Headlines

CALGARY - A new report from Enverus says Western Canadian oil production can grow by about one million barrels a day over the next seven years. The research firm says the growth will be mostly driven by expansions to existing steam-driven oilsands projects. The report notes it can take years to plan and build such a project, so producers have a limited ability to take advantage of the surge in global crude oil projects driven by the war in the Middle East. West Texas Intermediate crude [Read more]

China will have to return to buying large volumes of oil within three weeks after being a big seller during the peak of the Iran supply crisis, the head of Mercuria, one of the world's largest energy traders, told the FT Commodities Summit. Marco Dunand said China was selling commercial stocks it had accumulated before the crisis. (Reporting by Dmitry Zhdannikov and Robert Harvey Editing by David Goodman ) [Read more]

Saudi Arabia's crude oil exports rose to 7.276 million barrels per day in February, from 6.993 million bpd in January, while crude output hit its highest level since October 2022, Joint Organizations Data Initiative (JODI) data showed on Tuesday. Saudi production in February was about 10.882 million bpd, the JODI data showed, up from 10.100 million bpd in January. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) [Read more]

President Donald Trump told CNBC in an interview on Tuesday that he did not want to extend a ceasefire with Iran, adding the U.S. was in a strong negotiating position and would end up with what he called a great deal. "I don't want to do that. We don't have that much time," Trump said when asked about the possibility of extending the ceasefire. Washington has expressed confidence that talks with Iran will go ahead in Pakistan, and a senior Iranian official said Tehran was considering [Read more]

Shipping traffic through the Strait of Hormuz remained broadly halted on Tuesday with only three ships passing the waterway in the past 24 hours, shipping data showed. A U.S. blockade of Iranian ports has infuriated Tehran, prompting it to maintain its own restrictions on the strait, which had been typically handling roughly one-fifth of the world's oil and liquefied natural gas supply. The Ean Spir products tanker sailed through Hormuz on Tuesday after previously calling at an Iraqi port, [Read more]

The U.S.-Israeli war with Iran has disrupted shipping through the Strait of Hormuz, the world's most important oil chokepoint, exposing the Middle East's limited alternatives for exporting its hydrocarbons. The International Energy Agency (IEA) called it the largest supply disruption on record, bigger than the oil shocks of the 1970s and the loss of Russian pipeline gas after Moscow's invasion of Ukraine combined. These are the existing and possible alternative oil and gas export bypasses [Read more]

An armada of crude oil and refined products tankers is heading to Asia from the United States, but even record-high exports from the world's top producer cannot come close to making up the losses from the war against Iran. U.S. crude exports are on track for their two strongest months ever in April and May, with shipments of 5.44 million barrels per day and 5.48 million bpd, respectively, according to data compiled by commodity analysts Kpler. This is up strongly from the 3.94 million bpd [Read more]