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The conflict between Iran and the United States and Israel is creating the worst energy crisis ever faced by the world, the head of the International Energy Agency (IEA) said on Tuesday. "This is indeed the biggest crisis in history," Birol told France Inter radio in an interview broadcast on Tuesday. "The crisis is already huge, if you combine the effects of the petrol crisis and the gas crisis with Russia," he added. The war in the Middle East has choked up maritime traffic in the [Read more]

Oil prices fell on Tuesday, reversing gains in the previous session, on expectations peace talks between the U.S. and Iran will take place this week and allow more supply to flow from the key Middle East producing region. Brent futures declined 95 cents, or 1%, at $94.53, as of 0003 GMT. U.S. West Texas Intermediate (WTI) crude futures for May fell$1.54, or 1.72%, to $88.07. The May contract expires on Tuesday and the more-active June contract was down $1.09, or 1.3%, at $86.37. Both [Read more]

EDMONTON - Alberta Premier Danielle Smith has signed a joint statement with South Korea to waive a three per cent tariff on crude exports from the oil-rich province. The Alberta government says the agreement will open up more market access for energy producers shipping bitumen from Canada. It says Alberta exported almost $400 million in crude oil to South Korea last year, but with tariffs removed, that number could grow to between $400 million and $1 billion annually. Smith has stated [Read more]

Oil production in North Dakota rose 4,000 barrels-per-day (bpd) to 1,130,000 bpd in February, monthly data from the state Industrial Commission showed. Bakken and Three Forks oil production stood at 1,101,000 bpd in the month. The data was released on the North Dakota Industrial Commission's general statistics webpage and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission's monthly index report, also available on its website. [Read more]

President Donald Trump invoked the Defense Production Act on Monday to sign a series of energy-related presidential memorandums, the White House announced, as his administration aims to tackle rising fuel prices as a result of U.S. and Israel's war on Iran. * Trump signed memorandums on coal supply chains, domestic petroleum production, natural gas transmission and liquefied natural gas capacity. * The U.S. president also signed memorandums on grid infrastructure and other energy-related [Read more]

U.S. President Donald Trump signed a memorandum on Monday saying action to expand the domestic petroleum production, refining, and logistics capacity is necessary to avert an industrial resource or critical technology item shortfall that would severely impair national defense capability, the White House said. (Reporting by Christian Martinez and Ismail Shakil; Editing by Caitlin Webber) [Read more]

Iran is considering attending peace talks with the United States in Pakistan, a senior Iranian official told Reuters on Monday, following moves by Islamabad to end a U.S. blockade of Iran's ports, a major hurdle for Tehran to rejoin peace efforts. However, the official stressed that no decision had been made. Adding to the uncertainty, a source told Reuters that Vice President JD Vance was still in the U.S., denying reports that he was already on his way to Pakistan's capital Islamabad for [Read more]