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MAKING HAY IN MAY: Canada’s Oil and Gas Drillers ‘Making Money’ in Busiest May Since Boom-Era 2014

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

‘Two months ago, if you said oil is going to be the low 80s, you’d pop the champagne,’ said Ensign Energy Services Inc. president Bob Geddes By This Article and More by Steven Wilhelm Here Original: financialpost.com/business/energy/canada-oil-gas-drillers-making-money-busiest-may-since-2014/wcm/6acce87b-0c18-4fbe-af44-ddf94508e35f   High oil prices are propelling a new rush for black gold across Western Canada, with drillers getting …

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Iran Rejects Idea of its Assets Being Used to Pay Damages to US Allies

CDN and International News, Latest, Natural Gas, Oil / By

Iran’s Deputy Foreign Minister Kazem Gharibabadi said on Sunday that regional governments were “not in a position to demand reparations”, responding to reports the U.S. could use Iranian assets to compensate regional allies for war-related damages. Gharibabadi added in a post on X that Iran’s assets were “neither war spoils for Washington nor a payment …

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Global Oil Inventories Depleted, Next Price Spike Could Roil Economies, Markets

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

(Reuters) – Global oil inventories are running dangerously low as a deal to re-open tanker traffic through the Strait of Hormuz has proven elusive, and industry executives and analysts warn there could be another oil price shock in the coming weeks, severe enough to upset broader financial markets. Some fear the next move higher for …

Global Oil Inventories Depleted, Next Price Spike Could Roil Economies, Markets Read More »

“I’M NOT JOKING” – Putin Urges Germany to Make Decision on Buying Russian Gas Again via Nord Stream

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

  (Reuters) – President Vladimir Putin said on Thursday that Russia was ready ​to resume gas supplies to Germany via the Nord Stream ‌pipeline that was heavily damaged by undersea explosions in 2022, and the onus was on Berlin to make up its mind. Putin told journalists in St. ​Petersburg that one of the two …

“I’M NOT JOKING” – Putin Urges Germany to Make Decision on Buying Russian Gas Again via Nord Stream Read More »

Iranian Oil Exports Fall to Lowest Level in Six Years, Data Shows

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

(Reuters) – Iranian exports of crude oil and condensate fell to their lowest level in at least six years in May, falling well below 300,000 barrels per day, mainly due to the U.S. naval blockade, according to shipping data and analysts. The U.S. began enforcing the blockade on April 13, choking Iranian exports as the …

Iranian Oil Exports Fall to Lowest Level in Six Years, Data Shows Read More »

OPEC Secretary General Says Oil Demand to Remain Robust, No Change to Estimates

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

ST PETERSBURG, June 4 (Reuters) – OPEC expects robust oil demand growth and ​is not changing its estimates, ‌Secretary General Haitham Al Ghais said on Thursday at the St Petersburg ​International Economic Forum, despite the ​Middle East conflict and closure of ⁠the Strait of Hormuz. “Despite all ​the commentary out there that ​oil demand is …

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Why the Strait of Hormuz Is at the Heart of the US-Iran Stalemate

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

By Julian Lee and Alex Longley No region of the world produces more oil and gas than the countries straddling the Persian Gulf. Most of this energy can only be exported aboard tankers that cross the Strait of Hormuz — a waterway that’s effectively been blocked for more than three months. Iran has throttled traffic …

Why the Strait of Hormuz Is at the Heart of the US-Iran Stalemate Read More »

LNG Prices Could Go Higher in Significant Volatility, Uniper Executive Says

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

LONDON, June 3 (Reuters) – Liquefied natural gas (LNG) prices could rise further in significant volatility than ​experienced so far during the Iran war if ‌supply disruptions coalesce with hot weather in Asia and European storage refill needs, Uniper’s chief executive for the Middle East, ​John Roper, said on Wednesday. The current supply ​disruptions have …

LNG Prices Could Go Higher in Significant Volatility, Uniper Executive Says Read More »

Middle East Oil Refineries Could Ramp Up Output in 40-60 Days From End of Crisis, Vitol Bahrain Says

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

(Reuters) – Middle East oil refineries could recover to more normal production levels in 40-60 days from the end of the current oil supply crisis linked to the effective closure of the Strait of Hormuz, Vitol Bahrain’s regional head of research Bader Nooruddin said on Wednesday. That timeline would take production up to around 90-95% …

Middle East Oil Refineries Could Ramp Up Output in 40-60 Days From End of Crisis, Vitol Bahrain Says Read More »

Oil Demand Will Spike After War to Replenish Stocks, ADNOC Executive Says

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

(Reuters) – There will be a spike in oil demand to replenish storage levels after the current global oil supply crisis in overcome, ADNOC senior vice president of business transformation Fatema Bin Saleem Al Teneiji said on Tuesday. Oil demand will then start to pick up as oil prices normalise, she said at the S&P …

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