Canada will attend meeting on oil in Saudi: minister
Canadian minister of natural resources Gary Lunn said on Wednesday he will attend a meeting of oil exporters and consumers in Saudi Arabia.
By Agencies |
OTTAWA: Canadian minister of natural resources Gary Lunn said on Wednesday he will attend a meeting of oil exporters and consumers in Saudi Arabia.
Lunn confirmed during question time in the House of Commons that he would travel to Jeddah for the conference on Sunday but said he would not "try to speculate what may or may not come out of this meeting."
Saudi Arabia, the world's largest oil exporter, called the meeting amid global concerns over skyrocketing crude prices.
The exporters cartel OPEC has insisted that supply is sufficient for world needs and that the price spikes are caused by speculators.
Oil-rich sands in the province of Alberta contain an estimated 173 billion barrels, the second largest oil reserve in the world behind Saudi Arabia.
While conventional crude oil is pumped from the ground, oil sands must be mined and bitumen separated from the sand and water, then upgraded and refined.
Canada produced 2.4 million barrels of oil a day in 2007 according to figures published Wednesday by the Canadian Association of Petroleum Producers, which forecasts production of 5 million barrels a day by 2020.
Lunn confirmed during question time in the House of Commons that he would travel to Jeddah for the conference on Sunday but said he would not "try to speculate what may or may not come out of this meeting."
Saudi Arabia, the world's largest oil exporter, called the meeting amid global concerns over skyrocketing crude prices.
The exporters cartel OPEC has insisted that supply is sufficient for world needs and that the price spikes are caused by speculators.
Oil-rich sands in the province of Alberta contain an estimated 173 billion barrels, the second largest oil reserve in the world behind Saudi Arabia.
While conventional crude oil is pumped from the ground, oil sands must be mined and bitumen separated from the sand and water, then upgraded and refined.
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Canada produced 2.4 million barrels of oil a day in 2007 according to figures published Wednesday by the Canadian Association of Petroleum Producers, which forecasts production of 5 million barrels a day by 2020.
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