Arabia is unlikely to move unilaterally and that Riyadh and other Gulf nations lack significant spare capacity.

“I think that a surge in Saudi production seems unlikely. I expect some anodyne statements from Saudi Arabia about helping to balance the global oil market, meet global demand, support economic growth and stability among the import countries,” said Ben Cahill, a senior fellow at the Center for Strategic and International Studies.

The visit comes as Biden faces criticism at home from human rights groups for plans to see Saudi Crown Prince Mohammed bin Salman, the defacto leader who the U.S. intelligence community concluded was behind the 2018 murder of Washington Post journalist and political opponent Jamal Khashoggi.

In a commentary published in the Washington Post late on Saturday, Biden said his aim was to reorient and not rupture relations with a country that has been a U.S. strategic partner for 80 years.

Sullivan, briefing reporters at the White House, said Biden has not expressed regret about previously referring to Saudi Arabia as a "pariah" for the Khashoggi death.

But he said one of Biden's objectives on the trip will be "publicly and privately advocating for universal values including progress on human rights and political reform."

Iran is expected to be discussed on the trip in a region nervous about Tehran's influence. Sullivan said the United States believes Iran is preparing to provide Russia with up to several hundred drones, including some that are weapons capable, for use in its war against Ukraine.

He said the United States has information that shows Iran is preparing to train Russian forces to use these drones.

Additional reporting by Alexandra Alper and Jarrett Renshaw Editing by Marguerita Choy


https://www.reuters.com/business/energy/us-will-discuss-energy-security-with-opec-leaders-middle-east-trip-white-house-2022-07-11/

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