CDN and International News - Today in Oil and Gas

Russia’s Sovcomflot Says New U.S. Sanctions Create Operational Difficulties

(Reuters) – Russia’s leading tanker group, Sovcomflot, said on Tuesday that new U.S. sanctions would create additional operational difficulties and accused the West of undermining the global system of merchant shipping. “The company’s vessels do not belong to the ‘shadow fleet’”, Sovcomflot said. “The sanctions against Sovcomflot are not motivated by violations on the part …

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BP Warns of Fourth Quarter Profit Hit as Production and Refining Margins Fall

(Reuters) – BP warned on Tuesday that lower production, weak refining margins and sluggish trading would see its profit in the fourth quarter of 2024 fall from the previous three months. Since taking the helm a year ago, CEO Murray Auchincloss has scaled back the firm’s energy transition strategy in an effort to boost profits …

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Norway Awards Oil, Gas Drilling Permits, Plans Arctic Push

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

Summary • Norway awards exploration permits to 20 companies • Must drill to uphold oil, gas output, energy minister says • Also prepares for more Arctic exploration • Demonstrators, including Thunberg, protest against move SANDEFJORD, Norway, Jan 14 (Reuters) – Norway on Tuesday awarded stakes in 53 offshore oil and gas exploration licences to 20 …

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Canada’s Reality: Trump’s Tariffs Are Coming and Will Include Oil, Alberta Premier Warns

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Province’s leader met with president-elect at Mar-a-Lago Ottawa shouldn’t make ‘empty’ threats to curb exports: Smith Canadians should be prepared to face US tariffs once Donald Trump assumes the presidency next week, with no exemptions for oil, Alberta Premier Danielle Smith warned after meeting the president-elect in Florida. The conservative leader of Canada’s main oil-producing province met with Trump at his …

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Oil Shipping Rates Surge After U.S. Sanctions Hit Availability

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Summary • VLCC rates for Mideast to China up 39% since Friday • Shipping costs for Russian ESPO Blend to China more than double – S&P Global • Fleet tightness could worsen if shadow fleet seeks new vessels – Kpler (Reuters) – Supertanker freight rates jumped after the U.S. expanded sanctions on Russia’s oil industry, …

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Alberta Premier Danielle Smith Visits Mar-a-Lago to Defend Alberta and Canada Interests

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Trump’s tariff threat, and remarks about Canadian sovereignty, have alarmed Canadians across the political spectrum Alberta Premier Danielle Smith visited U.S. president-elect Donald Trump at Mar-a-Lago on Saturday evening and again Sunday morning, as Smith continues her campaign to woo American politicians in the face of tariff threats from the incoming president. “We had a …

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Canada’s Premiers to Visit Washington, D.C. on February 12, 2025 to Meet With Trump Administration Members

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OTTAWA, ON – Ontario Premier Doug Ford, as Chair of the Council of the Federation, will lead a joint mission of Canada’s Premiers to Washington, D.C. on February 12, 2025. Premiers will meet with key members of the new Administration, Congress and business leaders to advocate for maintaining strong Canada-U.S. relations by addressing shared issues such as jobs and the economy, energy, critical …

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EU’s 2024 New Wind Capacity Less Than Half Amount Needed for Climate Goal, Industry Group Says

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(Reuters) – Wind power provided 20% of the electricity consumed in Europe last year, but the capacity built during the year was less than half of what is needed to meet the European Union’s 2030 energy and climate targets, industry group WindEurope said on Friday. WHY IT’S IMPORTANT Wind has been a growing part of …

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TotalEnergies to Pay $5 Million to Settle US FERC NatGas Manipulation Case

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Jan 9 (Reuters) – A unit of French energy company TotalEnergies (TTEF.PA) agreed to pay $5 million to settle claims by U.S. energy regulators that it and some of its traders allegedly manipulated the natural gas market in 2009-2012. The settlement is much smaller than the $214 million the U.S. Federal Energy Regulatory Commission had …

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Nord Stream 2 AG Gets More Time for Debt Restructuring

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MOSCOW, Jan 9 (Reuters) – A court in Switzerland has extended the deadline for Nord Stream 2 AG, a unit of Russia’s Gazprom (GAZP.MM), to restructure its debts to May 9 from Jan. 10, according to a court ruling. It also said that Swiss-registered Nord Stream 2 AG, the operator of the undersea gas pipeline …

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