Wage talks between Norwegian oil firms and labour unions broke down on Wednesday and will switch to state-led mediation in a bid to prevent strike action by workers, industry group Offshore Norge said. If Norway's government-appointed mediator is unable to broker a deal when negotiations resume later this year, union members will be eligible to go on strike, disrupting output from western Europe's largest oil and gas producer. Unions Styrke, Safe and Lederne failed to reach an agreement [Read more]
Trump welcomes United Arab Emirates exit from OPEC
U.S. President Donald Trump on Wednesday welcomed the United Arab Emirates' move to pull out of OPEC and said he thinks the move could help lower oil prices. "I think it's great," Trump said when asked by reporters at the White House what he thought of the UAE's decision. The UAE - one of the group's biggest producers - said on Tuesday it was quitting OPEC, dealing a blow to the group as an unprecedented energy crisis caused by the Iran war exposes discord among Gulf nations. "I think [Read more]
Oil majors eye resurgent Canadian energy in wake of Middle East upheaval
Canada's oil and gas producers are drawing renewed interest from global energy majors as the Middle East conflict has heightened the country's attractiveness to the world's biggest operators, with Shell's $16.4 billion agreement to buy ARC Resources the clearest sign of the shift. TotalEnergies and ConocoPhillips are among the companies taking a fresh look at Canadian competitors, alongside Equinor and BP. Companies have asked investment bankers in recent weeks to draw up lists of logical [Read more]
UAE oil break exposes deepening Saudi rift as Gulf power shifts
The United Arab Emirates' decision to quit OPEC and OPEC+ has brought years of tensions with Saudi Arabia out into the open, marking a strategic break with Saudi-led oil governance in a rebalancing of power shaped by the Iran war. Political analysts and regional experts said the move to leave the groups of oil-producing nations, announced on Tuesday, was more than just a dispute over OPEC oil output quotas that Gulf sources say Abu Dhabi sees as tilted against the UAE. It is also part of a [Read more]
Gasoline stocks plummet, prices climb with peak demand season around the corner
U.S. drivers can expect another spike in gasoline prices in the coming days, just as the summer driving season gets underway, as the conflict in Iran drives oil prices higher and pushes countries around the world to call on American energy supplies. Gasoline demand typically peaks in the summer as many Americans embark on road trips and other travel. So far, relatively well-supplied stockpiles of gasoline have shielded U.S. consumers from the worst of the supply disruptions resulting from the [Read more]
Hormuz shipping traffic remains at a trickle as US-Iran deadlock deepens
At least six ships - a fraction of the usual traffic - have crossed the Strait of Hormuz in the past 24 hours, shipping data showed on Wednesday, while the U.S. and Iran remain deadlocked over coming to terms that would re-open the crucial waterway. The vessel traffic was mainly through Iranian waters and included the Vast Plus chemical tanker, which is subject to US sanctions, according to Kpler ship-tracking data and satellite analysis from SynMax. Most of the ships were dry bulk [Read more]
Biggest US grid operator to begin processing new power plant projects
The largest U.S. power grid operator - PJM Interconnection - said on Wednesday that it will begin processing new power plant applications this week after working through a years-long backlog of projects. PJM, which controls the flow of electricity on transmission lines across 13 Midwest and Mid-Atlantic states, is facing electricity shortfalls due to a recent surge in power demand from data centers that has outpaced the addition of new supply. The grid operator, serving about one in five [Read more]
US crude stocks, gasoline and distillate inventories fall, EIA says
U.S. crude stocks, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 6.2 million barrels to 459.5 million barrels in the week ended April 24, the EIA said, compared with analysts' expectations in a Reuters poll for a 231,000-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub dropped by 796,000 barrels in the week, the EIA said. Oil futures briefly extended gains following the [Read more]
Trump met with Chevron, other energy companies, on Tuesday
U.S. President Donald Trump met with top officials from Chevron and other energy companies on Tuesday to discuss a range of topics, including U.S. oil production, oil futures, shipping and natural gas, a White House official said on Wednesday. Chevron's spokesperson said its CEO Mike Wirth attended the gathering to discuss global oil markets, which have been roiled by the U.S.-Israeli war against Iran. Treasury Secretary Scott Bessent, Trump's Chief of Staff Susie Wiles, special envoy Steve [Read more]
Ares to acquire Rover natgas pipeline stake from Blackstone
Ares Management said it has acquired a stake in the Rover natural gas pipeline from a unit of fellow investment firm Blackstone for an undisclosed sum, as interest in U.S. energy infrastructure assets grows. In a statement sent to Reuters, Ares said funds led by its Infrastructure Opportunities strategy would buy 32.4% of Rover, a pipeline system spanning around 700 miles (1,130 km) in Pennsylvania, West Virginia, Ohio and Michigan which moves natural gas from the Appalachian shale basin to [Read more]
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