The oil market is underpricing some risks from the Iran war, global commodity trading house Vitol's managing director for Bahrain, Tom Baker, said on Tuesday. Iran's effective closure of the Strait of Hormuz and attacks on energy infrastructure including oilfields and refineries, have taken about 14 million barrels of Middle East supply offline, causing the largest oil supply crisis in history. "Crude can come back online, but from a product perspective, it might be very hard for the [Read more]
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South Korea seeks to boost crude oil and LNG imports from Canada
South Korea aims to boost imports of crude oil and liquefied natural gas (LNG) from Canada, South Korea's Industry Ministry said on Tuesday. South Korea is exploring ways to more than triple imports of crude oil from Canada to up to 16 million barrels this year, making Korea the third-biggest export destination for Canadian crude oil behind the United States and China, the ministry said. South Korea also aims to import 3.4 million metric tons of LNG from Canada. (Reporting by Hyunjoo [Read more]
Canada and the Republic of Korea deepen co-operation on energy resources and critical minerals
OTTAWA, ON, June 2, 2026 /CNW/ - Today, Canada's Minister of Energy and Natural Resources, Tim Hodgson, met with the Republic of Korea's Chief of Staff to the President and Special Envoy for Strategic Economic Cooperation, Kang Hoon-Sik. They highlighted significant opportunities to expand the Canada–Korea commercial relationship in energy and natural resources, with Canada positioned to be a stable, reliable and predictable partner for the Republic of Korea. Energy resources and critical [Read more]
Enercapita Energy Ltd.: Property Divestiture
Enercapita Energy Ltd. (“Enercapita” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the sale of its oil and natural gas interests located in the Boundary Lake North area of northeastern British Columbia (the “Property”). The Company is selling the Property in order to focus its operations on its core properties. At Boundary Lake North, Enercapita holds a primarily 100% working interest in approximately 13.25 sections of land on which there are horizontal oil [Read more]
Enbridge, Trans Mountain and Wolf will be talking Oil Egress on Thursday. Spots limited. Reserve yours here.
REGISTER HERECanadian Oil Market Access Is at a Critical Inflection Point — Are You Ready? CHOA Leads: Canadian Oil & Gas Egress & Market Access - June 4 - Calgary Petroleum Club The decisions shaping Canada’s barrels are being made right now. Join the conversation with the people driving those changes. Since Canada and Alberta signed the MOU last November declaring an Indigenous co-owned pipeline to Asian markets a project of national interest, the conversation around Canadian [Read more]
GLJ and Petrel Robertson Consulting Ltd. Combine Expertise to Support Continued Growth
June 2, 2026 (L-R): Alan Withey, Jodi Anhorn, Tracy Bellingham, Kathleen Dorey, Michael Livingstone, Brad Hayes CALGARY, AB – GLJ Ltd. (“GLJ”), global energy consultants, today announced the completion of its acquisition of Petrel Robertson Consulting Ltd. (“PRCL”), a respected Canadian geoscience and engineering consulting firm. As a result of the acquisition, GLJ will strengthen its position as a leading provider of geoscience, engineering, and energy consulting services by [Read more]
IEA sees possibility of critically low stockpiles ahead of peak summer demand
Global oil inventories could hit critical levels ahead of the peak summer demand period if stock draws continue at their current pace, the head of the International Energy Agency's oil industry and markets division said on Tuesday. "We're seeing stock draws continuing into the summer, and with the possibility or the likelihood that we reach critical levels or historical low levels just ahead of the peak summer demand," said Toril Bosoni. It could take six to eight months in the best-case [Read more]
ADNOC trading chief flags August as tipping point for oil prices
August could mark a tipping point for much higher oil prices if demand rises and the Iran war supply crisis persists, an Abu Dhabi state oil company executive said on Tuesday, adding it could take a year for supply chains to recover even after flows normalise. Transit through the Strait of Hormuz will remain partial and below pre-war levels as long as uncertainty over peace persists, Philippe Khoury, ADNOC's executive vice president for sales and trading, told the Middle East Petroleum and [Read more]
MiQ certifies Shell’s full Gulf of America production portfolio at Grade A for methane emissions performance
LONDON, 2 June 2026 /PRNewswire/ -- MiQ, the global leader in methane emissions certification, today announced that it has certified Shell Offshore Inc. (Shell)'s entire production portfolio in the Gulf of America (GoA), making Shell the first operator to achieve MiQ certification in the basin. All 10 of Shell's production assets received MiQ's top methane emissions performance grade - Grade A. To achieve this certification, Shell's production assets in the GoA successfully completed a [Read more]
Oil slips after Trump says talks with Iran are ongoing
Oil prices trended lower on Tuesday following the previous session's sharp gains as the market remained cautious about progress in U.S.-Iran peace talks. U.S. President Donald Trump said on Monday talks with Iran were ongoing, while Tasnim news agency reported earlier that Tehran had suspended indirect negotiations with Washington. Brent crude futures lost 75 cents, or 0.79%, to $94.23 a barrel at 0434 GMT, while U.S. West Texas Intermediate fell 85 cents, or 0.92%, to $91.31 a [Read more]
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