Iran will halt its own attacks as long as the United States maintains its latest pause on air strikes, a senior Iranian official told Reuters on Sunday, after President Donald Trump abruptly called off his two-week-old bombing campaign. After 13 nights of intensifying U.S. air strikes on Iran, the Pentagon abruptly suspended the campaign late on Friday, with no U.S. attacks reported on either Saturday or Sunday. Iran, which had been following each night of U.S. attacks with its own strikes [Read more]
Headlines
Five things to watch for in the Canadian business world in the coming week
TORONTO - Five things to watch for in the Canadian business world in the coming week: Bank of Canada The Bank of Canada on Wednesday will publish a summary of the governing council's monetary policy deliberations for its interest rate decision earlier this month. The central bank held its policy rate at 2.25 per cent, saying the economy is showing signs of improvement. It pointed to growth picking up and inflation projected to ease gradually from its recent spike. CPKC Canadian [Read more]
Iran war spreads to Red Sea and Caspian, Gulf quiet as US forgoes strikes
Signs of the Iran war's spread emerged this weekend despite a pause in U.S. strikes, as Yemen's Iran-aligned Houthis attacked Saudi oil installations along the Red Sea coast and Iran accused Ukraine of targeting an Iranian vessel in the Caspian Sea. The U.S. military said on Saturday that its naval blockade against Iran "remains in full effect" but did not explain why it halted a streak of 13 nights of escalating strikes. Asked about the pause, a senior official in President Donald Trump's [Read more]
Missiles targeting Saudi oil refineries shot down, sources say
Air defence systems in Saudi Arabia intercepted two ballistic missiles from Yemen on Saturday targeting oil refineries in Yanbu, Greek security sources told Reuters, a day after U.S. forces launched fresh air strikes on Iran. Saudi civil defence had issued several warnings for Yanbu, on the Red Sea, and later said the danger had passed. Civil defence also issued a warning for the port city of Jizan about 1,000 km (620 miles) to the south, close to the Yemeni border. There were no immediate [Read more]
Kuwait’s KPC signs $16 billion lease and leaseback deal for oil pipeline network
Kuwait Petroleum Corporation (KPC) has signed a $16 billion deal to lease and lease back its crude oil pipeline network with a consortium comprising global funds Blackstone, Brookfield and KKR, the state-owned Gulf firm said on Saturday. It said it was the largest foreign direct investment in the country's history. Under the investment called Project Peregrine, KPC's unit Kuwait Oil Company (KOC) is establishing a joint venture with the three global investors in a lease and leaseback [Read more]
Iranian oil minister says it sold $18 billion of oil during war and ceasefire
Iranian Oil Minister Mohsen Paknejad said Iran sold $11.5 billion worth of oil during the war and a further $6.5 billion during a ceasefire, when lower risks to tanker traffic helped increase exports and enabled the sale of part of around 100 million barrels of stored crude oil and gas condensate. The sales generated more than 60% of the oil revenue forecast in Iran's annual budget, Paknejad said. (Reporting by Enas Alashray; Editing by Louise Heavens) [Read more]
B.C. government allows accelerated expansion of the Tilbury LNG fuel facility
VICTORIA - The British Columbia government is exempting a utility company that plans to expand its liquefied natural gas plant in Metro Vancouver, allowing the $2-billion investment to move ahead. Energy Minister Adrian Dix says the government has issued an order-in-council that will exempt Fortis BC from getting a permit, requiring the company to show that the proposed expansion of the Tilbury LNG facility in Delta, B.C. protects the public interest. Normally, developers need to obtain a [Read more]
Devon Energy mulls $4 billion sale of Eagle Ford, Powder River assets, Bloomberg News reports
U.S. oil and gas producer Devon Energy is weighing a potential sale of its Eagle Ford and Powder River shale assets that could fetch more than $4 billion, Bloomberg News reported on Friday, citing people familiar with the matter. The potential divestment comes amid continued investor pressure on Devon to streamline its portfolio and focus on its core Permian Basin operations following its recent merger with Coterra Energy, with some shareholders urging faster asset sales. The report said Devon [Read more]
US energy firms cut rigs for first time in six weeks, says Baker Hughes
U.S. energy firms this week cut the number of rigs operating for the first time in six weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, fell by one to 587 in the week to July 24, the lowest since mid-July. Despite this week's rig decline, Baker Hughes said the total count was still up 45 rigs, or 8% above this time last year. Baker Hughes said oil rigs fell by two to 450 this week, their [Read more]
Kazakhstan freezes assets of Kashagan operator over disputed $5 bln environmental fine
Kazakhstan has frozen property and transport of the North Caspian Operating Company, the operator of the Kashagan oilfield, over the non-payment of a nearly $5 billion environmental fine, according to the justice ministry's database. It does not specify which assets or vehicles are affected. The measure was imposed on July 21. NCOC - a joint venture of Shell, TotalEnergies, ExxonMobil and China's CNPC, among others - did not immediately respond to a Reuters request for comment. Kazakhstan [Read more]
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