Iran has deliberately prolonged talks with the US to try to weaken Donald Trump politically ahead of November's US midterm elections, senior officials say, while fears of renewed military action and deep distrust of Washington have reinforced Tehran's reluctance to strike a quick deal to end the war. Three senior Iranian officials and an Iranian insider, speaking on condition of anonymity, said Tehran was convinced the US president was ready to resort to renewed attacks to try to break the [Read more]
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Asian refiners use smaller tankers, buy delivered crude as freight rates soar
Asian refiners are turning to options such as using smaller tankers and vessels on long-term charter, and buying Middle East crude on delivered basis to cut feedstock costs as freight rates hover near records, company officials said. Spot rates for oil tankers hit all-time highs in early October as Middle East producers ramped up exports in September using a shuttle service and ship-to-ship transfers to move oil out of the key waterway of the Strait of Hormuz. That tied up vessels in the [Read more]
Alberta votes in referendum to stay in Canada. A timeline on how we got here
EDMONTON - Albertans voted overwhelmingly Monday to remain in Canada in a referendum, writing a new chapter in longstanding debate on relations with the rest of the nation. Here's a look at some key events: 1980 — The federal government ignites widespread alienation in Alberta with the National Energy Program, which keeps domestic oil prices below world levels to promote Canadian energy security and increase the federal share of oil revenues. Alberta views it as an unjustified attack and a [Read more]
Oil majors face spending test from Iran war windfall cash
Oil majors are set to post a big jump in third-quarter profit as the US-Israeli war on Iran has boosted refining and trading results, while investors will monitor how wisely they use their cash piles and whether they resist a spending spree. The severe disruption of the Strait of Hormuz since US-Israeli airstrikes began the war in February has pushed energy prices to multi-year highs, allowing trading desks to profit from the volatility. In a sector notorious in the past for boom and bust, [Read more]
Brent crude holds near five-month high on Middle East tension
Oil prices advanced on Tuesday, with Brent hovering around a five-month high as traders priced in a geopolitical risk premium from Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf. Brent crude futures climbed 55 cents, or 0.50%, to $110.10 a barrel by 0319 GMT, after rising as high as $110.70 a barrel in the previous session to their highest since May 20. The US West Texas Intermediate crude (WTI) contract for November delivery, set to expire on Tuesday, was [Read more]
Venezuela oilfield hiring picks up as first wave of investment builds
Oilfield service companies including Weatherford International, Baker Hughes, Halliburton and SLB are advertising dozens of jobs in Venezuela, according to company websites, an early sign that a Washington-backed plan to rebuild the country's energy industry is gaining traction. The hiring could help reverse a sanctions-era exodus of companies and professionals from the country and comes as the administration of US President Donald Trump pushes a $100 billion oil revival plan following the [Read more]
Ithaca may halt Britain investment without Rosebank approval, FT reports
Oil and gas producer Ithaca Energy will likely halt further investment in Britain if the government does not approve its Rosebank oilfield in the North Sea, chair Yaniv Friedman said in an interview with the Financial Times on Tuesday. * The company wants to invest further in the North Sea but needs the appropriate regulatory and political support, Friedman said, echoing rival Equinor's concerns * Ithaca's $3.8 billion North Sea development investment has stalled after opposition from [Read more]
Why an Alberta referendum? “Why should I sell your wheat?”, Greenpeace activist ministers, and other clues
Hey Canada, how’s it going? I see y’all looking at Alberta these days. Totally understandable. It is a big deal when one province actually formally puts the separation question to its citizens. Or, asks them if they would like to take that next step. Maybe Quebec is used to the attention, but as a first timer I can say it is odd, as I am sure it is for most Canadians. My wonderful network spans the country, from which come the comments, the consternation, the concern, the anger, the [Read more]
Higher gas prices drove inflation up to 3.1% in September: StatCan
OTTAWA - Statistics Canada says the annual pace of inflation rose to 3.1 per cent in September as war in the Middle East continued to drive up gas prices. The agency says the acceleration was led by a 27.8 per cent spike in gasoline prices last month compared with a year earlier, despite the switch to the less expensive winter gas blend. StatCan says excluding gasoline, consumer prices increased 2.2 per cent year-over-year in September. The agency says fuel oil and other fuels surged [Read more]
Expand Energy names Daniel Brown as CEO
Natural gas producer Expand Energy said on Monday Daniel Brown would become president and chief executive officer from October 26, taking over from Michael Wichterich. Wichterich, who was serving as CEO since February, will return to his role as non-executive chairman of the board. * Brown joins Expand from Chord Energy, where he was the CEO * In February, Expand Energy announced the departure of then CEO Domenic Dell'Osso, and unveiled plans to relocate its headquarters to Houston from [Read more]
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