Canadian oil producer Strathcona Resources wants to export up to 250,000 barrels per day of crude from British Columbia’s northern coast using rail shipments and a new marine terminal to reach Asian markets. But first, it needs Ottawa to make an exception to its oil tanker ban. S…

Europe’s carbon market could soon start paying shipowners to switch fuels, but the support on offer is far from equal. In July, the European Commission proposed a revision of the European Union’s Emissions Trading System that would reserve up to 110 million allowances between 202…

Citi sees more upside risk for oil prices despite recovering Middle Eastern crude exports, a considerably less bearish assessment from the bank that predicted $60-to-$65 Brent by year-end just three months ago. Brent December futures traded at $111.70 on Thursday, up $2.88, or 2.…

The world’s biggest sovereign wealth fund, Norway’s $2.3-trillion Government Pension Fund Global, booked a loss of $30 billion for the third quarter as higher interest rates and market turbulence hit both its fixed-term and equity investments. Norway’s Government Pension Fund Glo…

The United Kingdom has finally established an oil-backed investment fund, decades after neighboring Norway began transforming its North Sea petroleum revenues into one of the world's largest sovereign wealth funds. The British government's new £2 billion Energy Wealth Fund, annou…

Record-high gasoline and diesel prices across Europe are accelerating a shift toward electric vehicles and hybrids while new registrations of conventional cars continue to plummet by double digits in key markets. Total car sales in Europe, including the UK, Norway, and Switzerlan…

India saw its crude oil imports from the Middle East rebound in September to pre-war levels amid higher volumes exiting the Strait of Hormuz, while competition from China for Russian oil resulted in declining imports from Russia.  India’s crude oil imports from the Middle East ju…

Iran’s Islamic Revolutionary Guard Corps (IRGC) Navy on Thursday claimed that seven vessels, including oil tankers, were either hit by Iranian forces or struck mines in the Persian Gulf over the past day, as tensions in the region flared up again this week.   The IRGC Navy said t…

In the 2026-27 Winter Fuels Outlook, released alongside the October Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects U.S. households that primarily heat with natural gas or propane - about half of households - will spend less on energy ex…

The U.S. Energy Information Administration published its July Short-Term Energy Outlook (STEO), increasing its expectations for global oil production.

The U.S. Energy Information Administration published its June Short-Term Energy Outlook (STEO), reducing its expectation for global oil demand in 2026. High fuel prices, reduced fuel availability, and government initiatives are curbing oil consumption this year, particularly in A…

The U.S. Energy Information Administration published its May Short-Term Energy Outlook, reflecting a continued disruption to Middle Eastern oil flows.

Crude oil price movements. The Brent crude oil spot price has risen sharply following the onset of military action in the Middle East. Brent settled at $94 per barrel (b) on March 9, up about 50% from the beginning of the year and the highest since September 2023. Crude oil price…