The Strait of Hormuz will not reopen until seven Iranian conditions set out in a June interim agreement with the US are met, state media reported Iran's parliament speaker Mohammad Baqer Qalibaf as saying on Sunday. Iran presented a proposal during the UN General Assembly under which the Strait of Hormuz waterway could be reopened and normal maritime passage restored within seven days if the conditions were met, with the US replying to this proposal last week via Qatari intermediaries. "The [Read more]
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Iraq says it transported 2 million barrels of crude through Strait of Hormuz
Iraq's state-owned Oil Tanker Company transported 2 million barrels of Iraqi crude aboard a very large crude carrier (VLCC) through the Strait of Hormuz, in what its director general described on Saturday as the company's first such operation in decades. * The announcement means the company is transporting the crude through the strait rather than delivering it at the port of Basra, giving state oil marketer SOMO greater flexibility in how and where it sells the crude. * The company's director [Read more]
Trump says US will soon fill its strategic oil stockpile
President Donald Trump said on Friday that the US would soon fill its strategic petroleum reserves. "We're going to be filling up very shortly our strategic reserves, for nothing," Trump said at a rally in Mobile, Alabama. He offered no additional details. (Reporting by Steve Holland in Mobile, Alabama, and Trevor Hunnicutt in Washington; Editing by Edmund Klamann) [Read more]
Russia talks on Ukraine involve multi-billion dollar oil deal, NYT reports
The Trump administration’s talks with Russia on ending the war in Ukraine have expanded to include a multibillion-dollar oil deal that would benefit Middle Eastern business executives with ties to US negotiators Steve Witkoff and Jared Kushner, the New York Times reported on Saturday. The deal, which is contingent on approval from the US government and the Kremlin, involves a sprawling set of oil fields, refineries and gas stations around the world owned by Russian energy group Lukoil, [Read more]
Fire, smoke seen near Aramco facility in Riyadh, witness says
A large plume of smoke and fire was seen rising in the vicinity of an Aramco facility in Riyadh on Saturday, a witness told Reuters. There was no immediate confirmation from Saudi authorities about the fire. Aramco did not immediately respond to a request for comment. The fire comes amid escalating hostilities between Saudi Arabia and Yemen's Iran-aligned Houthis, who have stepped up attacks on Saudi cities and energy infrastructure. There was no immediate claim of responsibility for [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Friday. WCS for November delivery in Hardisty, Alberta, settled at $24.65 a barrel below the US benchmark WTI, according to brokerage CalRock, compared with $24.10 on Thursday. * Group of Seven countries agreed on Friday to release 100 million barrels of diesel and crude oil from emergency reserves and pledged to refrain from energy export restrictions after pressure from [Read more]
CME Group withdraws filing for 24/7 10-barrel crude oil futures contract
CME Group said on Friday it was withdrawing its filing to launch a new 10-barrel crude oil futures contract, citing concerns from industry participants about potential risks from introducing round-the-clock energy trading. Here are more details: * The derivatives exchange operator had planned the contract as a regulated alternative to oil products that already trade around the clock, primarily for retail participants. * CEO Terry Duffy said discussions with industry participants showed [Read more]
Trump says he did not ‘jump the gun’ on South Korea Alaska LNG investment announcement
US President Donald Trump said on Friday he did not "jump the gun" on announcing a South Korean investment in Alaska LNG, a liquefied natural gas project that has been planned for decades but still lacks binding commitments. Trump unveiled plans on Wednesday for South Korea to invest $200 billion in US projects, but Seoul quickly suggested one key element, a $54 billion pipeline for a long-planned LNG project in Alaska, was not yet set in stone. "I didn't jump the gun. I mean, they were [Read more]
Two injured in gas plant fire near Calgary; one in critical condition
CHANCELLOR - Two people have been injured in a gas plant fire in southern Alberta. A spokesperson for STARS air ambulance says a man in his 70s was transported from the plant, about 88 kilometres east of Calgary, to hospital. He was listed in critical condition. Wheatland County Fire Services responded to the fire at the Canadian Natural Resources facility at 5:30 a.m. The blaze was later declared under control. Fire crews say the surrounding area was evacuated as a [Read more]
Another oilsands boom? Smith, Carney say this time Canada will be ready
CALGARY - It's been a relatively quiet decade in Alberta's oilsands, but the federal and provincial governments believe a new West Coast pipeline coupled with policy shifts might help turn up the volume. Prime Minister Mark Carney was in Fort McMurray, Alta., this week to announce the first proposal to be deemed in the national interest under legislation passed last year: the million-barrel-per-day Pacific Link pipeline from Alberta to a tanker export terminal in southern B.C. The [Read more]
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