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Ukrainian Foreign Minister Wants G7 Price Cap on Russian Oil Lowered to $30 Per Barrel

CDN and International News, Latest / By

Ukrainian Foreign Minister Andriy Sybiha called on Tuesday for the Group of Seven advanced economies to reduce its price cap on Russian seaborne oil to $30 per barrel. The current G7 price cap is $60 per barrel. “The oil price cap, from our point of view, our position, (the) reasonable price cap (is) 30 dollars,” …

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Saudi Poised to Increase Summer Crude Burn for Power as Fuel Oil Cecomes Costly

CDN and International News, Latest, Oil / By

Summary Crude prices soften as OPEC+ accelerates output hikes High-sulphur fuel oil cracks hit record highs recently SINGAPORE, May 20 (Reuters) – Saudi Arabia is expected to burn more crude oil for power generation this summer than last as it ramps up output after OPEC+ eases supply controls and as fuel oil has become costly, …

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TotalEnergies Signs Deal to Buy LNG from Project in Canada

CDN and International News, Conventional Energy, Latest, LNG, Natural Gas / By

TotalEnergies SE reached a 20-year deal to buy liquefied natural gas from an export terminal being developed in Western Canada, bolstering the French energy major’s global portfolio of the fuel. The agreement calls for Total to purchase 2 million metric tons a year from the Ksi Lisims project in British Columbia, proposed by Western LNG, according …

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EU Likely to Propose to G7 to Lower Price Cap on Russian Oil to $50 Per Barrel

CDN and International News, Conventional Energy, Latest, Oil / By

The European Union will propose to G7 finance ministers this week to lower the current $60 per barrel price cap on Russian seaborne oil as part of the new sanctions package against Moscow, European Economic Commissioner Valdis Dombrovskis said. “This is something which we flagged from the Commission’s side in the context of the 18th …

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How BP Top Brass Can Get an Elliott-Backed Revamp

CDN and International News, Conventional Energy, Energy Topics & Technology, Finance, Latest, Oil / By

May 19 (Reuters Breakingviews) – Elliott Investment Management’s next big move at BP is installing board leadership it likes. The U.S. activist, which now holds 5% of the struggling $78 billion oil major, understandably wants a swift replacement for departing Chair Helge Lund. While suitable candidates aren’t exactly abundant, some exist. The sooner a new …

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With US Trade War, China Now Top Buyer for Canadian Crude on Trans Mountain Pipeline

CDN and International News, Conventional Energy, Latest, Oil / By

China has emerged as the top customer for Canadian oil shipped on the expanded Trans Mountain pipeline, ship tracking data showed, as a U.S. trade war has shifted crude flows in the year since the pipeline started operating. China’s new interest in Canadian oil comes as U.S. President Donald Trump’s trade war has strained relations …

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Canadian Oil Producer Strathcona to Launch US$4.25 Bln Hostile Bid for MEG Energy

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, Oilsands / By

(Reuters) – Canadian oil and gas producer Strathcona  said late Thursday it plans to launch a C$5.93 billion ($4.25 billion) hostile takeover bid for rival MEG Energy, aiming to create one of the country’s largest oil sands companies. The all-cash-and-stock unsolicited offer would combine two of Canada’s largest pure-play thermal oil sands operators, and make Strathcona …

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Global Oil Supply to Rise Faster Than Expected After OPEC+ Hike, IEA Says

CDN and International News, Conventional Energy, Energy Topics & Technology, Gasoline, Latest, Oil, OPEC / By

By Robert Harvey and Enes Tunagur Hikes 2025 global supply growth forecast by 380,000 bpd Oil demand growth to slow to 650,000 bpd in rest of year Expects lower oil prices to hit US shale oil output growth Revises up 2025 total demand forecast LONDON, May 15 (Reuters) – World oil supply will rise more …

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Enbridge to Sell BC Gas Pipeline Stake to Canada Indigenous Groups

CDN and International News, Conventional Energy, Latest, LNG, Natural Gas / By

By Brian Platt, Thomas Seal, and Robert Tuttle Enbridge Inc. plans to sell a stake in a natural gas pipeline system in British Columbia to Indigenous communities in a deal that will be financially backed by the Canadian government. The government will provide a C$400 million ($286 million) loan guarantee to support a partnership of …

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