BOE Report

Irving Oil’s refinery in Saint John, New Brunswick, to begin fall turnaround in September

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Irving Oil's 320,000-barrel-per-day refinery in Saint John, New Brunswick, will begin a two-month turnaround in September, the company said on Friday. The fall turnaround project, is expected to begin in September and continue till mid-November, the company said on its website. Saint John, Canada’s largest refinery, supplies fuel across markets in Atlantic Canada and the U.S. Northeast. The company had conducted a turnaround last year, which cost nearly $40 million, and included [Read more]

Western oil companies see ‘fantastic’ future in Iraq, sign agreements

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Western energy companies on Friday signed dozens of agreements with Iraqi officials on oil and gas and pipelines as the OPEC member seeks to deepen relations with the U.S. and develop alternatives to the Strait of Hormuz for getting its energy to global markets. "We are using an open-door policy," Prime Minister Ali al-Zaidi said through a translator at a U.S.-Iraq business summit at the U.S. Chamber of Commerce where Iraqi officials and U.S. energy, healthcare and technology companies signed [Read more]

US energy firms boost rig count to highest since April 2025, Baker Hughes says

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U.S. energy firms this week added rigs for a fifth week in a row for the first time since early June, boosting the total count to its highest since April 2025, energy services firm Baker Hughes said in its closely followed report on Friday. The total rig count, an early indicator of future output, rose by seven to 588 in the week to July 17. Baker Hughes said this week's increase puts the total rig count up 44 rigs, or 8% above this time last year. Baker Hughes said oil rigs rose by seven to [Read more]

ConocoPhillips joins BP in Iraq as Baghdad seeks more US energy investment

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ConocoPhillips said on Friday it had agreed to acquire a 42% stake in BP Energy Company of Kirkuk Ltd from BP, joining the British oil major in redeveloping four producing oilfields in northern Iraq. The agreement is expected to be signed during Iraqi Prime Minister Ali al-Zaidi's official visit to Washington, where he is seeking greater U.S. investment in Iraq's oil, gas and power sectors following disruptions caused by the conflict involving Iran. The contract covers more than 3 billion [Read more]

Trump could get a lesson on Iran from an unlikely source — emus: Russell

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For U.S. President Donald Trump, Australia's failed "Great Emu War" nearly a century ago offers a highly relevant lesson: technological superiority does not guarantee victory against a dispersed and resilient foe. At first glance, efforts to prevent flocks of large, flightless birds from devastating farmland seem to have little in common with the current conflict between the U.S. and Iran. Yet the parallel is clear. Both conflicts pit a powerful, technologically advanced military against a much [Read more]

Oil rises on intensifying US-Iran hostilities, threat of Red Sea closure

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Oil prices rose on Friday after the U.S. and Iran stepped up attacks across the Gulf, with their broken truce limiting oil flows out of the Strait of Hormuz and with Tehran asking the Houthi political and military organisation to stand ready to shut the Red Sea export route. Brent crude futures rose 70 cents, or about 0.83%, to $84.93 a barrel at 0312 GMT, while U.S. West Texas Intermediate futures rose 81 cents, or 1.03%, to $79.76 a barrel, erasing losses from the previous session. Both [Read more]

Global energy security at risk if Strait of Hormuz does not open in weeks, IEA chief says

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If the U.S. and Iran do not increase oil flowing through the Strait of Hormuz soon, the world should worry about energy security, International Energy Agency Executive Director Fatih Birol said on Thursday. "Oil security is still a critical issue," Birol told a Council on Foreign Relations event. "We should be worried, and I am worried, if the situation does not improve in the next few weeks." The Strait of Hormuz, a narrow waterway between Iran and Oman that normally carries about one-fifth [Read more]

US refiner margins hit new records as fuel shortage concerns grow

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U.S. refiner margins registered a fresh record high for the third consecutive session on Thursday, as low stockpiles and worsening tensions in the Middle East threaten potential supply shortfalls in the world's largest fuel consuming nation. U.S. refiners have been the biggest beneficiaries of the Iran war as international buyers have clamored for their supplies, pushing the country's fuel exports to record highs. As a result, however, domestic fuel stockpiles have dropped and lifted fuel prices [Read more]