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Iran has asked Yemen’s Houthi movement to stand ready to close the Red Sea oil route if the United States strikes Iranian power infrastructure, three sources told Reuters on Thursday, posing a potent new threat to global energy supplies. The idea has been discussed within the Islamic Republic's leadership, and the message has been conveyed to Iran's Houthi allies, two senior Iranian sources and a regional source familiar with the matter said, speaking on condition of anonymity. The sources [Read more]

In Western Canada’s oil and gas sector, joint ventures are a common operating model. Multiple partners share ownership of wells, facilities, and infrastructure, with one party responsible for operating the asset and allocating costs to the remaining partners. This partnership enables efficient development and risk sharing, but it also introduces a critical challenge: ensuring that joint venture accounting and cost allocations align with the contractual agreements. For non-operating [Read more]

China caught the oil industry by surprise during the Iran war, pulling powerful levers to shield itself from the biggest energy shock in decades. In the process, it established itself as a new force in global energy markets – an independent, opaque, massive power. The measures China used to offset the energy supply shock — sharply cutting crude imports, restricting exports of refined fuels and drawing on domestic inventories — culminated in a decades-long campaign to reduce its heavy dependence [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Wednesday. WCS for August delivery in Hardisty, Alberta, settled at $13.15 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $13.40 on Tuesday. * The discount remains significantly wider than it was in June, after traffic through the Strait of Hormuz picked up earlier this month and due to the ongoing weakness in China's import appetite, which [Read more]