Canada's Suncor Energy beat Wall Street estimates for first-quarter adjusted profit on Tuesday, boosted by higher commodity prices. The quarter was marked by geopolitical uncertainty and extreme volatility in global oil prices, which have surged over 87% this year, after the U.S.-Israeli war in Iran disrupted supply chains and damaged key energy infrastructure. Canadian oil and gas producers have been steadily boosting output while lowering costs. Suncor and its peers have outperformed [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Tuesday. WCS for June delivery in Hardisty, Alberta, settled at $16.00 a barrel, below the U.S. benchmark WTI, according to brokerage CalRock, compared to $16.25 on Monday. * While the discount has narrowed, the price marks a steep differential for heavy Canadian crude since the start of the U.S. war on Iran. * The WCS differential has been volatile since the start of [Read more]
Exxon using AI for faster analysis of Guyana’s oil fields, VP of exploration says
Exxon Mobil is using artificial intelligence and new technology to interpret seismic data from Guyana in days rather than months, John Ardill, the company's vice president of exploration, said on Tuesday. High-performance computing and AI-driven algorithms have accelerated seismic imaging, Ardill said at the Offshore Technology Conference in Houston. "We're using what was called deep learning, classification and so reinforced learning.... We can turn those tools around in just a few days, [Read more]
Trump says Iran “should wave the white flag of surrender”
President Donald Trump on Tuesday dismissed Iran's military capability and said Tehran "should wave the white flag of surrender" but is too proud to do so. Trump told reporters in the Oval Office that Iran's military has been reduced to firing "peashooters" and that Tehran privately wants to make a deal despite its public sabre-rattling. "They play games, but let me just tell you, they want to make a deal. And who wouldn't, when your military is totally gone?" he said. Trump heaped [Read more]
ADNOC set to push shale-style oil, gas projects after UAE’s OPEC exit
Abu Dhabi's ADNOC expects to make a final investment decision this year on its unconventional gas project with TotalEnergies, with approval for a separate unconventional oil project expected to follow soon, its upstream chief said. The United Arab Emirates' May 1 exit from OPEC was a "sovereign decision taking into account the long-term strategic and economic interest of the country," state oil giant ADNOC's Upstream CEO Musabbeh al-Kaabi told Reuters. ADNOC's unconventional projects, [Read more]
Canada-US oil pipeline close to reaching commitment requirement, sources say
A proposed pipeline for carrying Canadian crude oil to the United States is close to securing the minimum commitments from oil companies that the project needs to go ahead, four sources familiar with the matter told Reuters. The Alberta-to-Wyoming pipeline, proposed by Canadian pipeline company South Bow Corp and its U.S. partner Bridger Pipeline, could increase Canada's crude exports to the U.S. by more than 12% if it goes ahead, bringing much-needed pipeline takeaway capacity to Canada. U.S. [Read more]
Trump broke OPEC. He may regret it: Bousso
U.S. President Donald Trump’s military forays in Venezuela and Iran have weakened OPEC more than anyone thought possible just months ago. The White House may view this as a major win, but it may ultimately leave both the U.S. and energy markets worse off. For decades, the Organization of the Petroleum Exporting Countries, under its de facto leader Saudi Arabia, has exercised outsized influence over oil markets, dialling output up or down by tapping spare capacity to manage prices and defend [Read more]
Petronet expects Qatar to start LNG exports in 3 to 4 weeks of Iran war end
India's Petronet LNG expects Qatar to resume operations at its liquefied natural gas facilities within three to four weeks of the Middle East crisis ending, its head of finance, Saurav Mitra, said during an analyst call on Tuesday. * Petronet hopes the crisis will end soon. "We are confident that maybe from the first week of June, the entire supply will come as per the annual delivery plan," Mitra said. * He said Petronet is in talks with Qatar regarding the delivery of cargoes hit by the [Read more]
Middle East truce in doubt as US and Iran fight for control of Strait of Hormuz
The fragile truce in the Middle East was in jeopardy on Tuesday after the U.S. and Iran launched new attacks as they wrestled for control of the Strait of Hormuz. The U.S. military said on Monday it destroyed six Iranian small boats, as well as cruise missiles and drones, after President Donald Trump sent the navy to escort stranded tankers through the strait in a campaign he called "Project Freedom". Iran's parliament speaker, Mohammad Baqer Qalibaf, said in a social media post on Tuesday [Read more]
IMF chief Georgieva warns of ‘much worse outcome’ if Middle East war drags into 2027
The head of the International Monetary Fund on Monday warned that inflation was already picking up and the global economy could face a "much worse outcome" if the war in the Middle East drags into 2027 and oil prices hit around $125 per barrel. IMF Managing Director Kristalina Georgieva said the continuation of the war meant that the global lender's "reference scenario" assuming a short-lived conflict - which forecast a minor growth slowdown to 3.1% and a minor increase in prices to 4.4% - [Read more]
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