CALGARY - An oil market expert says the supply jolt triggered by war raging in the Middle East underscores why it's important for countries — including Canada — to keep energy stored in reserve in case of emergency. Rory Johnston, author of the Commodity Context newsletter, says the International Energy Agency's stipulation that only net importers need to hold supplies in reserves is an "old school view" that doesn't fit the current state of the world. The International Energy Agency has [Read more]
Overseas trade propels Port of Vancouver to record cargo volumes
MONTREAL - The Vancouver Fraser Port Authority says a record amount of cargo flowed through its terminals last year as shippers sought to grow overseas markets far from an increasingly protectionist United States. Freight volumes at the Port of Vancouver rose eight per cent to 170.4 million tonnes in 2025, according to the federal agency. The boost was driven by surging exports of grain, crude oil and potash as well as higher container and auto trade, all of which reached record [Read more]
Ottawa, Alberta reach prospective agreement on major project assessments
EDMONTON - Ottawa and Alberta have reached a prospective deal that they say will see major projects be approved more efficiently. In a joint announcement, the two governments say they'll work together when addressing the broader impacts of these projects, including on the environment. They say projects that fall under Alberta's jurisdiction will rely on the provincial regulatory process and Alberta's process will be integrated with Ottawa's for projects involving federal land and [Read more]
Middle East conflict could drive up costs across Canada’s supply chains: experts
OTTAWA - Analysts are warning the conflict in the Middle East could drive up costs across Canada's supply chains and compound price pressures at the grocery store in the weeks to come. Global oil prices have risen sharply in recent days as Israeli and U.S. attacks on Iran threaten to escalate into a wider conflict and turn the Strait of Hormuz — a critical channel for global energy shipments — into a choke point. Fraser Johnson of the Ivey Business School at Western University says that [Read more]
South Bow boss taking lessons from Keystone XL as it pursues new cross-border project
CALGARY - The chief executive of South Bow Corp. says spreading out risk among partners and customers will be key if it goes ahead with a new Alberta-U. S. pipeline project. CEO Bevin Wirzba says that was one of the lessons learned from a past attempt to expand its cross-border system — Keystone XL. The Calgary-based company, which used to be part of TC Energy Corp., has begun gauging customer interest in its Prairie Connector proposal, which would start in Hardisty, Alta., and [Read more]
South Bow gauging shipper interest in new Alberta-to-U. S. pipeline project
CALGARY - Oil pipeline operator South Bow Corp. says it is gauging customer interest in a new project to ship Alberta crude to multiple U.S. destinations. The Calgary-based company says it has begun soliciting binding commitments for long-term transportation service from Hardisty, Alta., to points south including the massive crude storage hub at Cushing, Okla., and the U.S. Gulf Coast. The bid process known as an "open season" is to last until the end of this month, and South Bow will take [Read more]
New coalition targets $100M for Canadian carbon removal projects by 2030
An emerging industry to remove carbon dioxide out of the atmosphere got a boost on Thursday with the launch of an initiative to raise another $100 million for those projects. The federal government, RBC, BMO and Shopify are among the founding members of what's being billed as the Advance Carbon Removal Coalition. The coalition says its members aim to mobilize $100 million in new support for Canadian carbon removal projects by 2030, on top of the $75 million they've contributed to [Read more]
Tourmaline sells Alberta natural gas assets for $765 million
CALGARY - Tourmaline Oil Corp. says it has sold natural gas assets in northwestern Alberta for $765 million. The Calgary-based company says the buyer of the Peace River High assets is a "Canadian senior producer" but did not disclose its identity. The Competition Bureau said in an online notice in late January that it did not plan to challenge a transaction between Tourmaline and Canadian Natural Resources Ltd., one of Canada's top oil and gas producers, but provided no further [Read more]
Ottawa agrees to cover Bay du Nord oil project’s UN fees, which could hit $1 billion
ST. JOHN'S - The Canadian government has agreed to cover fees for a proposed deepwater oil project that could come due under a United Nations convention, and officials say the tab could hit $1 billion. Federal Fisheries Minister Joanne Thompson confirmed the commitment Tuesday night at an event announcing Newfoundland and Labrador's benefits arrangement with Equinor for its Bay du Nord offshore oil development. The project would be built in an area about 500 kilometres off the east coast [Read more]
S&P/TSX composite tumbles 2 per cent, U.S. markets also down on Mideast war fears
TORONTO - Canada's main stock index dived, then pared back some of its losses to finish the day 2.2 per cent lower on Tuesday as investors worried about a widening of the war between Iran and the United States and Israel. “The big fear with this conflict, the social ramifications aside, is what's the impact going to be on energy and oil prices and how is that going to potentially translate into inflation?” said Michael Greenberg, head of Americas portfolio management at Franklin Templeton [Read more]
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