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Light, sweet crude oil prices on the New York market increased to end the week of Mar. 29 with a settlement back above $60/bbl after Reuters reported Russia was growing uneasy with existing production cut levels.

Light, sweet crude for February delivery settled down by more than $1.60/bbl on the New York market Dec. 27 while Brent crude for February dropped more than $2/bbl in London. Analysts attributed volatile oil prices to uncertainty about the world economic outlook amid thin holiday trading volumes.

Light, sweet crude oil for April delivery settled above $59/bbl, setting a 4-month record high Mar. 18 after the Organization of Petroleum Exporting Countries and other major producers discussed continuing current oil-production cuts through June.

The Canadian government has retained the former head of a pipeline project it rejected to assess the Trans Mountain oil pipeline and to advise a new crown corporation that will manage system expansion.

Two blocks nominated by the oil and gas industry are on offer off Sable Island in the northern Atlantic. The Canada-Nova Scotia Offshore Petroleum Board will accept bids through May 8, 2019, for exploration licenses covering 75,788-hectare Parcel 1 and 73,004-hectare Parcel 2, both in less than 100 m of water on the Scotian Shelf.

Cenovus Energy expects to allocate the majority of its planned 2019 budget of $1.2-1.4 billion to sustain base production at its Foster Creek and Christina Lake oil sands operations. The company also plans to complete construction of the Christina Lake Phase G expansion. With an approved design gross capacity of 50,000 b/d, production startup from the expansion is expected in second-half 2019.

Gaoqiao Petrochemical Co. Ltd., a Shanghai-based, wholly owned subsidiary of China Petroleum & Chemical Corp. (Sinopec), has agreed to acquire BP PLCs 50% stake in SECCO Petrochemical Co. Ltd. (SECCO) for $1.68 billion.

Daniel Fitzgerald has been promoted to chief operating officer of International Petroleum Corp., Vancouver, BC.

The UK Oil & Gas Authority (OGA) has provided more offshore data in advance of its 30^th offshore licensing round, which is expected to be announced later this year.

US oil and gas operators can worry less about federal prosecution for accidentally killing migratory birds under a new opinion from the Department of the Interior Solicitors office.