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OTTAWA - Ottawa and Alberta are closing in on a deal on industrial carbon pricing. A source with knowledge of the discussions who was not authorized to speak publicly about them tells The Canadian Press the two governments expect to announce an effective carbon price of $130 per tonne of greenhouse gas emissions as of 2040. The agreement stems from the energy pact Canada and Alberta reached last fall which tied various climate policies to an Alberta oil pipeline to the West Coast. The [Read more]

OPEC on Wednesday lowered its forecast for global oil demand growth in 2026, joining other forecasters such as the International Energy Agency in cutting expectations due to the Iran war. The producer group sees a smaller hit to demand than the IEA, which earlier on Wednesday increased its estimate of the decline in oil use this year. OPEC said consumption would rebound later and raised its demand growth forecast for 2027. The war has effectively closed the Strait of Hormuz, a key global [Read more]

U.S. crude and gasoline stocks fell last week while distillate inventories rose, the U.S. Energy Information Administration said on Wednesday. Crude inventories fell by 4.3 million barrels to 452.9 million barrels last week, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.1-million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub dropped by 1.7 million barrels in the week ended May 8, the EIA said. Oil futures extended gains following the [Read more]

U.S. energy firms pulled a record 8.6 million barrels of crude from the Strategic Petroleum Reserve (SPR) in the week ended May 8, reducing the total amount of oil in the SPR to 384.1 million barrels, the lowest since October 2024, the U.S. Energy Information Administration said in its weekly Petroleum Status Report on Wednesday. That topped the prior weekly all-time high withdrawal of 8.4 million barrels in September 2022. (Reporting by Scott DiSavino and Shariq Khan in New York, Editing [Read more]

Annual electric power generation from utility-scale solar will surpass that from coal for the first time in 2026 within the electricity grid, the U.S. Energy Information Administration said in its latest Short-Term Energy Outlook on Wednesday. Solar generation in the Electric Reliability Council of Texas (ERCOT) grid, which serves most of the state, is forecast to reach 78 billion kilowatt-hours in 2026, compared with 60 billion kilowatt-hours from coal, the EIA said. Solar generation is [Read more]

The U.S. Energy Information Administration on Tuesday revised its earlier forecasts to reflect a much bigger and lengthier hit to global oil supplies from the Iran war than it previously projected, highlighting the uncertainty that has roiled broader energy markets since the conflict began three months ago. Energy analysts have found it difficult to predict the length and depth of disruptions to oil markets from the war in the Middle East, especially as U.S. President Donald Trump has issued [Read more]