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U.S. President Donald Trump on Wednesday defended the U.S. deal with Iran in his remarks at the close of a G7 summit in France, saying he did not want to see an economic catastrophe that could have been triggered by a continued war in the Middle East. "So the one thing I didn't want to see is, I didn't want to see economic catastrophe. If you kept this going, that could have happened," Trump told reporters in the lakeside resort of Evian-les-Bains. The U.S. president said he did not want to be [Read more]

U.S. crude oil inventories fell for a 10th straight week last week as demand surged, pushing total stockpiles to their lowest level in over 40 years as the Iran war continues to upend global energy markets, the U.S. Energy Information Administration said on Wednesday. Total crude inventories, including commercial stocks and those in the Strategic Petroleum, plunged by 17.2 million to 758.5 million barrels last week, its lowest since March 1985, the EIA said. The total stocks, including [Read more]

CALGARY - A senior portfolio manager at Ninepoint Partners is expecting an US$80 floor price for oil even after the eventual reopening of the Strait of Hormuz. Eric Nuttall says in his firm's mid-year outlook report that global inventories will have to be restocked after nearly four months of fighting in the Middle East, creating sustained demand for crude. The strait, a narrow waterway through which roughly one-fifth of the world's crude supply normally transits by tanker, has been [Read more]

While U.S. President Donald Trump has recently hailed the resumption of oil flows from Gulf allies, Iran, too, appears to be gearing up to resume exports and trading. At least three tankers carrying some five million barrels of Iranian oil have sailed through the U.S. naval blockade this week, shipping data shows, despite the U.S. military saying its operations against Iran-linked shipping will stay in place until Friday. The oil market has focused on a deal to end the Iran war which Trump [Read more]

U.S. crude oil and gasoline stockpiles fell last week, while distillate inventories rose, the U.S. Energy Information Administration said on Wednesday. Crude inventories fell by 8.3 million barrels to 418.2 million barrels in the week to June 12, the EIA said, compared with analysts' expectations in a Reuters poll for a 4.6 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.6 million barrels in the week, the EIA said. Oil futures extended gains following [Read more]

The United Arab Emirates' oil output could exceed 5 million bpd next year as it moves to expand production after its exit from OPEC, making it a major driver of non-OPEC+ supply growth, the International Energy Agency said on Wednesday, The UAE said its decision to leave OPEC, announced earlier this year, was aimed at prioritising production capacity expansion and maximising the value of its resources, freeing output from the constraints of the group's quotas. Its total oil output is [Read more]

In Alberta's oil patch, remote doesn't mean impossible,  but it does mean creative. For junior producers pushing development into areas where grid infrastructure hasn't caught up, the challenge of powering a new multi-well oil battery can be as complex as the drilling program itself. That's a reality one Central Alberta junior producer recently navigated, and the solution they found is a model worth paying attention to. A Common Problem, Often Underestimated The project involved the [Read more]

June 17 - Canada Pension Plan Investment Board (CPP Investments) said on Wednesday that it would partner with India's CtrlS Datacenters byinvesting 70 billion rupees ($740.54 million) in the company and related projects. Here are some key details: * CPP Investments said the partnership would support CtrlS's expansion in India's digital infrastructure market and help the company build data centre capacity to meet rising demand from cloud companies, artificial intelligence applications and [Read more]

The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz, the International Energy Agency said in its monthly oil market report on Wednesday. The U.S. has announced an interim agreement to end the Iran war, which includes Iran reopening the strait and the U.S. lifting its naval blockade of Iran, potentially bringing an end to the largest oil supply disruption in history. The war is estimated to have blocked more than 14 [Read more]