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U.S. crude stocks rose last week, with flows from Venezuela and Mexico hitting their highest levels since 2024, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 6.2 million barrels to 449.3 million barrels in the week ended March 13, the EIA said, compared with analysts' expectations in a Reuters poll for a 383,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 944,000 barrels in the [Read more]

Iran issued an evacuation warning for several oil facilities across Saudi Arabia, the UAE, and Qatar, saying they would be targeted by strikes "in the coming hours", Iranian state media reported on Wednesday. The warning was directed at Saudi Arabia's Samref Refinery and Jubail Petrochemical Complex, the United Arab Emirates' Al Hosn Gas Field, and Qatar's Mesaieed Petrochemical Complex, Mesaieed Holding Company and Ras Laffan Refinery. "These centres have become direct and legitimate [Read more]

OTTAWA - The Bank of Canada held its benchmark interest rate at 2.25 per cent Wednesday as the economy performs below expectations but war in the Middle East threatens higher inflation. The central bank’s decision to hold its policy rate steady for a third consecutive time was widely expected but the future path for the policy rate is much less clear. War in the Middle East has sent global oil prices surging in recent weeks and those costs are already being felt at the gas pumps in [Read more]

Today’s rapidly changing oil prices have suddenly made some wells that were previously uneconomic, now an immediate source of revenue. But with the uncertainty and fluctuations happening daily, equipping a single well battery with a permanent setup could be risky. That’s where a vapour-tight production package could be the right fit. With no term commitment and the extreme ease of setup, Vapour-tight single well batteries are the right solution to get that production online. Equipped with [Read more]

A U.S. plan to help control global oil prices with a swap of millions of barrels of oil from the Strategic Petroleum Reserve depends on energy companies returning oil back to the facility with high premiums in the form of additional barrels, which some traders said could deter participation. The exchange is part of a wider agreement by countries in the International Energy Agency to release 400 million barrels of crude from reserves in an effort to tame prices that have risen during the [Read more]

President Donald Trump and congressional Republicans are betting the oil-price shock sparked by the Iran crisis will be too short-lived to hurt them politically in November, but traders and industry analysts see signs that U.S. pump prices will stay painfully high long after any diplomatic breakthrough. Oil prices have surged as the conflict disrupted global supply. U.S. crude topped $100 a barrel for the first time since the 2022 Russia-Ukraine shock. U.S. diesel climbed above $5 a gallon, its [Read more]