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]
News
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]
South Bow boss taking lessons from Keystone XL as it pursues new cross-border project
CALGARY - The chief executive of South Bow Corp. says spreading out risk among partners and customers will be key if it goes ahead with a new Alberta-U. S. pipeline project. CEO Bevin Wirzba says that was one of the lessons learned from a past attempt to expand its cross-border system — Keystone XL. The Calgary-based company, which used to be part of TC Energy Corp., has begun gauging customer interest in its Prairie Connector proposal, which would start in Hardisty, Alta., and [Read more]
Qatar energy minister warns war will force Gulf to stop energy exports within weeks, FT says
Qatar expects all Gulf energy producers to shut down exports within weeks and drive oil to $150 a barrel, the country's Energy Minister Saad al-Kaabi told the Financial Times in an interview published on Friday. "Everybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters in the Gulf region will have to call force majeure," Kaabi told the FT. Kaabi said even if the war ended immediately it would take Qatar "weeks to months" [Read more]
IEA expects huge amount of LNG to reach market in next 5 years, chief says
The International Energy Agency expects a huge amount of liquefied natural gas to reach the market in the next five years, which will put downward pressure on LNG prices, IEA chief Fatih Birol told reporters. "We expect in the next five years a huge amount of LNG wave, about 300 BCM of new LNG coming," he said after a meeting with European Commission President Ursula von der Leyen and commissioners. "This would mean there will be a downward pressure for the prices and most importantly 75% [Read more]
Trump officials ruling out Treasury oil futures trades for now, Bloomberg News reports
The Trump administration is ruling out deploying the Treasury Department to trade oil futures for now, Bloomberg News reported on Friday, citing a person familiar with the matter. Officials discussed getting the Treasury Department involved, but believe its ability to meaningfully affect the market is limited, the report said. Global oil prices have jumped since the war with Iran started on Saturday, as the spreading conflict disrupts Middle East supplies. However, prices fell on Thursday [Read more]
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