Iraq will not leave OPEC, but is seeking a fair output quota within the oil producer group, Iraqi Prime Minister Ali al-Zaidi said in an interview with Saudi-owned Al Arabiya TV, according to his office. Reuters reported in an exclusive in June that Iraq, the group's second-largest producer after Saudi Arabia and one of its five founding members, had considered leaving OPEC if the group did not allow Baghdad to significantly increase oil production. (Reporting by Nayera Abdallah; Editing [Read more]
Norway oil service workers’ strike cuts output by 2.4 million boe, industry group says
Norway's oil and gas production has been reduced by 2.4 million barrels of oil equivalent (boe) so far this year as a result of an ongoing pay strike by oil service workers, industry group Offshore Norway said on Thursday. Norway produced about 1.5 billion boe, or more than 4 million barrels of oil equivalent per day (boepd) from offshore fields, in 2025. The strike, which began on June 15 after wage talks broke down, has caused production losses worth an estimated 1.6 billion Norwegian [Read more]
Goldman says US-Iran escalation could slow recovery in Gulf oil supplies
Goldman Sachs said the latest strikes in the Strait of Hormuz could slow the ramp-up in Middle East oil production, while the cancellation of the U.S. sanctions waiver could once again weigh on exports of Iranian oil, which had only recently begun to recover. Oil prices extended gains on Thursday as the latest round of attacks and retaliation between the U.S. and Iran dented hopes for the full reopening of the Strait of Hormuz. Brent crude futures gained 1% to $78.88 a barrel as of 0421 [Read more]
Forget TACO. Trump’s best Mexican food acronym is TAMALES: Russell
One of the clever ways to deal with the unprecedented and disruptive U.S. presidency of Donald Trump is to make up acronyms using Mexican foods. This has given us TACO — Trump Always Chickens Out — to reflect the U.S. president's tendencyto escalate a situation before retreating once the economic and political costs become too heavy. Then there was EMPANADA — Everybody Makes Promises And Nobody Actually Delivers Anything — used to describe countries making outrageous and unachievable trade [Read more]
Discount on Western Canada Select narrows as global crude settles higher
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Wednesday. WCS for August delivery in Hardisty, Alberta, settled at $14.40 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $14.95 on Tuesday. * The discount so far this July has unwound most of the tightening that took place in June. Increased volumes of oil transiting through the Strait of Hormuz and the ongoing weakness in China's [Read more]
Meta to build C$13 billion Alberta data center, its first in Canada
Tech giant Meta announced Wednesday it will build a massive data center in central Alberta, the company's first in Canada, as it rapidly builds out computing capacity to support the global AI boom. The 1-gigawatt data center will be located in Sturgeon County and represents a total investment of C$13 billion, or $9.17 billion, Meta said. Meta has doubled down on AI, pledging hundreds of billions of dollars to build large AI data centers in the U.S. The Alberta announcement represents the [Read more]
How Iran’s ‘golden weapon’ of Hormuz became a bigger priority than its long-disputed nuclear programme
* Interim deal's wording fuels rival U.S.-Iran interpretations over who manages transit * Tehran once viewed shutting the waterway as a last resort * Iran won't start nuclear talks before Washington accepts its authority over the strait By Parisa Hafezi and Angus McDowall DUBAI, July 8 - Control over the Strait of Hormuz has become a "golden weapon" to Iran, for which it is willing to risk new escalations with the United States, and is a bigger priority than a nuclear programme for [Read more]
Chevron offers rival drillers its chemical technology to boost shale oil output
Chevron will allow rival oil producers to buy a chemical technology it developed to boost production from shale wells, the company said on Wednesday, as part of a broader push to increase U.S. oil output. The move comes as the U.S. shale industry, which transformed global energy markets nearly 20 years ago through the fracking boom, grapples with declining well productivity, which experts say is pushing companies either to drill more wells or adopt new technology to sustain output. Chevron [Read more]
Damaged Qatari LNG tanker awaits salvage after strike as Hormuz risks escalate
A Qatari LNG tanker was still stuck off Oman on Wednesday awaiting salvage operations, shipping data showed, a day after it was hit by a projectile, while the U.S. military said two other tankers had been targeted by Iran in recent days. The attacks on the tankers prompted Washington to revoke a licence allowing Iran to sell oil and U.S. forces to strike Iranian targets overnight. President Donald Trump said on Wednesday an interim agreement to end the war with Iran was "over", comments that [Read more]
Investors get inflation ‘wake-up call’ as Trump fires up oil prices
Global investors had a stark reminder of how quickly the oil market can reignite concern about inflation and volatility, after U.S. President Donald Trump said on Wednesday that an interim agreement with Iran to end the war "is over". Inflation-sensitive assets such as bonds and gold tumbled in the face of a 5% surge in oil. "It's a big wake-up call for markets," said Aneeka Gupta, director of macroeconomic research at Wisdomtree. The expectation had been "that we were likely to start [Read more]
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