News

  OTTAWA, ON, March 25, 2026   /CNW/ - The world is changing rapidly. In response, Canada is transforming its economy to be more resilient, competitive, and prepared for a low-carbon future. A key part of this effort is reducing emissions from the oil and gas sector and ensuring Canadian energy remains a reliable and responsible choice in global markets. By working with provinces and territories, Canada is cutting pollution, driving innovation, and supporting high-paying careers – [Read more]

U.S. shale producer Devon Energy will not react quickly to the jump in oil prices and will instead focus on long-term price signals, its CEO Clay Gaspar said on Wednesday at the CERAWeek energy conference in Houston. Here are some details: * "We will not be oversteering on near-term signals," Devon CEO Clay Gaspar said on the sidelines of the conference, nor will it react to front-month prices, he added. * Front-month U.S. crude futures traded as high as $119 a barrel on March 9, [Read more]

Iraqi oil production has slumped as the Iran war rages, with storage tanks reaching high and critical levels while the country is unable to export crude via the Strait of Hormuz, three Iraqi energy officials said on Wednesday. Output from Iraq's main southern oilfields has further fallen by about 80% to around 800,000 barrels per day (bpd), the officials added. Earlier this month, Iraqi oil production from its main southern oilfields had already fallen by about 70% to around 1.3 million [Read more]

Oil prices sank about 5% on Wednesday after reports the United States had sent Iran a 15-point proposal aimed at ending the war, prompting talk of progress toward a ceasefire and despite Israel and Iran exchanging airstrikes. Brent crude futures was down $5.66, or 5.42%, to $98.83 a barrel by 1022 GMT, after falling as low as $97.57. U.S. West Texas Intermediate crude futures were down $4.82, or 5.22%, at $87.53, off a low of $86.72. Both benchmarks rose nearly 5% on Tuesday, before paring [Read more]

BlackRock CEO Larry Fink said oil prices could reach $150 a barrel and cause a "global recession" if Iran "remains a threat" even after the war ends. "If there is a cessation of war, and yet Iran remains a threat, a threat to trade, a threat to the Strait of Hormuz, a threat to this peaceful coexistence of the GCC region, then I would argue that we could have years of above $100 closer to $150 oil which has profound implications in the economy," Fink told BBC's Big Boss Interview podcast [Read more]