* GCC growth forecast cut to 1.3% for 2026 due to lower hydrocarbon revenues * Kuwait and Qatar economies expected to contract this year * World Bank warns of lingering risks for the region DUBAI, April 8 - The World Bank has slashed its 2026 growth forecast for Middle East economies as a consequence of the war between the U.S.-Israel and Iran, and warned of pervasive risks in a report published on Wednesday. President Donald Trump late on Tuesday announced a two-week ceasefire in [Read more]
News
Saudi Arabia’s oil pipeline bypassing Hormuz damaged in Iranian attack, source says
Saudi Arabia's crucial East-West oil pipeline, currently its only outlet for crude exports, was hit in an Iranian attack and other facilities in the kingdom were also targeted, an industry source told Reuters on Wednesday. The pipeline was diverting around 7 million barrels per day (bpd) from the kingdom's oil heartland in the east to the Red Sea port of Yanbu after Iran effectively shuttered the Strait of Hormuz, trapping huge volumes of oil and gas and sending world energy markets [Read more]
Alliance Pipeline announces a binding open season for firm service in Alberta’s Industrial Heartland
CALGARY, AB: (March 2, 2026) Alliance Pipeline Limited Partnership (“Alliance”), fully owned and operated by Pembina Pipeline Corporation, announced today a binding open season (“Open Season”) for expansion capacity commitments of up to 350 mmcf/d of incremental natural gas delivery in Alberta’s Industrial Heartland (“Firm Heartland Service”) that will remain open until April 20, 2026. The Open Season is on the Canadian segment of the Alliance system in northwest Alberta for the Firm [Read more]
Global scarcities pound on Canada’s door
Among the several hundred browser tabs open on various devices - not joking, you should see my annoyed devices - are an assortment of (very) random pieces that are too interesting to abandon. The odd part is when some event happens in real time that pulls a bunch of these together into some previously non-existent coherence. Not necessarily cause and effect but more like second or third order consequences that were beyond me to spot until humanity’s unfathomable complexity upchucks a clear [Read more]
Competition Bureau obtains a court order to advance investigation into Keyera’s proposed acquisition in oil and gas industry
GATINEAU, QC, April 8, 2026 /CNW/ - The Competition Bureau has obtained a court order to gather information to advance its investigation into Keyera Corp's (Keyera) proposed acquisition of the Canadian natural gas liquids business of Plains All American Pipeline LP (Plains). Both Keyera and Plains are important midstream oil & gas companies in Canada. They also transport, fractionate, store, and market natural gas liquids in Fort Saskatchewan, Alberta, including ethane, propane, butane, [Read more]
Iran could open Strait of Hormuz in a controlled way ahead of meeting with US, senior Iranian official says
Iran could open the Strait of Hormuz in a limited and controlled way on Thursday or Friday ahead of a meeting between U.S. and Iranian officials in Pakistan, a senior Iranian official, involved in the talks, told Reuters on Wednesday. "If an understanding on a framework for talks is reached, the strait could be opened "limited, under Iran's control," the official said. "Coordinating with Iranian military will be mandatory for all ships. Still the ceasefire is fragile, however, we prefer [Read more]
Trump announces 50% tariffs on nations supplying Iran with weapons
U.S. President Donald Trump on Wednesday said any country supplying Iran with military weapons will face immediate 50% tariffs with no exemptions, announcing the duty in a social media post one day after agreeing to a two-week ceasefire with Tehran. (Reporting by Susan Heavey; Editing by Sharon Singleton) [Read more]
Iran’s IRGC say they targeted oil facilities including in Saudi Yanbu
Iran's Revolutionary Guards said on Wednesday that they attacked overnight energy complexes and oil transfer lines linked to the U.S. and Israel, including oil facilities in Saudi Arabia's port city Yanbu, state media reported. (Reporting by Reuters; Editing by Hugh Lawson) [Read more]
Deloitte sees Canada’s oilpatch as ripe for deals once turmoil blows over
CALGARY - It might be a busy market for mergers and acquisitions in Canada's oilpatch later this year, provided the geopolitical mayhem eases enough for buyers and sellers to find common ground on price, says a partner at consulting firm Deloitte. In a report published Wednesday, Deloitte said deal activity seemed to be on the upswing heading into this year after a decade-long lull. But with the U.S.-Israel war on Iran shaking global oil markets, the outlook now is much more hazy. "It's [Read more]
Shippers seek clarity on Hormuz reopening after US-Iran ceasefire deal
Shippers looking to revive the passage of tankers through the Strait of Hormuz were seeking clarity on the logistics, while refiners inquired about new crude loadings on Wednesday, in response to a ceasefire deal between the U.S. and Iran. Most stranded oil and gas tankers remained inside the Gulf, LSEG shipping data showed, hours after President Donald Trump announced the two-week ceasefire and said the U.S. would help with the traffic build-up. Iran's foreign minister, Abbas Araqchi, said that [Read more]
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