Iraq will not leave OPEC, but is seeking a fair output quota within the oil producer group, Iraqi Prime Minister Ali al-Zaidi said in an interview with Saudi-owned Al Arabiya TV, according to his office. Reuters reported in an exclusive in June that Iraq, the group's second-largest producer after Saudi Arabia and one of its five founding members, had considered leaving OPEC if the group did not allow Baghdad to significantly increase oil production. (Reporting by Nayera Abdallah; Editing [Read more]
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Norway oil service workers’ strike cuts output by 2.4 million boe, industry group says
Norway's oil and gas production has been reduced by 2.4 million barrels of oil equivalent (boe) so far this year as a result of an ongoing pay strike by oil service workers, industry group Offshore Norway said on Thursday. Norway produced about 1.5 billion boe, or more than 4 million barrels of oil equivalent per day (boepd) from offshore fields, in 2025. The strike, which began on June 15 after wage talks broke down, has caused production losses worth an estimated 1.6 billion Norwegian [Read more]
Goldman says US-Iran escalation could slow recovery in Gulf oil supplies
Goldman Sachs said the latest strikes in the Strait of Hormuz could slow the ramp-up in Middle East oil production, while the cancellation of the U.S. sanctions waiver could once again weigh on exports of Iranian oil, which had only recently begun to recover. Oil prices extended gains on Thursday as the latest round of attacks and retaliation between the U.S. and Iran dented hopes for the full reopening of the Strait of Hormuz. Brent crude futures gained 1% to $78.88 a barrel as of 0421 [Read more]
Forget TACO. Trump’s best Mexican food acronym is TAMALES: Russell
One of the clever ways to deal with the unprecedented and disruptive U.S. presidency of Donald Trump is to make up acronyms using Mexican foods. This has given us TACO — Trump Always Chickens Out — to reflect the U.S. president's tendencyto escalate a situation before retreating once the economic and political costs become too heavy. Then there was EMPANADA — Everybody Makes Promises And Nobody Actually Delivers Anything — used to describe countries making outrageous and unachievable trade [Read more]
Strathcona Resources Ltd. Announces First Steam at Meota Central and Provides Update on Lloydminster Thermal Business
CALGARY, AB, July 8, 2026 /CNW/ - Strathcona Resources Ltd. ("Strathcona" or the "Company") (TSX: SCR) today announced it successfully achieved first steam at its Meota Central project on June 6, 2026. Construction of Meota Central is now complete, with first oil expected late in the third quarter of 2026. Construction at Meota Central was completed at a total installed cost of approximately $345 million (3% under budget) over the course of 18 months (2 months, or 9% ahead of budget). [Read more]
Discount on Western Canada Select narrows as global crude settles higher
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Wednesday. WCS for August delivery in Hardisty, Alberta, settled at $14.40 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $14.95 on Tuesday. * The discount so far this July has unwound most of the tightening that took place in June. Increased volumes of oil transiting through the Strait of Hormuz and the ongoing weakness in China's [Read more]
Vermilion Energy Inc. Announces TSX Approval for Renewal of Normal Course Issuer Bid and Confirms Q2 2026 Release Date and Conference Call Details
CALGARY, AB, July 8, 2026 /CNW/ - Vermilion Energy Inc. ("Vermilion", "We", "Our", or the "Company") (TSX: VET) (NYSE: VET) is pleased to announce that the Toronto Stock Exchange ("TSX") has approved the notice of Vermilion's intention to commence a normal course issuer bid ("NCIB") through the facilities of the TSX, New York Stock Exchange and other alternative trading platforms in Canada and the United States. The NCIB allows Vermilion to purchase up to 15,157,179 common [Read more]
Pembina Congratulates Meta and the Government of Alberta on New Data Centre Investment
CALGARY, Alberta--(BUSINESS WIRE)--Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA), Morgan Stanley Infrastructure Partners ("MSIP"), and Kineticor Asset Management ("Kineticor"), partners in the Greenlight Electricity Centre Limited Partnership ("Greenlight") (the "Partners"), congratulate Meta and the Province of Alberta on today's announcement of a major new data centre project in Alberta. Members of Pembina's leadership team joined Meta, Alberta Premier [Read more]
Meta makes historic investment in Alberta
July 8, 2026 Meta will invest more than $13 billion in Alberta, creating thousands of jobs, generating new provincial revenue and supporting reliable, affordable electricity. On this page: Water Electricity Land Quick facts Related information Multimedia Meta has announced plans to build its first Canadian data centre in Alberta, representing an investment of more than $13 billion – one of the largest private-sector investments in Canadian history. The [Read more]
Meta to build C$13 billion Alberta data center, its first in Canada
Tech giant Meta announced Wednesday it will build a massive data center in central Alberta, the company's first in Canada, as it rapidly builds out computing capacity to support the global AI boom. The 1-gigawatt data center will be located in Sturgeon County and represents a total investment of C$13 billion, or $9.17 billion, Meta said. Meta has doubled down on AI, pledging hundreds of billions of dollars to build large AI data centers in the U.S. The Alberta announcement represents the [Read more]
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