A new oil pipeline to the British Columbia coast is highly likely to be included on a list of projects deemed to be of national importance to the Canadian government, Prime Minister Mark Carney told the Calgary Herald newspaper in an interview published on Sunday. "I would think given the scale of the economic opportunity, the resources we have, the expertise we have, that it is highly, highly likely that we will have an oil pipeline that is a proposal for one of these projects of national [Read more]

Low global oil stockpiles were a major motivating factor in prompting OPEC+ members to raise production by 548,000 barrels per day in August at the group's meeting on Saturday, the Russian government said in a statement. The group, which pumps about half of the world's oil, has been curtailing production since 2022 to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pumped more to help keep gasoline prices [Read more]

Saudi oil giant Aramco is looking to sell up to five gas-fired power plants, three sources with knowledge of the matter told Reuters, part of a broader effort to free up funds that could generate tens of billions of dollars. The potential sale of four or five gas-fired plants that power refineries could alone raise around $4 billion as the Saudi government pushes Aramco to increase profits and payouts to the state, two of the sources said. Aramco, the world's most profitable company and [Read more]

Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend. Brent crude futures were down 22 cents, or 0.32%, to $68.58 a barrel by 0445 GMT, while U.S. West Texas Intermediate crude fell 12 cents, or 0.18%, to $66.88. Trade was thinned by the U.S. Independence Day holiday. U.S. news website Axios reported on Thursday that the U.S. was planning to meet with [Read more]

Barclays on Thursday said it raised its Brent oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 a barrel for 2026 on an improved outlook for demand. "Geopolitical tensions have eased as the U.S​.-​mediated ceasefire between Israel and Iran continues to hold and the risk premium has evaporated, but price action has been reflecting better​-​than​-​expected fundamentals, in our view," said Barclays in a note. Despite an accelerated increase in output from the Organization [Read more]

Advocates of clean energy on Thursday decried the final passage of President Donald Trump's tax cut bill by the House of Representatives as a reversal of course on the energy transition, while fossil-fuel interests rejoiced. Trump's fellow Republicans in the House passed the bill 218-214 and it now heads to the president's desk. Trump is expected to sign it on Friday. The legislation sharply cuts access to a 30% tax credit for solar and wind power projects that had been set to run until 2032 [Read more]