Satellite imagery showed smoke on Thursday in the vicinity of Saudi Arabia's East-West oil pipeline. There was no confirmation from Saudi Arabia of an incident in the area, and the Saudi government media office and state oil giant Aramco did not immediately respond to requests for comment on the smoke visible in the imagery verified by Reuters. The East-West Pipeline has become vital to Saudi Arabia since the outbreak of the war as state oil giant Aramco used it to ramp up crude flows from [Read more]
Headlines
Banks hike oil price forecasts on prolonged Gulf disruptions
Banks including Goldman Sachs, Bank of America, and Commerzbank raised their Brent price forecasts this week, as persistent disruptions to Middle East shipping tightened oil markets and drove crude prices to multi-week highs. * Commerzbank on Friday raised its year-end Brent oil price forecast to $85 per barrel from its previous forecast of $75/bbl. * Goldman Sachs on Monday raised its Brent and West Texas Intermediate crude oil price forecasts by $5 a barrel for December 2026 and 2027, [Read more]
IEA warns 2026 oil supply gap will widen on delayed return of normal Gulf flows
Global oil supply and demand will fall further than previously thought this year, the International Energy Agency said on Friday, as a lack of progress in ending the Iran war delays the return of normal Middle East flows into 2027 and sends fuel prices soaring. An increase in attacks on oil tankers in Middle East shipping routes has helped send crude prices towards $110 a barrel this week for the first time since May. But this hike is overshadowed by the surging price of fuels such as diesel, [Read more]
How China’s oil majors helped Beijing prepare for an energy crisis
China's state oil companies have been at the forefront of Beijing's increasing prioritisation of energy security over the past decade, making investments that have helped soften the blow from the closure of the Strait of Hormuz. Since 2018, Sinopec, PetroChina and CNOOC Ltd have spent hundreds of billions of dollars drilling domestically while also building and filling oil storage tanks to fulfill Beijing’s energy security mandates. After the U.S.-Israeli war on Iran began in February, they [Read more]
Hormuz shipping traffic falls to single digits, data shows
Vessel transits at the Strait of Hormuz fell to seven on Thursday from 11 the previous day, preliminary ship-tracking data showed on Friday, well below the 10-day average of 15. Of the seven vessels, two Panamax ships exited the strait, one carrying fertiliser and the other sailing in ballast, according to data from ship tracker Kpler as of 0306 GMT. Five vessels entered the strait, including a Panamax vessel carrying dry bulk cargo, a Handysize vessel laden with steel, a Handysize vessel [Read more]
Global bonds buckle as surging oil prices inflame inflation risks
Global bond yields spiked to new highs and sharemarkets slumped on Friday as soaring oil prices inflamed inflation risks, sending investors scrambling to price in more policy tightening from central banks across the globe. Brent crude climbed to a four-month high of $109.97 a barrel on Friday after a 6% overnight jump, capping a weekly gain of nearly 13%. Oil flows remained restricted through the Strait of Hormuz as the U.S. and Iran traded attacks, while Iran-aligned Houthis seized control [Read more]
AER Issues Abandonment Order to MAGA Energy Ltd.
Announcement – September 9, 2026 AER Issues Abandonment Order to MAGA Energy Ltd. The Alberta Energy Regulator (the AER) has issued an Abandonment and reclamation Order to MAGA Energy Ltd. (MAGA) requiring the abandonment of MAGA’s wells, facilities and pipelines. Due to MAGA’s failure to comply with previously issued Orders by the AER in December of 2025 and April of this year, as well as further non-compliances that have arisen since the April order, the AER has [Read more]
US diesel price average crosses $6 a gallon for the first time, GasBuddy says
The U.S. national average price of diesel surpassed $6 a gallon for the first time ever on Thursday, according to price tracker GasBuddy, as the U.S.-Iran war and Ukrainian attacks on Russia’s refineries have squeezed supply. The record comes as oil futures have climbed back above $100 a barrel on the intensification of conflict between the U.S. and Iran. On Thursday, crude oil futures hit their highest level since mid-May, with Brent settling at $107.63 a barrel and West Texas Intermediate [Read more]
B.C. Crown land sale bonus revenues on pace for 8-year highs, while remaining just a fraction of 2008 levels – StackDX Intel
British Columbia’s Crown petroleum and natural gas land sale history tells a fascinating story of the evolution of the province’s oil and gas industry. There was the great Montney land rush of the late 2000s, when companies scrambled to establish positions in what was still an emerging unconventional play. There was the long decline that followed as the best acreage increasingly found its way into industry hands and industry cash flows stagnated. Then there was the hiatus where BC Crown land [Read more]
Canada moves to streamline pipeline, major project reviews
Canada has changed its federal impact assessment rules to remove interprovincial and international pipelines and several other types of energy projects from the Impact Assessment Act, as the government seeks to speed up major project approvals and reduce regulatory duplication. Under the changes, interprovincial and international pipelines will no longer face an assessment led under the Impact Assessment Act. Instead, projects regulated by the Canada Energy Regulator will be reviewed solely by [Read more]
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