Venezuelan officials and oil executives have moved ahead with the migration of dozens of joint ventures to new terms approved in a sweeping government reform, but delays remain in finalizing the agreements needed to greenlight the projects, four sources involved in the preparations said. Venezuela's oil ministry had set July 28 as the deadline to complete the migration of all existing projects, but the numerous permits and agreements linked to core contracts have created obstacles. Among the [Read more]
Drone strike in Egypt sparks security concerns about Suez oil exports
A drone strike that damaged two gas tankers in Egyptian waters has renewed energy security concerns about the nearby Suez Canal and a related pipeline, a vital export route for Saudi Arabian oil since the beginning of the Iran war. Even as Iran and its Houthi allies have fired on tankers transiting the Strait of Hormuz and Bab el-Mandeb, Egypt's Suez Canal and Sumed pipeline continued to offer safe, northbound export routes for Saudi Red Sea energy cargoes. While no party has claimed [Read more]
Mideast oil faces bleak new order as Iran’s grip on Hormuz tightens: Bousso
Neither full-scale war nor peace is taking hold in the Middle East, trapping energy markets in an uncomfortable limbo that won’t be easy to escape. Worries about the reliability of Gulf supplies are becoming increasingly entrenched among buyers, creating an alarming new norm for the region’s producers. More than five months after the United States and Israel launched military strikes against Iran, the region's energy sector appears weaker and more vulnerable than at any point since the war [Read more]
China’s crude calculus in Iran war
Explosions tore through a natural gas port on Egypt's Mediterranean coast on Wednesday, with maritime security firm Ambrey reporting a U.S.-owned floating storage tanker there had been hit by a drone. The strike on Damietta, for which there was no claim of responsibility, came hours after Washington and Saudi Arabia hit Iran-backed paramilitary groups in Iraq, and after Iran fired ballistic missiles at U.S. forces overnight. President Trump, whose administration had only days earlier halted [Read more]
QatarEnergy buys 33 US LNG cargoes to offset Hormuz disruption, sources say
QatarEnergy (QE) has bought 33 spot LNG cargoes this year from the U.S. for delivery to South Korea, Taiwan, Bangladesh, India and Japan, four trade and industry sources said, as it tried to reduce disruption to key customers after Qatari gas exports through the Strait of Hormuz were halted by the Iran war. QE declared force majeure on its liquefied natural gas shipments after Iran closed the waterway to shipping, bottling up 20% of global oil and gas supplies from major producers that export [Read more]
Shell targets year-end decision on LNG Canada Phase 2
Shell is targeting a final investment decision on LNG Canada Phase 2 by the end of this year, its CEO said on Thursday. Shell is pursuing an expansion of LNG Canada, as it seeks to grow its LNG portfolio and capitalize on rising global demand for the fuel. The first phase of the project, which began operations in June 2025, has a capacity of 14 million metric tons per year, and its proposed expansion would double that. (Reporting by Stephanie Kelly and Shadia Nasralla; Editing by Susan Fenton) [Read more]
TC Energy tops quarterly profit estimates, approves C$700 million in pipeline expansion projects
TC Energy on Thursday beat second-quarter profit estimates and approved pipeline expansion projects worth about C$700 million ($498.36 million) across North America, including two U.S. projects aimed at meeting the rising demand from power generation. Surging electricity consumption, particularly from AI-driven data centres, has been boosting demand for natural gas-fired power plants, prompting pipeline operators such as TC Energy to invest in capacity expansions. The Canadian pipeline [Read more]
Saudi Arabia seeks international coalition to protect Red Sea shipping from Houthis, sources say
Saudi Arabia is seeking to build an international coalition to protect shipping in the Red Sea from Houthi attacks, two people familiar with the deliberations said on Wednesday. The composition of the coalition has not yet been finalised and is being discussed with dozens of countries, the sources said. The Saudi Center for International Communication did not immediately respond to a request for comment. The Iran-aligned Houthis said on July 20 they would impose a naval blockade on [Read more]
Carney plays down idea of curbing Canadian oil supplies to US amid trade war
Prime Minister Mark Carney on Wednesday played down the idea of curbing oil supplies to the United States to gain leverage in a trade war, saying that would harm Canada's reputation. President Donald Trump, who has already imposed a raft of tariffs against Canada, on Tuesday said he did not care about renewing the U.S.-Mexico-Canada free trade deal. He is also threatening another round of punitive measures later this month. Last week Carney said he and Trump had agreed to intensify trade [Read more]
Trump and Netanyahu explored all Iran options including attack, Israeli official says
U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu explored all paths to curb Iran's nuclear project in their meeting, including diplomacy, economic pressure and force, a senior Israeli official said on Wednesday. Netanyahu did not tell Trump that Israel's preference was for an attack on Iran, the official said in a briefing with reporters after the two men met in the White House on Tuesday. "In the end, it's his decision," the official said of Trump. Trump has three [Read more]
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