Japan's Mitsubishi Corp aims to raise its liquefied natural gas production through equity holdings to 18 million metric tons per annum by early 2030s from 12.8 million now, via projects such as LNG Canada, a company spokesperson said on Tuesday. LNG Canada is the first major LNG facility in North America with direct access to the Pacific Coast and the country's first-ever LNG export cargo has been shipped from the Pacific Coast en route to Asia, a spokesperson for Shell-led LNG Canada said on [Read more]
Canada ships first LNG export cargo from Pacific coast
Canada's first-ever LNG export cargo has been shipped from the country's Pacific Coast en route to Asia, a spokesperson for the Shell-led LNG Canada said on Monday. The cargo was loaded onto the tanker Gaslog Glasgow from LNG Canada's site in Kitimat, British Columbia, just over a week after the facility confirmed first production and became the first large-scale commercial LNG operation in the country. LNG Canada is the first major LNG facility in North America with direct access to the Pacific [Read more]
Morgan Stanley sees Brent at $60/bbl by early next year
Brent crude will likely retrace to around $60 per barrel by early next year, with the market being well supplied and geopolitical risk abating following the Israel-Iran de-escalation, Morgan Stanley said in a note on Monday. The bank added it sees robust supply growth from non-OPEC countries over 2025-26 in the order of 1 million barrels per day each year, which would be enough to meet demand growth in the period. "But OPEC continues to unwind its production quota cuts, and we still expect an [Read more]
Trump issues permit allowing South Bow to operate pipeline at US-Canada border
U.S. President Donald Trump issued a presidential permit on Monday authorizing South Bow to operate and maintain pipeline facilities at Cavalier County, North Dakota, at the U.S.-Canada border. This permit supersedes and revokes an earlier presidential permit issued in July 2020 when Trump was in office, according to the White House. (Reporting by Ismail Shakil in Ottawa) [Read more]
Chevron to close Scotland office under restructuring
Chevron will close its Aberdeen, Scotland office, the U.S. oil producer said on Monday, ending the company's decades-long presence in the city as part of its ongoing restructuring. The closure of its only Scottish office will take place between December 2025 and December 2026, a Chevron spokesperson said in a statement. Chevron last year said it planned to sell its remaining UK North Sea oil and gas assets and exit the aging basin after more than 55 years in a push to focus on more profitable [Read more]
US Senate bill’s clean energy cuts draw backlash from labor, business
The U.S. Senate’s proposed cuts to clean energy subsidies and the introduction of a new tax on wind and solar energy in its version of President Donald Trump's tax and spending bill have drawn searing criticism from business and labor groups since they were unveiled over the weekend, with some arguing the moves could lead to power shortages, raise power prices and kill jobs. The pushback, which includes a swipe from Trump ally and Tesla CEO Elon Musk, comes as senators started voting on a [Read more]
US crude oil output hit record in April, EIA data shows
U.S. crude oil production hit a record 13.47 million barrels-per-day in April, up from 13.45 million bpd in March, according to data released by the Energy Information Administration as part of its Petroleum Supply Monthly series. The EIA had previously estimated U.S. oil output at 13.49 million bpd in March. Total U.S. petroleum product supplied, EIA's measure of demand, rose 263,000 bpd month-over-month to 20.21 million bpd in April, the EIA data showed. Gasoline demand rose 145,000 bpd [Read more]
Argentina asks UK court to pause enforcement in $16 bln oil company seizure case
Argentina on Monday urged London's High Court to pause enforcement of a $16 billion-plus United States court judgment over the expropriation of oil and gas company YPF, pending an appeal by the Argentinian government in the U.S. The South American republic was ordered in 2023 to pay minority shareholders around $16 billion resulting from its seizure of a 51% stake in YPF held by Spain's Repsol in 2012, without tendering for shares held by minority investors. Petersen Energia Inversora and [Read more]
US Supreme Court to hear Enbridge’s venue challenge to Michigan’s pipeline case
The U.S. Supreme Court agreed on Monday to hear Enbridge's bid to change the venue of Michigan's lawsuit seeking to force the Canadian pipeline operator to stop operating a pipeline underneath the Straits of Mackinac, waterways linking two of the Great Lakes, over environmental concerns. The justices took up Enbridge's appeal of a lower court's ruling rejecting the company's request to move the case from state court into federal court, a venue generally considered more friendly to defendants in [Read more]
Kremlin, asked about US sanctions bill, suggests it would impact Ukraine peace efforts if implemented
The Kremlin said on Monday that it had taken note of comments made by U.S. Senator Lindsey Graham who is sponsoring a tough new sanctions bill on Russia and that its backers should consider its impact on efforts to reach a peace deal on Ukraine. Graham said in an interview with ABC News on Sunday that President Donald Trump had told him that the sanctions bill - which would impose 500% tariffs on countries like China and India that buy Russian oil - should be brought forward for a [Read more]
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