BP and union leaders resumed labor contract negotiations for workers at the Whiting, Indiana, oil refinery on Monday with no agreement yet, as a lockout entered its third month this week. Some 800 workers at the 440,000-barrel-per-day refinery, the largest in the U.S. Midwest, have been locked out since March 19 after months of negotiations failed to produce a new labor contract. "During today's meeting, the USW again requested that BP Whiting refinery lift the lockout, but were still [Read more]
Headlines
Opaque oil deals around Hormuz test the petrodollar: Bousso
The U.S. dollar-dominated global oil trading system is being tested by the Iran war and the closure of the Strait of Hormuz, as governments in major consuming nations turn to increasingly opaque deals with Tehran and Gulf producers to secure supplies. Since the outbreak of the war on February 28, roughly a fifth of global oil supplies from the Gulf have been disrupted, dealing a tough blow to economies, particularly in Asia, which depends on the Middle East for about 60% of its imports. With the [Read more]
Pakistan hands US revised Iranian proposal for ending war
Peace mediator Pakistan has shared with the United States a revised proposal from Iran to end the war in the Middle East, a Pakistani source told Reuters on Monday, warning that the sides "don't have much time" to narrow their differences. Iranian Foreign Ministry spokesperson Esmaeil Baghaei later confirmed that Tehran's views had been "conveyed to the American side through Pakistan" but gave no details. A fragile ceasefire is in place after six weeks of war that followed U.S.-Israeli [Read more]
Alaska LNG secures supply deal with ConocoPhillips for pipeline project
Glenfarne's Alaska LNG said on Monday it had signed a long-term natural gas supply deal with ConocoPhillips and that it now had agreements for enough volumes to support a final investment decision for Phase One of its project and meet Alaska's in-state natural gas needs. The company said the 30-year agreement would supply natural gas produced on Alaska's North Slope for Phase One of the Alaska LNG project. Phase One includes a 739-mile, 42-inch pipeline to transport natural gas to Alaska [Read more]
Prospera Announces Operations Update and May Conference Call
Calgary, Alberta--(Newsfile Corp. - May 18, 2026) - Prospera Energy (TSXV: PEI) (OTC Pink: GXRFF) ("Prospera", "PEI", the "Corporation", or the "Company") is pleased to provide an operational update across its core Saskatchewan heavy oil portfolio, announce its May 2026 Corporate Update Conference Call, and highlight continued industry recognition through its participation in The Energy Year - Canada 2026 and the Global Energy Show Canada 2026. Year-to-date 2026 results at Hearts Hill, sustained [Read more]
IEA chief warns commercial oil inventories are depleting rapidly, only weeks left
Fatih Birol, head of the International Energy Agency, said on Monday that commercial oil inventories were depleting rapidly with only a few weeks worth left due to the Iran war and the closure of the Strait of Hormuz to shipping. Birol, who is participating in the Group of Seven finance leaders meeting in Paris, told reporters that the release of strategic oil reserves had added 2.5 million barrels of oil per day to the market, but said these reserves "are not endless". The onset of the [Read more]
Oil touches 2-week high after drone attack on UAE nuclear power plant
Oil prices extended gains on Monday as efforts to end the U.S.-Israeli war on Iran appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as U.S. President Donald Trump is expected to discuss military options on Iran. Brent crude futures climbed $2.03, or 1.86%, to $111.29 a barrel by 0220GMT, after touching $112 earlier, the highest since May 5. U.S. West Texas Intermediate crude was at $107.73 a barrel, up $2.31, or 2.19%, following a rise to [Read more]
Iraq exported 10 million barrels of oil through Strait of Hormuz in April
Iraq exported 10 million barrels of oil via the Strait of Hormuz in April, down from about 93 million barrels monthly before the Iran war, the country's new oil minister, Basim Mohammed, said at a press conference on Saturday. The closure of the Strait of Hormuz due to the Iran war has curtailed oil exports from Saudi Arabia, the UAE, Kuwait and Iraq, sending prices sharply higher. Iraq's crude exports through the Kirkuk–Ceyhan oil pipeline resumed in March, after Baghdad and the Kurdistan [Read more]
UAE says OPEC, OPEC+ exit was sovereign strategic decision, not political move
The United Arab Emirates' decision to withdraw from OPEC and OPEC+ was a sovereign and strategic choice based on a comprehensive assessment of its production policy and future capabilities, the UAE energy minister,Suhail Al Mazrouei, said on Saturday in a post on X. Mazrouei added that the move was not politically motivated and did not reflect divisions with partners. The UAE announced late April that it was quitting OPEC on May 1, dealing a blow to the oil producers' group as an [Read more]
CAPP response to the advancement of the Canada-Alberta MOU and industrial carbon pricing framework
Calgary, Alberta (May 15, 2026) Statement from Lisa Baiton, CAPP President & CEO: “CAPP shares the priorities outlined by Prime Minister Carney and Premier Smith in the Canada-Alberta Memorandum of Understanding (MOU) to grow oil and natural gas production, build new export infrastructure, protect our competitiveness, and lower emissions. Canadians understand the urgency and speed with which we must move to face the twin challenges of a historic energy crisis and the rapid shifting [Read more]