President Donald Trump said on Friday that a US trade deal with South Korea now includes $8.4 billion for an oil recovery project. "The Republic of Korea Deal keeps getting BETTER! 8.4 Billion Dollars for an enhanced Oil Recovery Project. Producing more Oil and Gas means American Energy Dominance and Energy Security in the World for the Future!" Trump wrote on Truth Social. The announcement is the latest in a series of economic and investment deals Trump is highlighting ahead of November's [Read more]
Brazil’s Petrobras makes new oil discovery off the coast of Amapa
Brazilian state-run oil company Petrobras said on Friday it had made a new oil discovery in ultra-deep waters off Amapa state, an area known as equatorial margin that it considers its most promising new oil frontier. According to a securities filing, an oil-bearing interval was found in the Morpho well, marking a new discovery in block FZA-M-59, where it had already identified hydrocarbons in August. * The oil found in August was of good quality, the firm said * Petrobras CEO Magda [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Thursday. WCS for November delivery in Hardisty, Alberta, settled at $24.10 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $21.60 on Wednesday. * Canada will fast track the approval process for a new proposed crude oil export pipeline to its west coast that could generate over C$20 billion ($14 billion) a year in GDP, Prime Minister Mark [Read more]
Alaska LNG could cost more than double Gulf Coast rivals, raising questions over economics
US President Donald Trump's push to steer $54 billion of South Korean investment into Alaska LNG is putting a fresh focus on a 20 million-ton-a-year export project that would cost more than twice as much as a comparable US Gulf Coast plant. Trump unveiled the plan on Wednesday as part of a broader $200 billion South Korean package. Seoul quickly said it had not yet decided whether to fund Alaska LNG and would first review the project's commercial viability. "The question is whether Asian [Read more]
ConocoPhillips signs 20-year LNG deal with Venture Global
Venture Global and ConocoPhillips said on Thursday they had signed a 20-year liquefied natural gas (LNG) supply agreement under which ConocoPhillips will buy 1 million tonnes a year of LNG starting in 2030. The deal comes as ConocoPhillips looks to bolster its LNG portfolio while challenges stemming from the Iran conflict have affected QatarEnergy's LNG operations and expansion projects in which ConocoPhillips holds interests. Here are more details: * Under the agreement, ConocoPhillips [Read more]
Canada to fast track oil pipeline designed to diversify economy away from US
Canada will fast track the approval process for a new proposed crude oil export pipeline to its west coast that could generate over C$20 billion ($14 billion) a year in GDP, Prime Minister Mark Carney said on Thursday. The pipeline, which was announced in July, is a crucial part of Carney's bid to diversify the economy away from the United States and help lessen the effect of U.S. President Donald Trump's tariffs. Carney said Ottawa would officially list the Pacific Link pipeline as a [Read more]
If a bruising third quarter can’t halt Wall Street, what can?: McGeever
Wednesday closed the books on an extraordinary quarter. A 40% rebound in Brent crude oil, record-high diesel prices, bond yields at 20-year highs and AI's threat to wipe out humanity gave investors no shortage of reasons to retrench. Yet faced with that formidable wall of worry, US and world stocks still scaled fresh record highs. Equities weren't exactly booming. The S&P 500 rose only 2%. But considering the dismal backdrop and the fact that the third quarter followed the strongest [Read more]
Global bonds gripped by fresh selling, US 10-year yield hits 24-year high
Global bonds were engulfed by heavy selling again on Thursday, with borrowing costs for governments from the US to France and Japan surging to levels not seen in decades and stocks shaken as the turmoil began to spill into broader markets. The 10-year US Treasury yield, a yardstick for global borrowing costs and asset prices, rose to 5.34%, its highest since 2002, having posted its biggest quarterly rise this century in the three months to September. The relentless rise in yields, which [Read more]
Trump says he is still considering diesel export ban
US President Donald Trump said on Wednesday that he has conversations about banning diesel exports "every day" as the White House races to curb soaring energy prices. Speaking from the Oval Office, Trump said that an export ban would "have a negative impact on gasoline" prices, but could lower diesel costs. He said the Ukraine-Russia war, with strikes from either side impacting energy production and exports, is the main cause of rising diesel prices and added "we think we're in a very good [Read more]
Is the US security umbrella closing?
By Andrew Mills Sept 30 - A flydubai flight from Dubai to Tel Aviv transmitted emergency signals over Jordanian airspace on Wednesday morning, diverting to Saudi Arabia, initially raising fears of a potential hijacking. The Boeing 737 landed safely at Tabuk airport. What appears to have occurred is a physical altercation between the pilots in the cockpit, with one wielding a knife. Israel’s defence minister said preliminary information suggested an attempt to crash the plane. Passengers [Read more]
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