OTTAWA - Prime Minister Mark Carney spoke with Ukrainian President Volodymyr Zelenskyy today about U.S. President Donald Trump's new diesel fuel supply agreement with Russia. The Prime Minister's Office says the two leaders discussed the new agreement for Russia to supply millions of tonnes of diesel fuel to the United States, which Trump announced on Friday. The PMO says Carney made clear this agreement runs against the efforts of Canada and its allies to end the war in Europe by [Read more]
Oilpatch convinced Pacific Link will go ahead, but less certain of timing: survey
CALGARY - A survey published this week by ATB Cormark suggests more than three quarters of oilpatch companies are convinced the Pacific Link pipeline to British Columbia and the Pathways carbon storage project will go ahead. But they're much less certain about when shovels will hit the ground. The investment firm surveyed 22 energy services companies, 27 exploration and production companies and 42 institutional investors from Sept. 14 to Sept. 28. That was days before the [Read more]
Diesel-fuelled price hikes could stoke food inflation this fall, experts warn
Food experts and economists expect the global run-up in diesel prices will have consumers bracing for a tough winter at the grocery store. The ongoing war in Iran has driven a global energy shock that has spurred higher prices on regular gasoline as well as diesel. The closure of the Strait of Hormuz is disrupting oil shipments from the Gulf region, as well as other critical inputs such as fertilizer. The diesel that fuels trucks and ships is a key input for Canada's food supply chain, [Read more]
Oilpatch profits vastly outpacing spending — at least for now: Deloitte
CALGARY - Canadian oil producers saw a 68 per cent surge in operating profits between the first and second quarters of this year, but capital spending hasn't kept anywhere near the same pace, says a new report from Deloitte Canada. The consulting firm notes that crude prices have experienced "considerable volatility" in recent months due to the Middle East war, with the international light benchmark, Brent, fluctuating between US$68 and US$105 per barrel in July and August alone. High [Read more]
Oil and gas emissions dropped in 2025 despite increased production: report
OTTAWA - Canada's oil and gas sector accounted for a lower level of emissions in 2025, despite boosts in production, while the country's overall emissions ticked up thanks to increased reliance on natural gas to heat homes. Those are among the findings in the Canadian Climate Institute's annual national emissions report, released Thursday. The institute, which receives three-quarters of its funding from the federal government, is releasing early estimates of Canada's year greenhouse gas [Read more]
Conservative motion seeking more diesel relief defeated in House of Commons
OTTAWA - The Conservative party's proposal to extend federal relief on diesel fuel was voted down in the House of Commons today. Global prices for diesel and gasoline have spiked since the spring as the war in Iran has disrupted fuel shipments from the Gulf region. The Liberal government already has extended an earlier pause on the federal fuel excise tax, which includes diesel, into 2027, but the Conservatives want to see the government go further. The Conservatives tabled a motion [Read more]
Conservatives call for boost in Canadian diesel production, cut to diesel taxes
OTTAWA - Conservative members of Parliament are calling for a boost to Canadian diesel production to one million barrels per day as the price for the fuel continues to soar. Fuel prices have increased globally in recent months as wars in Iran and Ukraine impact world oil supplies. Statistics Canada reports diesel prices across the country in August were up between 60 and 90 cents on average compared with where they were a year ago. Conservative energy critic Carol Anstey said Canadians [Read more]
Cenovus Energy signs deal to buy Athabasca Oil in deal valued at $5.7 billion
CALGARY - Cenovus Energy Inc. has signed a deal to buy Athabasca Oil Corp. in a cash-and-stock deal valued at $5.7 billion. Cenovus CEO Jon McKenzie says Athabasca’s high-quality, long-life assets fit the company's portfolio and provide a clear opportunity to improve performance, grow production and create long-term shareholder value. Cenovus says the deal adds about 45,000 barrels of oil equivalent per day of production. Under the terms of the agreement, Athabasca shareholders will [Read more]
Suncor selling non-core offshore assets to Ithaca Energy
CALGARY - Suncor Energy Inc. says it has signed a deal to sell a group of non-core offshore assets to Ithaca Energy plc. Under the agreement, Ithaca will make an upfront payment $1.2 billion plus up to an additional $350 million in contingent payments, based on future oil prices. The deal includes a 48 per cent interest in Terra Nova, a 40 per cent interest in White Rose and a 38.6 per cent stake in interest in West White Rose. In addition, Ithaca will assume investment commitments and [Read more]
Two injured in gas plant fire near Calgary; one in critical condition
CHANCELLOR - Two people have been injured in a gas plant fire in southern Alberta. A spokesperson for STARS air ambulance says a man in his 70s was transported from the plant, about 88 kilometres east of Calgary, to hospital. He was listed in critical condition. Wheatland County Fire Services responded to the fire at the Canadian Natural Resources facility at 5:30 a.m. The blaze was later declared under control. Fire crews say the surrounding area was evacuated as a [Read more]
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