Headlines

U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by two to 536 in the week to August 29, the lowest since August 2021. Baker Hughes said this week's decline puts the total rig count down 47 rigs, or 8.1%, below the total this time last year. Baker Hughes said oil rigs rose by one [Read more]

OTTAWA - Ottawa's one-stop shop for industry to pitch plans for large industrial construction projects will be headquartered in Calgary. The Prime Minister's Office provided details today about the major projects office which is part of its plan to get big national projects fast-tracked through the approval process. The office will be headed up by former Trans Mountain CEO Dawn Farrell. The Liberal government rushed Bill C-5 through Parliament in June. It raised the ire of various Indigenous [Read more]

U.S. crude oil production hit a record high in June, the Energy Information Administration said on Friday, rising 133,000 barrels per day to 13.58 million bpd. Product supplied of crude and petroleum products in the U.S., a proxy for demand, rose 684,000 bpd in June to its highest since October 2024, at 21 million bpd. Gasoline demand rose 205,000 bpd in June to 9.23 million bpd, its highest since July 2024, while jet fuel demand hit its highest since August 2018 over the same period, gaining [Read more]

Iranian Oil Minister Mohsen Paknejad said on Friday a return of sanctions under the so-called "snapback" may create restrictions on oil exports but Tehran has learned to bypass them, Iran's state media reported. Britain, France and Germany on Thursday launched a 30-day process to reimpose U.N. sanctions on Iran over its disputed nuclear programme, a step likely to stoke tensions two months after Israel and the United States bombed Iran. "We have faced restrictions on oil sales for years, [Read more]

Oil prices are unlikely to gain much traction from current levels this year as rising output from top producers adds to the risk of a surplus and U.S. tariff threats curb demand growth, a Reuters poll showed on Friday. A survey of 31 economists and analysts conducted in August forecasts Brent crude will average $67.65 per barrel in 2025, little changed from July's $67.84 forecast. The global benchmark has averaged around $70 so far this year. U.S. crude is seen at $64.65, compared with [Read more]