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Iran’s Capacity to Move Oil Reliant on Malaysian Providers, U.S. Official Says

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

The United States sees Iran’s capacity to move its oil as reliant on service providers based in Malaysia, with oil being transferred near Singapore and throughout the region, the U.S. Treasury Department’s top sanctions official said on Tuesday. Brian Nelson, Treasury’s undersecretary for terrorism and financial intelligence, was speaking during a four-day visit to Singapore …

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How Western Sanctions Are Strangling Putin’s Arctic Gas Ambitions

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

Pipeline exports to Europe have slumped, turning focus to LNG Novatek’s Arctic LNG 2 is crucial to expanding export capacity Bloomberg Russia’s fortress economy has proved remarkably resilient to an onslaught of Western sanctions. Two years after the Kremlin’s invasion of Ukraine, it continues to fund a costly war and to prop up President Vladimir Putin. …

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OPEC+ Likely to Extend Production Cuts in June

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

Saudi Arabia and its allies in OPEC+ are likely to keep oil production unchanged for a further three months when ministers review output allocations on June 1. The tightening of petroleum supplies and depletion of inventories widely anticipated at the start of the year has failed to materialise so far. If OPEC+ (Organization of the …

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FTC’s Surprise Attack on U.S. Oil Icon Rattles Shale Sector

CDN and International News, Latest, Oil, Pinned Primary, US News / By

Antitrust regulators cited former CEO’s email, dinner partners Exxon agrees to exclude Pioneer Natural founder from board Bloomberg The Federal Trade Commission’s allegations that shale trailblazer Scott Sheffield tried to collude with OPEC to prop up crude prices is unnerving US oil executives pursuing more than $100 billion in deals. While Thursday’s green light from the FTC …

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Explainer: What OPEC+ Oil Output Cuts are Currently in Place?

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

(Reuters) – OPEC+ oil producers are making voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary cut. These curbs from the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, come on top of earlier reductions …

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OPEC+ Could Extend Oil Cuts, Formal Talks Yet to Start

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

Summary OPEC+ meets on June 1 Voluntary cuts of 2.2 mln bpd are in place until end-June ‘Good chance’ OPEC+ will extend, Energy Aspects says LONDON/MOSCOW, May 2 (Reuters) – OPEC and its allies have yet to begin formal talks on extending voluntary oil output cuts of 2.2 million barrels per day beyond June, but …

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Japan is Opening Coal Plants, Not Closing Them

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

The Dog Ate Japan’s Plan to Phase Out Coal Power By David Fickling David Fickling is a Bloomberg Opinion columnist covering climate change and energy. Previously, he worked for Bloomberg News, the Wall Street Journal and the Financial Times. With blistering speed, the rich countries that built their wealth on coal-powered industrialization are turning their …

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Canada’s Long-Delayed Trans Mountain Oil Pipeline Set to Start Operations

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

(Reuters) – After 12 years and C$34 billion ($24.7 billion), Canada’s Trans Mountain pipeline expansion project (TMX) is set to start shipping oil on Wednesday, a major milestone expected to transform access to global markets for the country’s producers. Pipeline constraints have forced Canadian oil producers to sell oil at a discount for many years, but TMX …

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Norway to Add Another Oil Field in North Sea With Bestla Tie-In

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

Norway will add a new oil and natural gas development in the North Sea, extending the life of a nearby field that has been in operation for over three decades. Okea ASA will operate the Bestla project, due to come on-stream in the first half of 2027, with total investments forecast to be about 6.3 billion …

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Western Insurers Say Russian Oil Price Cap Doesn’t Work

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

A group of Western insurers has said a Russian oil price cap has become unenforceable and only pushed more ships into joining a shadow fleet, delivering one of the harshest rebukes to the measure that had been meant to cut revenue to the Kremlin. The G7 group of industrialised nations approved a so-called price cap …

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