96% of exploration and production companies expect to increase production over the next year, while 90% of energy services respondents anticipate higher activity in 2027. 76% of institutional investors have become more bullish on energy over the past six months, and 63% expect Canadian energy equities to outperform the broader market over the next year. Growth spending ranks as institutional investors' preferred use of capital for the first time since the survey began in 2021. 53% of [Read more]
Headlines
Trump says massive oil, gas exploration set to begin in ‘our Greenland’
US President Donald Trump said on Wednesday that "massive oil, gas and mineral exploration"was set to begin on Greenland, a contentious statement on a territory that has resisted his efforts to control it and has banned new drilling for crude. Trump described the Danish Arctic island which is run by a semi-autonomous government as "our new and beautiful Greenland" in a social media post that hailed what he said were US gains from a security deal signed in September. The Greenlandic prime [Read more]
Record oil tanker rates put pressure on Asian refiners, IEA says
The jump to record highs in the cost of shipping oil in supertankers is squeezing profit margins for Asian oil refiners, who are heavily dependent on Middle Eastern crude, the International Energy Agency said in a monthly report. * Asian oil refiners have faced the highest transportation costs as cargoes are moved through the Strait of Hormuz to secondary tankers for onward delivery, the IEA said * The freight rate for a VLCC (Very Large Crude Carrier) on a route from the Middle East Gulf [Read more]
Container ship sinks near Hormuz after being hit by projectile, sources say
A container ship has sunk near the Strait of Hormuz after being hit by a projectile, while a separate dry bulk carrier damaged in an earlier attack is also reported to be sinking, maritime security sources said on Wednesday. The Singapore-flagged GFS Pride container ship, with a small 2,824 TEU (20-ft equivalent unit) capacity, had sunk, the sources said. "Commercial vessel 'GFS PRIDE' reported sunk with floating containers... mariners cautioned," the Hydrographer of Pakistan said in a [Read more]
Diesel deal opens way for more Russia-US cooperation, Kremlin envoy says
A Russia-US deal on supplies of Russian diesel can pave the way for further economic cooperation between the two countries, Kremlin envoy Kirill Dmitriev said on Wednesday, adding that Moscow would overcome any sanctions-related difficulties to ensure the fuel was delivered. US President Donald Trump said last Friday that he and Russian counterpart Vladimir Putin had reached an agreement for Russia to release supplies of diesel to the US and global markets. Trump is keen to lower US diesel [Read more]
Saudi Aramco headquarters suffered extensive damage in Houthi attack, sources say
Oil giant Saudi Aramco's headquarters in Dhahran suffered extensive damage in an attack on Tuesday, with a fire spreading across several floors, three people with direct knowledge of the matter told Reuters. Operations at the complex in eastern Saudi Arabia have continued normally but some employees have been asked to work from home, according to two of the people. A fourth person said some functions had been shifted to global offices, adding that the fire was still burning into the early [Read more]
EU Commission foresees “very, very difficult winter” for energy prices
The European Commission foresees a "very, very difficult winter" regarding higher energy prices, spokesperson Anna-Kaisa Itkonen said on Wednesday. She added there is an "affordability" crisis and that the situation is very volatile and very unpredictable. (Reporting by Inti Landauro, Editing by Charlotte Van Campenhout) [Read more]
Yemen’s Houthis vow more attacks on Saudi airports, oil facilities after Aramco HQ hit
Yemen's Houthis vowed on Wednesday to press on with attacks on airports and oil facilities in Saudi Arabia and said they struck the headquarters of oil giant Saudi Aramco, which was hit the day before. The Iran-aligned group said it had launched ballistic missiles, cruise missiles and drones at Saudi Aramco facilities in the eastern city of Dhahran, King Khalid International Airport in Riyadh and an Aramco refinery in Riyadh, without saying when. Saudi Arabia has faced widening Houthi [Read more]
Diesel shortages could persist well into 2027, IEA says
Constrained diesel supplies could persist well into next year as large counter-seasonal stock drawdowns have combined with restricted production ahead of the peak winter demand season, the International Energy Agency said in its latest monthly oil market report. Diesel refining margins, the fuel's premium to underlying crude oil, soared to record highs of almost $95 per barrel in September, as reduced refining capacity due to attacks linked to the Iran war slashed production. "Diesel [Read more]
Oil prices climb as Iran deploys new tactics to target ships transiting Hormuz
Oil prices climbed on Wednesday after two vessels were struck in the Strait of Hormuz and Iranian officials told Reuters they were deploying new tactics to target ships, as Tehran seeks to keep oil prices high and influence the US midterm elections. Brent crude futures rose 63 cents, or 0.6%, to $106.32 a barrel by 0345 GMT, while US West Texas Intermediate crude futures gained 66 cents, or 0.7%, to $94.80 a barrel. Both contracts rose more than $1 in earlier trade before paring some [Read more]
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