Oil prices dipped on Monday, pressured by worries over a global glut as U.S.-China trade tensions added to concerns about an economic slowdown and weaker energy demand. Brent crude futures were down 53 cents, or 0.86%, at $60.76 a barrel as of 0610 GMT, while U.S. West Texas Intermediate futures fell 55 cents, or 0.96%, to $56.99, erasing gains from Friday. Both benchmarks declined more than 2% last week, marking their third consecutive weekly decline, partly due to the International [Read more]
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Trump vows to keep ‘massive’ tariffs on India until Russian oil imports cease
U.S. President Donald Trump reiterated on Sunday that Indian Prime Minister Narendra Modi told him India will stop buying Russian oil, while warning that New Delhi would continue paying "massive" tariffs if it did not do so. "I spoke with Prime Minister Modi of India, and he said he's not going to be doing the Russian oil thing," Trump told reporters aboard Air Force One. Asked about India's assertion that it was not aware of any conversation between Modi and Trump, Trump replied: "But if [Read more]
ARC Energy Fund 8 reaches agreement for the take-private acquisition of STEP Energy Services Ltd.
CALGARY, AB, Oct. 17, 2025 /CNW/ - ARC Energy Fund 8 Canadian Limited Partnership, ARC Energy Fund 8 United States Limited Partnership, ARC Energy Fund 8 International Limited Partnership and ARC Capital 8 Limited Partnership (collectively, "ARC Energy Fund 8") issue this press release pursuant to National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in respect of their holdings [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures widened on Friday. WCS for November delivery in Hardisty, Alberta, settled at $10.90 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Wednesday's close of $10.35. * October's tight discount is being driven by supply impacts from seasonal maintenance in the Canadian oil sands, strong Asian buying and strong demand from U.S. refineries, analysts say. * The [Read more]
US drillers add oil and gas rigs for first time in three weeks, Baker Hughes says
U.S. energy firms this week added oil and natural gas rigs for the first time in three 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 548 in the week to October 17. Despite this week's rig increase, Baker Hughes said the total count was still down 37 rigs, or 6% below this time last year. Baker Hughes said oil rigs held steady at 418 this week, while gas rigs rose by one to [Read more]
BP says fire extinguished at Whiting, Indiana refinery
A fire broke out at BP's 440,000 barrel-per-day Whiting refinery in Indiana and was extinguished as of Friday morning, the company said. The fire resulted from an operational incident and there were no injuries, the company said in an emailed statement. It did not elaborate on the incident. Reuters earlier reported multiple units were offline at the refinery, which is the largest in the U.S. Midwest region, according to two market sources that were citing data from Wood Mackenzie. The [Read more]
SLB Q3 Results Highlight Shift Toward Production, Digital, and International Growth
SLB reported Q3 2025 revenue of $8.93 billion, up 4% sequentially but down 3% year-on-year, as earnings and margins declined amid a fully supplied oil market, subdued prices, and geopolitical uncertainty. GAAP EPS fell 40% YoY to $0.50, while adjusted EBITDA was flat sequentially and down 12% YoY. Despite the earnings pressure, SLB said global oilfield activity is showing resilience, particularly in the Middle East and Asia, and expects OPEC+ production increases to spur new investment. CEO [Read more]
Western pressure to hit Asian buying of Russian oil from December, sources say
U.S. and European pressure on Asian buyers of Russian energy could restrict India's oil imports from December, leading to cheaper supplies for China, while Japan is unlikely to halt its Sakhalin liquefied natural gas shipments for now, trade sources and analysts said. Washington is exerting pressure on China, India and Japan through trade talks to reduce their purchases of Russian oil and LNG, while Britain has just imposed sanctions on Chinese and Indian entities. More sanctions from the [Read more]
Energy transition set to divide manufacturers across the Atlantic: Maguire
Manufacturers in North America and Europe are set to embark on starkly different power-source paths in the decades ahead, which could reshape the future prospects for goods producers on both sides of the Atlantic. In North America, natural gas is primed to remain the main power source for factories and production lines thanks to the massive gas deposits across the region. In Europe, an ongoing push to cut reliance on imported fossil fuels is set to shift most factories to run on [Read more]
India already cutting Russian oil imports by 50% after US talks, White House official says
The United States and India have held productive trade talks, and Indian refiners are already cutting Russian oil imports by 50%, a White House official told Reuters on Thursday. However, Indian sources said the cut was not visible yet, though it could be reflected in import numbers for December or January. Refiners had already placed orders for November loading that included some cargoes for December arrival as well, the sources said. The Indian government has not yet informed refiners of [Read more]
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