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"Imperial’s news landed on the same day that French oil and gas giant TotalÉnergies announced that it, too, was cutting US$7.5 billion in spending by 2030. And, unlike Masson, the Financial Times attributed the decision to low global oil prices.
“With many banks and energy experts forecasting that excess supply could push crude prices down to $50 a barrel or lower next year, oil companies including Chevron and BP have already begun cutting jobs,” the Times wrote. “Some, including Italy’s Eni, are reducing capital spending. :
Earlier this month, the Times reported that the global industry was facing down a “flashing red warning light” and firing thousands of workers as analysts projected several years of low oil prices.
“The world’s biggest oil and gas companies are cutting jobs, slashing costs, and scaling back investments at the fastest pace since the coronavirus market collapse,” the Times said at the time. “Spending plans have been reined in, with some projects paused or put up for sale as groups seek to balance the books.”
A week later, the International Energy Agency warned that the global industry is “running faster to stand still” and will need $500 billion in annual investment through 2050 just to replace its losses from wells that are being depleted.
Last month, the Calgary-based Pembina Institute calculated that Canada’s oil and gas sector created 43% fewer jobs per thousand barrels of production in 2023 compared to 2012, undercutting its own status as a job creator or economic engine for the country."
"Renewable energy projects are helping remote communities strengthen vulnerable energy systems, but securing those hard-won gains requires continued investment and focused policy from all levels of government, says a new report from the Pembina Institute."
“Solar and wind are now growing fast enough to meet the world’s growing appetite for electricity. This marks the beginning of a shift where clean power is keeping pace with demand growth.” | 
