Australia must pay close attention to tax incentives and business-friendly measures offered by countries such as Canada if it wants to compete more effectively for global investment, BHP Chair Ross McEwan said on Thursday. Speaking at BHP's annual general meeting, McEwan said, "Make no mistake, Australia must compete for capital if it wants to win – nationally, and in every state." Canada had recently announced a "Productivity Mega Deduction", allowing businesses to immediately deduct the [Read more]
Don’t mistake Mideast oil rebound for normality: Bousso
Crude oil prices remain near five-month highs despite a recent surge in Middle East crude exports above pre-war levels and intensifying Iranian attacks on tankers in the Strait of Hormuz. This suggests investors may already be bracing for another round of regional escalation. The rebound in crude flows from the Gulf is striking. Middle East oil exports have averaged 17.3 million barrels per day (bpd) so far in October, up from 16.4 million bpd in September and above the 16.9 million bpd [Read more]
Oil climbs over $1 on more Houthi attacks in Saudi Arabia
Oil prices rose more than $1 a barrel on Thursday after more Houthi attacks in Saudi Arabia stoked concerns over a broader escalation of conflict and further disruptions to supplies from the Middle East. Brent crude futures rose $1.93, or 1.77%, to $110.75 a barrel at 0442 GMT, while US West Texas Intermediate crude gained $1.43, or 1.47%, to $98.58. Brent had settled largely unchanged on Wednesday, while WTI had eased 67 cents. "Oil prices remain well bid, with ICE Brent back above $110 [Read more]
From groceries to home loans, high oil prices permeate daily life
The shock of oil prices at a five-month high of $110 a barrel and gas prices in Asia and Europe hitting their highest levels since December 2022 is making its mark on household budgets. As well as raising the costs of transport and heating, it adds to pressure on food, clothing and packaging prices and contributes to elevated levels of inflation and borrowing costs. The following graphics illustrate some of the ways in which the rally is having an impact on daily life around the [Read more]
Kinder Morgan to invest $4.7 billion in two gas pipeline projects as demand surges
US pipeline operator Kinder Morgan said on Wednesday it has approved a total of $4.7 billion as its share of investments in two major natural gas pipeline joint ventures, citing rising demand from power plants, data centers and LNG exporters. The projects helped lift Kinder Morgan's natural-gas project backlog to a record level, underscoring the industry's efforts to expand infrastructure to serve the new demand. Shares of the company rose 2.7% in extended trading after it also beat [Read more]
Two killed after drone intercepted near Saudi Aramco’s Shaybah oilfield
Two people were killed after Saudi air defences intercepted a drone that was attempting to hit a facility at Saudi Aramco's Shaybah oilfield on Wednesday, the energy ministry said. The incident comes amid an escalation of missile strikes by Yemen's Iran-aligned Houthis on the kingdom. The incident caused a fire in a vehicle outside the facility's perimeter but did not affect operations at the field, the ministry said, citing an official source. "The attempted attack resulted in the [Read more]
US preparing to issue ordered departure of some personnel from Gulf embassies – US officials
The US State Department is preparing to issue an ordered departure of some personnel and family members from US embassies across the Gulf region, three US officials said on Wednesday. The move was due to a possible resumption of hostilities, particularly with Iran-aligned Houthi militia in Yemen, two of the US officials said. The US Embassy in Riyadh issued a security alert on Wednesday about possible further attacks by the Houthis on Saudi Arabia, after recent deadly strikes including on [Read more]
Chevron to sharpen US Gulf focus with sale of older assets
Chevron is exploring the sale of some of its older oil and gas assets in the US Gulf, the company confirmed to Reuters, part of an effort to focus on high-growth developments in the region. The energy producer is in the early stages of a multi-month process that could see a number of assets offloaded, a Chevron spokesperson said in response to questions from Reuters about the sale effort. "We are initiating the process of marketing some of our mature Gulf of America producing assets, [Read more]
Exxon shuts catalytic reformer at 275,000-bpd Joliet refinery, Wood Mackenzie says
ExxonMobil has shut one of its catalytic reformers at its 275,000-barrel-per-day refinery in Joliet, Illinois, Wood Mackenzie said on Wednesday. The 50,000-bpd catalytic reformer was taken offline on October 20, according to Wood Mackenzie, noting that "decreased stack activity and elevated flaring began at that time." "We’re working to resolve an operational issue. The safety of the community and our workforce remains our primary focus," ExxonMobil spokesperson said on Wednesday, without [Read more]
A shield, not a sword, for Saudi Arabia
By Andrew Mills Oct 21 - Iran is deliberately prolonging talks with Washington to weaken President Donald Trump before the November 3 midterm elections, senior Iranian officials told Reuters. They say Tehran is preparing for renewed US and Israeli strikes, not a deal. It is doing so as inflation hits 73.6% and seaborne oil exports have fallen to zero. Tehran's diplomacy has stalled on a second front. Iran says its offer to broker an end to the fighting between Saudi Arabia and the Houthis [Read more]
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