U.S. Interior Secretary Doug Burgum said on Wednesday that U.S. oil companies will soon announce increased production amid price spikes due to the ongoing Iran conflict. "I think you're going to see them all announcing that they've increased production, you know, here in the United States in response to the price signals and in response to the need that we have right now," Burgum told CNBC during an interview. (Reporting by Jasper Ward in Washington; Editing by Chris Reese) [Read more]
Canada looks for ways to increase oil production to curb price spikes from Iran war
Canada will look at ways to increase its crude production to help global efforts to stabilize oil prices in the face of the Iran war, Natural Resources Minister Tim Hodgson said on Wednesday. The Canadian government is talking to the country's oil producers about delaying planned maintenance projects at oil sands facilities in order to temporarily increase output, Hodgson told reporters in Ottawa. It is also asking Canadian refineries that are using imported oil to use more domestic oil, in [Read more]
US gasoline prices surpass $3.50 a gallon at the pumps as Iran war rages on
The national average retail price of gasoline crossed $3.50 a gallon this week to hit its highest since May 2024, data from price tracking services AAA and GasBuddy showed, as the Israel-U.S. war with Iran stokes supply concerns. Disruptions to Middle Eastern oil exports through the Strait of Hormuz have caused a surge in fuel prices across the globe that is threatening to pinch consumers' wallets and derail global economic activity. That could pose the biggest risk for U.S. President Donald [Read more]
Historic oil reserve release is only a band-aid on a gaping supply shock: Bousso
The International Energy Agency’s plan to release 400 million barrels of oil reserves is unprecedented in scale and desperately needed to blunt the devastating supply shock triggered by the Iran war. But it will offer only limited relief as long as energy exports from the Middle East remain blocked. The IEA said on Wednesday that its 32 member countries unanimously agreed to move forward with the biggest collective drawdown ever from their strategic petroleum reserves (SPR). The release is [Read more]
Shell declares force majeure to clients who buy Qatari LNG, sources say
Shell, the world's largest liquefied natural gas trader, has declared force majeure on LNG cargoes it buys from QatarEnergy and sells to its clients worldwide, three sources told Reuters on Wednesday. Qatar, the world's second-largest exporter of LNG, announced a production halt at its 77 million tons per annum (mtpa) facility last week and declared force majeure on LNG shipments. Shell declined to comment. Other Qatari LNG buyers, including TotalEnergies and some Asian companies, have [Read more]
IEA proposes largest ever oil release from strategic reserves, WSJ reports
The International Energy Agency has proposed the largest release of oil reserves in its history to bring down crude prices that have soared due to the U.S.-Israel war with Iran, the Wall Street Journal reported on Tuesday, citing officials familiar with the matter. The release would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine, WSJ said. The IEA is convening an [Read more]
US oil prices up nearly $3 as Middle East crisis constrains supply
U.S. West Texas Intermediate crude oil prices rose by $2.90 per barrel, or 3.5%, to $86.33 in early trade on Wednesday as supplies from the Gulf remain constrained amid the U.S. and Israeli war on Iran. Brent futures start trading at 0100 GMT. WTI rebounded after both contracts plunged by more than 11% on Tuesday, the steepest percentage drop since 2022, a day after U.S. President Donald Trump predicted a quick end to the war. The U.S. and Israel pounded Iran on Tuesday with what the [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 Tuesday as global oil prices plummeted after Trump's Middle East de-escalation prediction. WCS for April delivery in Hardisty, Alberta, settled at $12.75 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12.65 on Monday. * The discount on heavy Canadian crude remains almost a dollar tighter than when the U.S.-Israeli war on Iran [Read more]
Chevron, Shell closing in on first big oil production deals in Venezuela since US captured Maduro, sources say
International oil majors Chevron and Shell are closing in on the first big oil production deals with Venezuela since the U.S. capture of President Nicolas Maduro in January, five sources close to the negotiations told Reuters. The deals would allow both companies to boost production in coveted oil regions in the South American country, the biggest steps to date toward what U.S. President Donald Trump has said would be a $100 billion effort to rebuild Venezuela's oil industry after decades of [Read more]
LNG Canada ramps up output as Iran war threatens global gas supplies
LNG Canada, a Shell-led venture, has ramped up production and exports to Asia this month, LSEG data show, as the Iran war threatens Asian natural gas supplies which are particularly vulnerable to global disruptions. The LNG project in Kitimat, British Columbia, which began operations in June 2025, has exported five cargoes in the first 11 days of March, already exceeding half its total February volume, the data shows. A sixth shipment is due to depart on Tuesday. All cargoes have been sent to [Read more]
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