The situation in the Middle East shows the need for diversity in energy supplies, Jack Fusco, CEO of Cheniere Energy, the nation's largest U.S. liquefied natural gas exporter, said on Monday in Houston. The U.S.-Israeli war on Iran has throttled energy exports from the Middle East Gulf's Strait of Hormuz, a key transit point for a fifth of the world's oil and gas supply. Oil and gas prices have soared, as it may be months before supply issues are fully solved. The company's CFO Zach Davis told [Read more]
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Alberta to streamline major project approvals
To prevent unnecessary delays, Alberta’s government will bring forward legislation that, if passed, will set a 120-day approval timeline for major projects. On this page: Quick facts Related information Related news Major projects are on the horizon that will support Alberta in reaching its goals of doubling oil and gas production by 2035 and increasing market access. This accelerated process would improve coordination between government and [Read more]
Iran war disruption beyond 3-4 months poses systemic risk to global economy, Total CEO says
A disruption to global energy supplies from the U.S.-Israeli war on Iran lasting beyond three to four months would pose a systemic risk to the global economy, TotalEnergies CEO Patrick Pouyanne said on Monday. The disruption to global fuel supplies is worse than the disruption to crude oil supplies because it has been exacerbated by a Chinese export ban on products like diesel, gasoline and jet fuel, Pouyanne said at the CERAWeek energy conference in Houston. China banned the exports to [Read more]
Pipeline leak located more than a week after sheen first reported on Ontario river
A pipeline leak in Sarnia, Ont., has been located more than a week after a sheen reportedly turned up on the St. Clair River. Sun-Canadian Pipe Line says it pinpointed the leak on Saturday morning, nine days after the company said it was made aware of it on March 12. Suncor, which operates a Sarnia refinery, told local media it had located a "hydrocarbon sheen" on the St. Clair River on March 11 and it had been contained. The major Canadian oil company later said the leak was believed [Read more]
US, TotalEnergies to shift nearly $1 billion from wind to oil and gas
The United States and French energy major TotalEnergies said on Monday they would redirect nearly $1 billion from offshore wind leases to U.S. oil and natural gas production. The deal is the latest blow to the U.S. offshore wind industry, which has faced repeated disruptions to multi-billion-dollar projects under U.S. President Donald Trump. Trump has said he finds wind turbines ugly, costly and inefficient, and his administration has moved to increase domestic fossil fuel [Read more]
Gas tankers sail through Hormuz to India, most ships still stuck, data shows
Two tankers bound for India sailed through the Strait of Hormuz on Monday carrying liquefied petroleum gas (LPG) loaded in the United Arab Emirates and Kuwait, although overall traffic through the critical waterway remained blocked. Hundreds of vessels and some 20,000 seafarers have remained stranded inside the Gulf since Tehran threatened to attack ships attempting to leave via the Strait of Hormuz, through which about 20% of global oil and liquefied natural gas normally flow. The Pine [Read more]
US needs more energy development to power AI, Google president says
The U.S. may not be scaling electricity fast enough for the expansion of artificial intelligence, Google's President and Chief Investment Officer Ruth Porat said on Monday, speaking about the vast amounts of power needed to scale the company's AI data centers. "We are concerned that we are not full throttle on energy,” she said at the CERAWeek conference in Houston, Texas. (Reporting by Laila Kearney in Houston; Editing by Franklin Paul) [Read more]
Chevron CEO says it will take time for energy to recover from Middle East production hit
Chevron CEO Mike Wirth said he is uncertain how quickly shut-in production in the Middle East stemming from the ongoing U.S.-Israel war with Iran will return. "It will take time to come out of this," Wirth said on Monday at the CERAWeek conference in Houston. Tightness in the energy market due to the closure of the Strait of Hormuz has not been fully priced into forward oil prices, he said. "We've seen tightness in distillate products like diesel and jet (fuel) and in particular, Asia is [Read more]
Why $100 oil won’t break the American consumer: McGeever
No one likes expensive oil, especially in the U.S., where driving, spending, and energy-intensive economic activity are on such a vast scale. But despite fears to the contrary, the average U.S. consumer has never been better equipped to deal with $100-a-barrel oil. U.S. households are the richest they've ever been in nominal terms. They've rarely been better in relative terms either. Unemployment is also historically low, and, perhaps most importantly, gas and energy account for a [Read more]
Rise in oil prices slowing global economic growth, says ADNOC CEO
The rise in oil prices is slowing economic growth everywhere, the chief executive of UAE state-run energy giant ADNOC said on Monday. "Stability in energy markets underpins security in every market," ADNOC CEO Sultan Al Jaber said in a video speech to attendees at the CERAWeek energy conference in Houston. "Energy security is the difference between lights on and lights off." The U.S.-Israeli war on Iran has led to the effective shutdown of a fifth of oil and gas supplies through the [Read more]
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