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FREDERICTON - The New Brunswick government has granted conditional approval for a 500-megawatt natural gas plant. The green light comes after an environmental impact assessment and is based on a series of 45 conditions that must be met by the company building the station. The province's public utility NB Power says it needs the project to meet a sharp increase in power demand by 2028. The corporation has a 25-year contract with Missouri-based ProEnergy to set up 10 natural gas turbines [Read more]

Oil prices fell on Friday and are on track to snap a two-week winning streak, despite settling higher in the previous session following a report that U.S. President Donald Trump is not interested in returning to previous deal terms with Iran. Brent crude futures were down 60 cents, or 0.67%, to $89.10 a barrel at 0636 GMT. West Texas Intermediate crude futures fell 64 cents, or 0.77%, to $82.89. Both benchmarks were poised to end the week lower, with Brent down 5.3% and WTI falling [Read more]

Seven commodity vessels transited the Strait of Hormuz on Thursday, down from 17 a day earlier and below the 10-day average of 15, preliminary shipping data showed on Friday. Among the seven vessels that transited were two medium-range tankers, one very large gas carrier (VLGC), one Ultramax vessel, one intermediate tanker and two chemical tankers, initial data from shiptracker Kpler showed at 0315 GMT. Four of the vessels were exiting the strait, including the two chemical tankers, the medium [Read more]

Goldman Sachs on Thursday estimated recent total Gulf exports at roughly 15 million to 16 million barrels per day (bpd), still 7 million to 8 million bpd below pre-war levels, but 5 million to 6 million bpd above the March trough. The estimates published in a note were derived using two independent methods. * Goldman Sachs said that although the estimates focus on total Gulf flows, the upward revisions indicate oil transits through the Strait of Hormuz are likely close to U.S. officials' [Read more]

Venezuela is closely examining plans to leave OPEC, Bloomberg News reported on Thursday, citing people familiar with the matter. The idea of an exit has been a topic in conversations with U.S. officials, and no final decision has been made, the report added. Reuters could not immediately verify the report. (Reporting by Sumedha Mukherjee in Bengaluru; Editing by Chris Reese) [Read more]

Trump administration officials are working on a deal to secure long-term access to a portion of Venezuela's crude reserves, sources with knowledge of the negotiations said on Thursday, a move that could ultimately lower the cost of oil imports. The agreement, which could be signed and made public soon, is expected to operate in a way that would let the U.S. government lock in a group of Venezuelan oilfields to be developed by American companies, the sources said, adding that the resulting [Read more]