Alberta and Ontario on Monday proposed a new 2,050-mile (3,300-km) crude oil pipeline between the two Canadian provinces that they said would initially move 500,000 barrels per day and reduce reliance on foreign markets. * The proposed pipeline would run from Hardisty, Alberta, to refineries in Sarnia, Ontario, and could eventually move 800,000 bpd, the provinces said in a release. * The two provinces said a feasibility study should be ready by the end of the year but made no mention of who [Read more]
World absorbs historic Iran war oil supply loss, but depleted stocks bring risks
The world has absorbed with surprising ease the loss of over a billion barrels of oil supply since the Iran war began, but, with long-term peace elusive and buffer reserves now drained, it still faces the looming risk of future price spikes. Tehran's throttling of the Strait of Hormuz in response to the U.S. and Israeli attacks launched on February 28 fed fears of a catastrophic global energy crunch. The ensuing four-month conflict did, indeed, create the biggest energy disruption in history, [Read more]
Khamenei funeral signals Iran’s defiance and new regional order
The funeral of late Iranian Supreme Leader Ayatollah Ali Khamenei was more than a national farewell. The sea of mourners in Tehran sent a message to the United States and Israel that their attempt to break the Islamic Republic had failed. Rather than looking weakened by the war that began with U.S. and Israeli strikes on February 28, Iran presented itself as defiant, unified and determined to shape what comes next. That defiance and ability to survive now underpins Iran's negotiating [Read more]
Saudi Arabia cuts August Arab Light Asia OSP, biggest drop in over two decades
Saudi Arabia has set the August official selling price (OSP) for its flagship Arab Light crude to Asia at $1.50 a barrel below the Oman/Dubai average, an $11 cut from the previous month and the biggest drop in more than two decades, according to a Saudi Aramco pricing statement released on Monday. Reuters data dating back to 2003 show the reduction is the largest on record. The August OSP is the lowest level since June 2020 and compares with a premium of $9.50 a barrel in the previous [Read more]
OPEC+ to boost crude output, but can it deliver and who will buy?: Russell
The decision by OPEC+ to increase crude oil production quotas for a fifth straight month from August raises two questions. Can they actually ship the increased output and if they can, who will buy it? The seven core members of OPEC+, which groups together OPEC and allied producers such as Russia, agreed at a meeting on Sunday to lift quotas by 188,000 barrels per day from August, taking the total increase to almost 800,000 bpd since April. The first question will be answered in the [Read more]
BP exits Bay du Nord oil project, leaving Equinor as sole owner
BP has agreed to sell its stake in the Bay du Nord offshore oil project in Canada to partner Equinor as the British energy major sharpens its focus on higher-return opportunities. Under the agreement, Norway's Equinor will become the sole owner of Bay du Nord, acquiring BP's 37.2% stake, the companies said on Monday without disclosing financial terms. The agreement represents another step in BP's efforts to reshape its portfolio to improve profitability, reduce debt and focus capital on [Read more]
Oil drifts down after OPEC+ agrees to raise output targets
Oil prices inched lower on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. Brent crude futures fell 34 cents, or 0.47%, to $71.78 a barrel by 0408 GMT after settling 0.45% higher on Friday. U.S. West Texas Intermediate crude was at $68.49 a barrel, down 20 cents, or 0.29%. There was no settlement for WTI on Friday as U.S. markets were closed ahead of [Read more]
Iran exploring oil sales to Japan, buyers seek longer sanctions waiver, sources say
Iran has begun talks with Japanese companies under a U.S. sanctions waiver allowing it to resume oil sales, though prospective buyers are seeking a longer waiver and reassurances about ship safety, three Iranian and Western sources said. The waiver, part of 60-day peace talks between Tehran and Washington, was issued on June 22 and expires August 21. Three Japanese buyers were looking at possible crude oil purchases from Iran, their first since 2019, said two Iranian sources, who declined [Read more]
Iraq approves preliminary agreements to study strategic oil export pipeline projects
Iraq's cabinet approved Basra Oil Company signing "a heads of agreement", or preliminary agreement, and a non-disclosure agreement with a consortium including U.S. companies Capital TI and Chevron and Qatar's UCC to study strategic oil export pipeline projects, according to a cabinet statement. The consortium will prepare technical and financial feasibility studies comparing proposed routes including Basra-Haditha-Kirkuk-Ceyhan and Basra-Haditha-Baniyas. The cabinet said the agreements would [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Friday. WCS for August delivery in Hardisty, Alberta, settled at $15.15 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $15.25 a barrel on Thursday. * The discount is now trading at levels similar to May, having unwound most of the tightening that took place in June. * Market players are pricing for more crude in the U.S. market as a result [Read more]
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