TORONTO — The U.S. benchmark price of oil has topped US$90 per barrel for the first time since late last year. The October futures contract for West Texas Intermediate light sweet crude oil was up US$1.57 at US$90.09 in late-morning trading after going as high as US$90.26. The last time the U.S. benchmark oil price topped US$90 a barrel was in November of last year. Saudi Arabia and Russia agreed last week to extend their voluntary oil production cuts through the end of this year.
The Petra Nova CCS project, owned by a subsidiary of JX Nippon oil and Gas Exploration, aims to capture 1.4 million tonnes of carbon dioxide per year and is one of the world's largest CCUS projects. Petra Nova began operating in 2016 at a coal-fired power plant in Texas and shut down less than four years later due to a plunge in oil prices during the COVID-19 pandemic.