German energy firm Uniper has signed a preliminary agreement to secure liquefied natural gas from a key project in Canada, a joint statement said on Monday, the latest sign of an intensifying energy partnership between the two countries. The deal to procure LNG from Canada's Ksi Lisims, a proposed export facility to be located on British Columbia's Pacific coast, comes hot on the heels of a similar deal by Uniper's German peer SEFE last month. * Uniper and Ksi Lisims LNG have signed a [Read more]
News
Why are the Houthis threatening to attack Red Sea shipping and what does it mean for oil markets?
June 8 - Yemen's Iran-aligned Houthis said on Monday that they would ban ships linked to Israel from the Red Sea after Israel renewed its military attacks on Iran, adding to concerns about global shipping and energy flows. This is why it matters and what it means for the Iran war and the global energy crisis: HOW BIG IS THE RISK TO GLOBAL ENERGY MARKETS? Iran's closure of the Strait of Hormuz since Israel and the United States attacked it on February 28 has disrupted most oil and other [Read more]
Oil market calm masks a host of unknowns: Bousso
The biggest oil supply shock in decades has entered its fourth month – with no resolution in sight as neither the U.S. nor Iran appears willing to budge - yet the market remains surprisingly calm. This disconnect reflects an uncomfortable reality: the biggest drivers of today’s energy market are a host of unknowns. The renewed strikes between Iran and Israel over the weekend have sent oil prices up over 4% to $98 a barrel on Monday, but Brent crude remains well below levels seen only a few [Read more]
Fifth straight rate hold expected as Bank of Canada meets Wednesday
Economists expect the Bank of Canada to hold its benchmark interest rate steady for the fifth straight time when it meets Wednesday, but its messaging could shed light on how it is navigating ongoing geopolitical uncertainties. The central bank held its policy rate at 2.25 per cent when it last met in April. Bank of Canada governor Tiff Macklem at the time did not rule out future adjustments depending on how risks play out. He had said "monetary policy may need to be nimble" as the central [Read more]
Hormuz strait will be open but with transit fees, Iran envoy to Moscow quoted
The Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit fee, Iran's ambassador to Moscow was quoted as saying on Monday. The U.S.-Israeli war on Iran has largely cut oil flows via the strait, which before the conflict saw one-fifth of the world's oil pass through. Several tankers have managed to leave the Gulf recently, but oil and liquefied natural gas flows are still severely constrained. "Of course, this strait will be open, but with [Read more]
Saudi Arabia sharply cuts July OSP for Asia on slow demand
Saudi Arabia has cut its official selling prices (OSPs) for crude oil to Asia in July for a second month, as expected, as spot premiums eased on slow demand despite supply disruptions tied to the U.S.-Israeli war with Iran. The July OSP for flagship Arab Light crude has been set at a premium of $9.50 a barrel above the average Dubai and Oman quotes, a pricing document by Saudi Aramco showed on Monday, $6 a barrel lower than the OSP for June. July OSPs for other Saudi grades to Asia also [Read more]
Israeli military identifies missiles launched from Iran
The Israeli military said it identified missiles launched from Iran toward the territory of the state of Israel a short time ago, adding that defense systems are operating to intercept the threat. (Reporting by Eman Abouhassira; Editing by Edmund Klamann) [Read more]
Iran rejects idea of its assets being used to pay damages to US allies
Iran's Deputy Foreign Minister Kazem Gharibabadi said on Sunday that regional governments were "not in a position to demand reparations", responding to what he said were reports that the U.S. could use Iranian assets to compensate regional allies for war-related damages. Gharibabadi added in a post on X that Iran's assets were "neither war spoils for Washington nor a payment fund for its allies". Reuters reported on Saturday, citing a source familiar with the matter, that the United States [Read more]
Iran’s top negotiator threatens US targets over Lebanon escalation
The U.S. naval blockade of Iran and its green light on Sunday for Israel to escalate attacks in Lebanon make U.S. bases and Israeli assets in the Middle East legitimate targets, Iran's top negotiator said in a post on X. The comments from Iran's Parliament speaker, Mohammad Baqer Qalibaf, follow Israeli attacks on the southern suburbs of Lebanon's capital, a stronghold of Iran's ally Hezbollah. "They are neither committed to a ceasefire nor believe in dialogue, and through the naval [Read more]
Five things to watch for in the Canadian business world in the coming week
TORONTO - Five things to watch for in the Canadian business world in the coming week: Energy conference The Global Energy Show is set to kick off in Calgary on Tuesday. Among the scheduled speakers are federal Natural Resources Minister Tim Hodgson, the premiers of Alberta, Saskatchewan and the Northwest Territories and the CEO of Abu Dhabi National Oil Co.'s upstream division. Trade figures Statistics Canada will release its international merchandise trade numbers for April on [Read more]
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