Saudi Arabia has set the August official selling price (OSP) for its flagship Arab Light crude to Asia at $1.50 a barrel below the Oman/Dubai average, an $11 cut from the previous month and the biggest drop in more than two decades, according to a Saudi Aramco pricing statement released on Monday. Reuters data dating back to 2003 show the reduction is the largest on record. The August OSP is the lowest level since June 2020 and compares with a premium of $9.50 a barrel in the previous [Read more]
News
OPEC+ to boost crude output, but can it deliver and who will buy?: Russell
The decision by OPEC+ to increase crude oil production quotas for a fifth straight month from August raises two questions. Can they actually ship the increased output and if they can, who will buy it? The seven core members of OPEC+, which groups together OPEC and allied producers such as Russia, agreed at a meeting on Sunday to lift quotas by 188,000 barrels per day from August, taking the total increase to almost 800,000 bpd since April. The first question will be answered in the [Read more]
Logan Energy Corp. increases 2026 production guidance following strong first half results and expands capital budget
CALGARY, AB, July 6, 2026 /CNW/ - Logan Energy Corp. (TSXV: LGN) ("Logan" or the "Company") is pleased to announce increased 2026 production guidance, an expanded 2026 capital budget and an update on recent operational performance and land acquisitions. UPDATED GUIDANCE HIGHLIGHTS Increased 2026 average production guidance to 17,000 to 18,000 BOE/d, up 1,000 BOE/d from previous guidance of 16,000 to 17,000 BOE/d. The 2026 guidance midpoint of 17,500 BOE/d [Read more]
BP exits Bay du Nord oil project, leaving Equinor as sole owner
BP has agreed to sell its stake in the Bay du Nord offshore oil project in Canada to partner Equinor as the British energy major sharpens its focus on higher-return opportunities. Under the agreement, Norway's Equinor will become the sole owner of Bay du Nord, acquiring BP's 37.2% stake, the companies said on Monday without disclosing financial terms. The agreement represents another step in BP's efforts to reshape its portfolio to improve profitability, reduce debt and focus capital on [Read more]
Oil drifts down after OPEC+ agrees to raise output targets
Oil prices inched lower on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. Brent crude futures fell 34 cents, or 0.47%, to $71.78 a barrel by 0408 GMT after settling 0.45% higher on Friday. U.S. West Texas Intermediate crude was at $68.49 a barrel, down 20 cents, or 0.29%. There was no settlement for WTI on Friday as U.S. markets were closed ahead of [Read more]
Iran exploring oil sales to Japan, buyers seek longer sanctions waiver, sources say
Iran has begun talks with Japanese companies under a U.S. sanctions waiver allowing it to resume oil sales, though prospective buyers are seeking a longer waiver and reassurances about ship safety, three Iranian and Western sources said. The waiver, part of 60-day peace talks between Tehran and Washington, was issued on June 22 and expires August 21. Three Japanese buyers were looking at possible crude oil purchases from Iran, their first since 2019, said two Iranian sources, who declined [Read more]
Iraq approves preliminary agreements to study strategic oil export pipeline projects
Iraq's cabinet approved Basra Oil Company signing "a heads of agreement", or preliminary agreement, and a non-disclosure agreement with a consortium including U.S. companies Capital TI and Chevron and Qatar's UCC to study strategic oil export pipeline projects, according to a cabinet statement. The consortium will prepare technical and financial feasibility studies comparing proposed routes including Basra-Haditha-Kirkuk-Ceyhan and Basra-Haditha-Baniyas. The cabinet said the agreements would [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Friday. WCS for August delivery in Hardisty, Alberta, settled at $15.15 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $15.25 a barrel on Thursday. * The discount is now trading at levels similar to May, having unwound most of the tightening that took place in June. * Market players are pricing for more crude in the U.S. market as a result [Read more]
Who are the partners behind a proposed new West Coast oil pipeline?
CALGARY - Alberta's pitch to the major projects office for a new oil pipeline to the West Coast is being billed as a public-private partnership, though its current structure skews almost entirely toward the public end of the spectrum. Ninety per cent of the proposal would be in the hands of provincial and federal Crown corporations — at least in the beginning. Energy infrastructure company Pembina Pipeline Corp. would be a minority partner. Here is a rundown of what each entity does and [Read more]
$437,611.98 administrative penalty issued to Entrada Resources Inc.
On June 30, 2026, the Alberta Energy Regulator (the AER) issued an administrative penalty decision on Entrada Resources Inc. (Entrada) in the amount of $437,611.98 for three contraventions of the Environmental Protection and Enhancement Act (EPEA) and one contravention of the Pipeline Rules, AR 91/2005. On or about July 28, 2024, an AER investigation determined that Entrada released or permitted the release of oil emulsion that caused or may have caused a significant adverse effect on the [Read more]
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