The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Friday as global oil prices leaped due to constrained Middle Eastern supply. WCS for April delivery in Hardisty, Alberta, settled at $12 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12.20 on Thursday. * The discount on heavy Canadian crude has narrowed by approximately $1.70 since the U.S.-Israel war on Iran began. * With the [Read more]
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Goldman Sachs warns oil may surge above $100/bbl if Hormuz flows don’t recover
Goldman Sachs said oil prices are likely to exceed $100 per barrel next week if no signs of a solution emerge to the severe disruption in flows through the Strait of Hormuz, warning that upside risks to its base-case forecast are rapidly growing further. The bank said it plans to revisit its oil price forecast soon if it does not see evidence supporting its assumption of a gradual normalization in Strait of Hormuz flows over the next few days. Its current base-case Brent forecast is in the [Read more]
US could lift sanctions on more Russian oil, says Bessent
Treasury Secretary Scott Bessent on Friday said the United States could remove sanctions from more Russian oil, a day after Washington issued a 30-day waiver allowing the sale of Russian crude currently stranded at sea to continue to India. "We may unsanction other Russian oil," Bessent told Fox Business' "Kudlow" program. "There are hundreds of millions of sanctioned barrels of sanctioned crude on the water and in essence, by unsanctioning them, Treasury can create supply, and we are looking [Read more]
Faster approvals. Faster projects – A new agreement will restore provincial approvals on projects within the province’s jurisdiction, reduce duplication, and further unlock Alberta’s economic potential
Faster approvals. Faster projects. A new agreement will restore provincial approvals on projects within the province’s jurisdiction, reduce duplication, and further unlock Alberta’s economic potential. On this page: Quick facts Related information Related news The governments of Canada and Alberta have worked collaboratively to reach an agreement-in-principle on a Cooperation Agreement on Environmental and Impact Assessment that will see major [Read more]
Lycos Energy Inc. Announces Strategic Business Combination with Mahikan Oil Corporation and $30.0 Million Equity Offering
Calgary, Alberta--(Newsfile Corp. - March 6, 2026) - Lycos Energy Inc. (TSXV: LCX) ("Lycos" or the "Company") is pleased to announce that it has entered into a definitive agreement (the "Agreement") on March 6, 2026 with Mahikan Oil Corporation ("Mahikan"), a privately-held, arm's length, heavy oil producer, to complete a strategic business combination in an all-share transaction (the "Combination"). Lycos is also pleased to announce a concurrent equity financing to be offered on a non-brokered [Read more]
Barclays says Brent could test $120/bbl if Middle East tensions persist
Barclays said on Friday that Brent crude could potentially test $120 a barrel if the Middle East conflict persists for another couple of weeks. "These numbers might seem too high, especially given widespread pessimism about the oil market outlook heading into this year, but we reiterate that fundamentals are stronger and risks are bigger than the Russia-Ukraine conflict, when we saw these levels materialize," Barclays added. Oil prices have jumped sharply as the widening U.S.-Israeli [Read more]
Venezuela resumes exports of diluted crude oil after 15-month pause -document
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]
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]
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