News

Iraq's Prime Minister Ali al-Zaidi said on Tuesday that Iraq needed a fair share within OPEC after he was asked by reporters whether he was considering leaving the oil producer group. Zaidi is on a trip to Washington as he aims to secure major U.S. investment in his country's oil, gas, and power sectors after the Iran war hammered crude output and state finances. "Iraq is one of the founding members of OPEC... Our right is to receive a fair share for Iraq," he told reporters at the White [Read more]

The price of Brent crude oil futures for prompt delivery rose on Tuesday to a one-month high over the price for oil six months later as traders priced in renewed risks to Middle Eastern supplies and shipping through the Strait of Hormuz. The first-month Brent contract traded $8.92 a barrel above the sixth-month contract, its largest premium since June 10. A market structure in which prompt contracts trade at a premium to later ones is known as backwardation and is typically viewed as a sign [Read more]

President Donald Trump on Tuesday told reporters ahead of a meeting with Iraqi Prime Minister Ali al-Zaidi that the United States would be doing a lot of deals with Iraq and taking a lot of oil out of the country. "Iraq has tremendous potential because of their oil... and we're going to be doing a lot of deals. We're going to create a lot of jobs for both countries, and we're going to be taking out a lot of oil," said Trump, without giving details. "A lot of oil is coming out, and the [Read more]

Cuba's national power grid collapsed on Tuesday, the energy ministry said, marking the third major blackoutin nine days on the island of about 10 million people. "There has been a total disconnection of the electrical system," the ministry said on social media. The frequent outages come as a U.S.-imposed oil blockade has crippled the island's already aging energy infrastructure. U.S. President Donald Trump imposed an oil blockade on the Caribbean island after Washington deposed Venezuelan [Read more]

U.S. President Donald Trump on Tuesday dropped the idea of charging a 20% fee on all cargo shipped through the Strait of Hormuz, and said he would instead take trade and investment deals with the Gulf states. The change of plan comes a day after Trump proposed charging a 20% fee to guard the waterway. "Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf [Read more]

As the Pad Electrification era in the Canadian Energy Sector expands, so too are the sizes of mobile Natural Gas Turbines available for D and C Operations. As of this year, Evolution Power will be deploying a mobile 3.2MW Natural Gas Turbine (the equivalent to approximately 4300 HP of diesel power) for remote upstream operations. Historically, heavy-duty diesel reciprocating generators served as the standard choice for remote pad power due to their portability and rapid transient response. [Read more]

Oil prices rose nearly 3% on Tuesday to their highest in four weeks, as the U.S. reimposed its naval blockade of Iran while the two countries stepped up attacks in the Strait of Hormuz, heightening uncertainty about energy flows. Brent crude futures were last up $1.50, or 1.8%, to $84.80 per barrel at 0330 GMT, while U.S. West Texas Intermediate crude rose $1.70, or 2.2%, to $79.84 a barrel. Both contracts earlier rose more than $2 a barrel before paring some gains, while Brent had surged [Read more]

One Indian crew member was killed and eight others were wounded when two Emirati oil tankers were struck by Iranian cruise missiles in the Strait of Hormuz, the United Arab Emirates Ministry of Defence said on Tuesday, in the latest escalation in the strategic waterway. The ministry said the tankers, the Mombasa and Al Bahiyah, were targeted in the southern lane of the strait while in Omani territorial waters. The dead crew member was aboard the Mombasa, it said. Of the eight wounded, four [Read more]