Headlines

OTTAWA - Conservative members of Parliament are calling for a boost to Canadian diesel production to one million barrels per day as the price for the fuel continues to soar. Fuel prices have increased globally in recent months as wars in Iran and Ukraine impact world oil supplies. Statistics Canada reports diesel prices across the country in August were up between 60 and 90 cents on average compared with where they were a year ago. Conservative energy critic Carol Anstey said Canadians [Read more]

Iraq's government has proposed an oil price assumption of $58 a barrel with total spending projected at 217 trillion Iraqi dinars ($166 billion), lawmakers familiar with the 2027 draft budget said on Tuesday. The proposals would leave the budget with a deficit of more than 40 trillion dinars. The legislation projects crude oil exports of around 4 million barrels per day, including shipments from the Kurdistan region, four members of the parliamentary finance committee said. The [Read more]

Largest merger in Canadian history1 HIGHLIGHTS Emera and Canadian Utilities will combine in a merger of equals to form a Top 20 North American utility, with approximately $72 billion in combined enterprise value , $45 billion in rate base and six million customers. Creating a Canadian champion with greater financial strength, operating capabilities and investment capacity, the combined company is expected to benefit from improved credit rating thresholds, providing greater financial [Read more]

Energy Transfer said on Tuesday it has agreed to acquire Vaquero Midstream in a deal valued at about $2.63 billion in cash and stock, expanding its midstream operations. The deal includes $1.95 billion in cash and about 33.3 million newly issued Energy Transfer shares, Energy Transfer said. It said the assets, which are linked to its existing natural gas and natural gas liquids infrastructure, would provide additional volumes for its transportation, fractionation, terminalling and export [Read more]

Around 12 million barrels per day of crude oil and 2 million bpd of refined products — volumes needed to dampen price pressure — have left the Middle East on tankers in the last 7 to 10 days, commodities trading giant Vitol's CEO said on Tuesday. With inventories in the West largely drained, that flow of 10 million to 14 million bpd is helping to keep energy markets in balance going into winter, Russell Hardy told the Energy Intelligence Forum in London. "Without it, you do have that $200 [Read more]

UBS raised its Brent crude price forecasts for the 2026 and 2027 stating that Middle East flows were disrupted more than expected following the breakdown of the June US-Iran Memorandum of Understanding and added that the recovery remains fragile given the ongoing attacks. * "While Hormuz flows have materially recovered in recent weeks, this improvement has come at great expense and remains fragile given ongoing Iranian attacks," UBS said in the note dated Monday. * The bank forecasts Brent [Read more]

Oil prices fell on Tuesday as resilient Middle Eastern crude exports and a G7 emergency stockpile release eased supply concerns, though lingering security risks in the region capped further losses. Brent crude futures were down 83 cents, or 0.8%, at $99.49 a barrel at around 0650 GMT, while US West Texas Intermediate crude futures fell $1, or 1.1%, to $88.43 a barrel. "Shipping data shows regional crude exports actually exceeded pre-war levels on several days in late September. Alternative [Read more]

Japan aims to agree on action plans with its Asian partners to boost crude oil reserves across the region at a ministerial meeting of the Japan-led Asia Zero Emission Community (AZEC) in the Philippines on Thursday, the industry minister said on Tuesday. * In April, Prime Minister Sanae Takaichi proposed the "Partnership in Wide Energy and Resources Resilience Asia (POWERR Asia)" initiative, backed by $10 billion in financial support, to help Asian countries procure energy resources and [Read more]