WASHINGTON - United States Trade Representative Jamieson Greer told Canadians looking for insights into the future of bilateral trade this week that "America First" is policy, not a slogan, and they should not expect a return to the way things were. Sources who attended a roundtable with U.S. President Donald Trump's trade czar in Washington on Wednesday told The Canadian Press that Greer was measured and pragmatic as he laid out the administration's policy goals ahead of the coming review of [Read more]
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Trump administration weighing measures to soon increase US oil output, Hassett says
The Trump administration is talking to oil companies and considering measures to increase production in the United States "really soon" to ease the impact of the Iran war on energy supplies, White House economic adviser Kevin Hassett said on Thursday. "We've been in constant communication with the oil companies, and have been considering measures that we could take here in the U.S. to increase U.S. production really soon," Hassett told reporters at the White House. "There are things, [Read more]
Equinor awards design and engineering contracts for Bay du Nord oil project off N.L.
ST. JOHN'S - Equinor has awarded contracts for front-end engineering and design work on its proposed Bay du Nord oil project off the East Coast of Newfoundland. The Norwegian energy giant has tapped Subsea Integration Alliance for design and engineering work on the project's subsea architecture, cables and flowlines. BW Offshore will help design Bay du Nord’s floating production and storage vessel, which the company is also supplying. Equinor has not yet decided to proceed with the [Read more]
Trader or driller? Iran war exposes Big Oil’s transatlantic divide: Bousso
European oil majors’ first-quarter profits were lifted by bumper trading gains as the Iran warupended supply chains, underscoring how the ability to shift barrels around the world can sometimes trump pumping them out of the ground. BP, Shell and TotalEnergies have spent years building vast oil trading machines that now sit at the heart of their business - setting the European majors apart from their larger U.S. peers, for better or worse. BP reported first-quarter net profit of $3.2 billionon [Read more]
US naval blockade squeezes Iran’s oil exports, forces crude onto floating storage
A U.S. naval blockade of Iranian ports has shrunk Tehran's oil exports, stranding a growing stockpile of crude on tankers as Iranian storage sites run out of space, shipping data showed and analysts said. With some vessels switching off tracking systems and U.S. forces turning back Iranian tankers, how much crude Iran is delivering to customers, particularly main customer China, is impossible to measure. Just a handful of carriers carrying Iranian crude have left the Gulf of Oman between [Read more]
US seeks to loan about 92.5 million barrels from Strategic Petroleum Reserve
The Trump administration is seeking to loan up to 92.5 million barrels of crude from the Strategic Petroleum Reserve to energy companies as it aims to calm oil markets that have spiked due to the war with Iran, it said on Thursday. The U.S. agreed in March to loan 172 million barrels from the SPR as part of a wider agreement with more than 30 countries in the International Energy Agency (IEA) to release about 400 million barrels to help relieve markets. Fatih Birol, the head of the IEA, has [Read more]
ConocoPhillips sees lower annual production as Iran war disrupts operations
Oil and gas producer ConocoPhillips on Thursday forecast lower annual output and excluded Qatar from its near-term outlook, citing the Iran war that has disrupted operations in the Middle East. ConocoPhillips is a partner in QatarEnergy's liquefied natural gas export plant, which is one of the world's largest providers of the superchilled gas. Iranian attacks on the facility have knocked out about a sixth of Qatar's LNG export capacity, worth about $20 billion a year, with repairs expected [Read more]
Why $100 oil is no longer spooking equity markets: Stephen Jen
Why have global equity markets been so resilient to the Iran oil shock? Because $100 a barrel oil doesn’t mean what it used to. Brent crude has risen around 70% since the Iran war began on February 28 to over $120 per barrel, as of early Thursday. Yet global equity markets, though volatile, are still substantially back above pre-war levels. While there are many explanations, the key one is rooted in math. The head of the International Energy Agency, Fatih Birol, has described the current oil [Read more]
Repsol is in no rush to list upstream unit in US, CEO says
Spain's Repsol is in no rush to list its oil and gas production unit in the United States, Chief Executive Josu Jon Imaz said on Thursday, tempering expectations about an initial public offering or reverse merger in the near future. Imaz had said late last year that the upstream unit was being prepared for a liquidity event in 2026, which could mean an IPO or a reverse merger with a company listed in the U.S. He said on Thursday while the unit was technically ready "to go to the American [Read more]
Iran war stasis brings US inflation expectations back to the boil: Mike Dolan
U.S. headline and core inflation are heading back above 3% once more, and inflation expectations for the year ahead are building a head of steam. The only crumb of comfort for the Federal Reserve is that long-dated price rise expectations are better behaved - but even these have been irked by the Iran-war-related oil shock. A relatively short energy market hiatus can be taken on the chin by most central banks for a while, but their big worry is that a protracted crude outage feeds the [Read more]
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