Oil prices inched lower on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. Brent crude futures fell 34 cents, or 0.47%, to $71.78 a barrel by 0408 GMT after settling 0.45% higher on Friday. U.S. West Texas Intermediate crude was at $68.49 a barrel, down 20 cents, or 0.29%. There was no settlement for WTI on Friday as U.S. markets were closed ahead of [Read more]
Headlines
Iran exploring oil sales to Japan, buyers seek longer sanctions waiver, sources say
Iran has begun talks with Japanese companies under a U.S. sanctions waiver allowing it to resume oil sales, though prospective buyers are seeking a longer waiver and reassurances about ship safety, three Iranian and Western sources said. The waiver, part of 60-day peace talks between Tehran and Washington, was issued on June 22 and expires August 21. Three Japanese buyers were looking at possible crude oil purchases from Iran, their first since 2019, said two Iranian sources, who declined [Read more]
Iraq approves preliminary agreements to study strategic oil export pipeline projects
Iraq's cabinet approved Basra Oil Company signing "a heads of agreement", or preliminary agreement, and a non-disclosure agreement with a consortium including U.S. companies Capital TI and Chevron and Qatar's UCC to study strategic oil export pipeline projects, according to a cabinet statement. The consortium will prepare technical and financial feasibility studies comparing proposed routes including Basra-Haditha-Kirkuk-Ceyhan and Basra-Haditha-Baniyas. The cabinet said the agreements would [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Friday. WCS for August delivery in Hardisty, Alberta, settled at $15.15 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $15.25 a barrel on Thursday. * The discount is now trading at levels similar to May, having unwound most of the tightening that took place in June. * Market players are pricing for more crude in the U.S. market as a result [Read more]
Who are the partners behind a proposed new West Coast oil pipeline?
CALGARY - Alberta's pitch to the major projects office for a new oil pipeline to the West Coast is being billed as a public-private partnership, though its current structure skews almost entirely toward the public end of the spectrum. Ninety per cent of the proposal would be in the hands of provincial and federal Crown corporations — at least in the beginning. Energy infrastructure company Pembina Pipeline Corp. would be a minority partner. Here is a rundown of what each entity does and [Read more]
$437,611.98 administrative penalty issued to Entrada Resources Inc.
On June 30, 2026, the Alberta Energy Regulator (the AER) issued an administrative penalty decision on Entrada Resources Inc. (Entrada) in the amount of $437,611.98 for three contraventions of the Environmental Protection and Enhancement Act (EPEA) and one contravention of the Pipeline Rules, AR 91/2005. On or about July 28, 2024, an AER investigation determined that Entrada released or permitted the release of oil emulsion that caused or may have caused a significant adverse effect on the [Read more]
Gulf oil exports jump in June on record UAE flows
Gulf oil exports in June jumped more than 3 million barrels from May to exceed 10 million barrels per day as the U.S. military helped to keep oil flowing through the Strait of Hormuz, data showed, though exports remained 40% below pre-war levels. The United Arab Emirates led the recovery, allowing millions of barrels of crude stranded in the Gulf to reach international markets, enabling producers to raise output and lower oil prices to pre-conflict levels. Combined crude and condensate [Read more]
Brent oil curve weakens further as prompt supply glut swamps market
Brent crude for prompt delivery traded this week below contracts for delivery as far as six months into the future, the latest sign that increasing shipments through the Strait of Hormuz have caused a near-term glut. The first-month September Brent futures contract traded below each of the next five contract months on Friday, after it traded at a discount to the second month last week. The six-month Brent spread flipped to a discount for the first time this year on Wednesday, dropping to [Read more]
Iran war still trails the 1979 oil shock by total losses
By Alex Lawler LONDON, July 3 - The Iran war has created the largest oil supply shock ever in terms of daily production losses but the 1979 Iranian Revolution remains the biggest oil crisis by cumulative supply loss, according to Reuters calculations based on International Energy Agency, OPEC and U.S. Department of Energy data. The scale of the disruption from the U.S.-Israeli war on Iran has revived comparisons with the 1973 Arab oil embargo, the Iranian Revolution and the 1991 Gulf War, [Read more]
Lasting Strait of Hormuz risks strengthen case for Canadian heavy oil exports
G7 leaders welcome prospect of more Canadian crude in world markets By Deborah Jaremko on July 2, 2026, 8:10 pm MDT Tanker calling at the Westridge Marine Terminal in the Port of Vancouver. Photo courtesy Trans Mountain Corporation Canada’s heavy oil has taken on a new shine as oil importers around the world continue to navigate shipping risks in the Strait of Hormuz. While hostilities between Iran and the U.S. appear to be subsiding, the reopening of the Strait will shape [Read more]
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