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‘This is the first time Canada will enter the global marketplace as a global player, so it is an incredibly important change for the industry’ By Mario Toneguzzi With the recent completions of the Trans Mountain expansion and Coastal GasLink pipelines, and the looming completion of LNG Canada within the next year, there are few major …
A healthy growth in consumer spending and solid summer demand will push the oil market to a 1.3 million barrels per day (bpd) deficit in the third quarter and lift benchmark Brent prices to $86 a barrel, Goldman Sachs said. The bank cut its 2024 oil demand growth forecast by 0.2 million bpd to 1.25 …
Goldman Expects Summer Demand to Lift Brent Crude to $86/Bbl in Q3 Read More »
Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024. Hedge funds and other money managers sold the equivalent of 194 million barrels in the six most important futures and options contracts over the seven days ending on …
COMMENTARY: OPEC⁺ Surprise Triggered Record Hedge Fund Oil Sales – John Kemp Read More »
Summary BP updates its conflict of interest policy Senior staff have three months to disclose relationships Staff face potential sacking for failure to comply (Reuters) – BP employees must disclose any intimate relationships with colleagues or risk losing their jobs, the oil major told staff in a policy update, following the sacking of former CEO …
BP Tightens Workplace Relationships Policy After Looney Dismissal Read More »
Government says reversing the ban will bolster energy security Green Party labels the move a backward step for climate aims New Zealand’s government is pressing ahead with plans to lift a ban on offshore petroleum exploration, citing energy security challenges from “rapidly” declining natural gas reserves. Gas is “critical” for the economy during periods of …
New Zealand Set to Scrap Oil, Gas Exploration Ban in Second Half Read More »
(Reuters) – Saudi Arabia placed over half of an $11.2 billion share sale in Aramco with foreign investors, two people with knowledge of the matter told Reuters on Saturday. Saudi Arabia has been seeking to lure international investment to pour tens of billions of dollars into projects to diversify away from its reliance on oil. Yet …
Over Half of Aramco Share Sale allocated to Foreign Investors, Sources Say Read More »
Canada’s biggest oil sands producers support a paying a tax on carbon but see a proposed federal oil and gas emissions cap as unnecessary legislation, the companies’ CEOs told lawmakers in Ottawa on Thursday. Executives from Suncor Energy, Imperial Oil, Cenovus Energy, Enbridge and Shell appeared via videolink before a House of Commons committee to answer questions on their efforts to cut …
Saudi Arabia is set to raise more than $11.2 billion after pricing its offering of Aramco stock toward the lower end of the targeted range, the Wall Street Journal reported on Thursday. Saudi Aramco’s bankers have told investors it plans to price the shares at 27.25 Saudi riyals, or $7.27 each, according to the report. …
Saudi Arabia Set to Raise More Than $11.2 Bln from Aramco Stock Offering – WSJ Read More »
Summary Russia defends OPEC+ oil pact, but ready to react UAE minister calls countries making voluntary cuts the ‘Great 8’ OPEC head rejects criticism over oil deal, says demand is good (Reuters) – OPEC+ could tweak its latest oil output agreement which calls for some output cuts to be reversed later this year if needed …
OPEC+ Could Tweak Oil Pact if Needed, Ministers Say Read More »
Three British energy companies have decided to delay by a year the planned start of oil production at their joint-venture oilfield in the North Sea, citing the need for clarity on the fiscal policies of the next government. Jersey Oil and Gas, which owns 20% of the Buchan field, gave the update on Wednesday on …
North Sea Firms Postpone Oilfield Opening After Early UK Election Called Read More »
