U.S. Interior Secretary Doug Burgum said on Wednesday that U.S. oil companies will soon announce increased production amid price spikes due to the ongoing Iran conflict. "I think you're going to see them all announcing that they've increased production, you know, here in the United States in response to the price signals and in response to the need that we have right now," Burgum told CNBC during an interview. (Reporting by Jasper Ward in Washington; Editing by Chris Reese) [Read more]
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Canada looks for ways to increase oil production to curb price spikes from Iran war
Canada will look at ways to increase its crude production to help global efforts to stabilize oil prices in the face of the Iran war, Natural Resources Minister Tim Hodgson said on Wednesday. The Canadian government is talking to the country's oil producers about delaying planned maintenance projects at oil sands facilities in order to temporarily increase output, Hodgson told reporters in Ottawa. It is also asking Canadian refineries that are using imported oil to use more domestic oil, in [Read more]
US gasoline prices surpass $3.50 a gallon at the pumps as Iran war rages on
The national average retail price of gasoline crossed $3.50 a gallon this week to hit its highest since May 2024, data from price tracking services AAA and GasBuddy showed, as the Israel-U.S. war with Iran stokes supply concerns. Disruptions to Middle Eastern oil exports through the Strait of Hormuz have caused a surge in fuel prices across the globe that is threatening to pinch consumers' wallets and derail global economic activity. That could pose the biggest risk for U.S. President Donald [Read more]
Historic oil reserve release is only a band-aid on a gaping supply shock: Bousso
The International Energy Agency’s plan to release 400 million barrels of oil reserves is unprecedented in scale and desperately needed to blunt the devastating supply shock triggered by the Iran war. But it will offer only limited relief as long as energy exports from the Middle East remain blocked. The IEA said on Wednesday that its 32 member countries unanimously agreed to move forward with the biggest collective drawdown ever from their strategic petroleum reserves (SPR). The release is [Read more]
Iran war supply jolt underscores importance of emergency oil reserves: expert
CALGARY - An oil market expert says the supply jolt triggered by war raging in the Middle East underscores why it's important for countries — including Canada — to keep energy stored in reserve in case of emergency. Rory Johnston, author of the Commodity Context newsletter, says the International Energy Agency's stipulation that only net importers need to hold supplies in reserves is an "old school view" that doesn't fit the current state of the world. The International Energy Agency has [Read more]
Shell declares force majeure to clients who buy Qatari LNG, sources say
Shell, the world's largest liquefied natural gas trader, has declared force majeure on LNG cargoes it buys from QatarEnergy and sells to its clients worldwide, three sources told Reuters on Wednesday. Qatar, the world's second-largest exporter of LNG, announced a production halt at its 77 million tons per annum (mtpa) facility last week and declared force majeure on LNG shipments. Shell declined to comment. Other Qatari LNG buyers, including TotalEnergies and some Asian companies, have [Read more]
SLB Provides Update on Middle East Operations and First Quarter Outlook
HOUSTON--(BUSINESS WIRE)--SLB (NYSE: SLB) continues to closely monitor the unfolding situation in the Middle East and adapt its operations. The safety and security of SLB’s employees is the highest priority, and the company has activated local and regional crisis response teams that are meeting daily. Travel to and transit through the region have been suspended, and the company has begun to demobilize operations in a few countries in response to customer actions to safeguard personnel and [Read more]
Hemisphere Energy Declares Special Dividend and Announces 2025 Year-end Reserves
Vancouver, British Columbia--(Newsfile Corp. - March 11, 2026) - Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) ("Hemisphere" or the "Company") is pleased to announce that its Board of Directors has approved the declaration of a special dividend to shareholders, as well as highlights from its independent reserves evaluation (the "Reserve Report"), prepared by McDaniel & Associates Consultants Ltd. ("McDaniel") and effective as at December 31, 2025. Special Dividend In light [Read more]
Frontera announces definitive agreement with Parex to divest its Colombian E&P assets portfolio for a firm value of approximately $750 million, including $525 million equity consideration
CALGARY, AB, March 10, 2026 /CNW/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") announces it has entered into a definitive arrangement agreement with Parex Resources Inc. (TSX: PXT) ("Parex") (the "Parex Arrangement Agreement"), pursuant to which Parex will acquire Frontera's upstream Colombian exploration and production business (the "Frontera E&P Assets") for an equity consideration of up to $525 million (the "Parex Arrangement" or the "Transaction"), including [Read more]
IEA proposes largest ever oil release from strategic reserves, WSJ reports
The International Energy Agency has proposed the largest release of oil reserves in its history to bring down crude prices that have soared due to the U.S.-Israel war with Iran, the Wall Street Journal reported on Tuesday, citing officials familiar with the matter. The release would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine, WSJ said. The IEA is convening an [Read more]
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