Venezuela this month resumed exports of a key crude grade that had not been shipped since late 2024, diluted crude oil (DCO), with U.S. Chevron sending a 500,000-barrel cargo to the U.S. Gulf Coast, a document from state energy company PDVSA seen on Friday showed. The grade, produced from a blend of extra heavy crude from the OPEC country's main oil region, the Orinoco Belt, and imported heavy naphtha, is popular among refiners in countries including the United States and India. If exports [Read more]
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Venture Global’s CP2 LNG plant costs increase by $4 billion
The anticipated construction cost for two phases of Venture Global's CP2 LNG liquified natural gas project has jumped by $4 billion, or just under 14%, the company said in an annual report released earlier this week. It cited design modifications, inflation and the potential impact of tariffs imposed by U.S. President Donald Trump, Venture Global is the second largest LNG exporter in the U.S. and was responsible for most of the output growth in the country last year. The company is [Read more]
South Bow says US, Canada policy shift boosts prospects for Keystone XL revival
The company behind a plan to revive the Keystone XL pipeline system to increase Canadian oil exports to the United States is hopeful a North American policy shift in favour of energy development will shelter its project from the political and regulatory hurdles that led to its cancellation in 2021. CEO Bevin Wirzba of Canadian pipeline operator South Bow said Friday the world has changed since U.S. President Joe Biden canceled the permit for Keystone XL after years of Indigenous and [Read more]
White House says US well on way toward controlling Iran airspace
The United States is well on its way toward controlling Iranian airspace, White House press secretary Karoline Leavitt said on Friday, adding that Washington expects the achievable U.S. objectives to be completed in four to six weeks. Speaking to reporters at the White House, Leavitt also said Washington was looking at potential candidates to lead Iran, a day after President Donald Trump told Reuters in an interview that the United States must be involved in choosing the next leader of [Read more]
US drillers add oil, gas rigs for first time in four weeks, Baker Hughes says
U.S. energy firms this week added oil and natural gas rigs for the first time in four weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by one to 551 in the week to March 6. Despite this week's rig increase, Baker Hughes said the total count was still down 41 rigs, or 7% below this time last year. Baker Hughes said oil rigs rose by four to 411 this week, their highest since early [Read more]
Ottawa, Alberta reach prospective agreement on major project assessments
EDMONTON - Ottawa and Alberta have reached a prospective deal that they say will see major projects be approved more efficiently. In a joint announcement, the two governments say they'll work together when addressing the broader impacts of these projects, including on the environment. They say projects that fall under Alberta's jurisdiction will rely on the provincial regulatory process and Alberta's process will be integrated with Ottawa's for projects involving federal land and [Read more]
Saudi Arabia says its fiscal position is strong as Iran turmoil spreads
Saudi Arabia's finance ministry said on Friday the kingdom's fiscal position was strong and it had access to multiple export routes including the Red Sea, a week into the U.S.-Israeli war with Iran which has spread turmoil in the region. "Economic activity across Saudi Arabia continues to operate normally," the finance ministry's spokesperson said in a statement that referred to "recent developments" but did not directly mention the conflict. "We continue to assess economic and fiscal [Read more]
QatarEnergy offers 10 LNG tankers for lease amid production halt, soaring shipping rates, sources say
QatarEnergy is offering 10 liquefied natural gas tankers for lease, two industry sources told Reuters, after the world's second-largest LNG exporter announced a production halt at its 77 million ton per annum (mtpa) facility and shipping rates soared, as the U.S.-Iran conflict heads into its second week. Qatari Energy Minister Saad al-Kaabi told the Financial Times it would take "weeks to months" to return to normal deliveries, even if the war ended today. The company declared force majeure on [Read more]
Rip up the glut forecasts – Mideast oil shock signals supply crunch: Bousso
The sudden and acute disruption to Middle East oil supplies caused by the U.S.-Israeli war with Iran is forcing buyers to tap every available barrel, rapidly dismantling forecasts of an oil glut this year. In February, the International Energy Agency forecast that global oil supply would exceed demand by around 3.7 million barrels per day (bpd) in 2026, with the surplus extending into the following year. A month later, that projection appears redundant. Nearly 15 million bpd of crude production, [Read more]
Middle East conflict could drive up costs across Canada’s supply chains: experts
OTTAWA - Analysts are warning the conflict in the Middle East could drive up costs across Canada's supply chains and compound price pressures at the grocery store in the weeks to come. Global oil prices have risen sharply in recent days as Israeli and U.S. attacks on Iran threaten to escalate into a wider conflict and turn the Strait of Hormuz — a critical channel for global energy shipments — into a choke point. Fraser Johnson of the Ivey Business School at Western University says that [Read more]
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