Oil’s recent nosedive—thanks to tariffs, OPEC+ surprises, and good old-fashioned recession fears—has put a chill over Alberta’s energy sector. But if you were expecting panic from Canadian oil CEOs, think again. The tone out of Toronto today is clear: don’t flinch. InPlay Oil’s Doug Bartole isn’t pulling rigs or cutting spending just yet, despite the price rout. “Let’s take a longer view,” he told Reuters this week. Translation: don’t panic, at least not at $60. The CEO said, however,…

US President Donald Trump said the United States will hold high-level "direct" talks with Iran at a "very big meeting" this week while warning Tehran it would be in “great danger” if the talks on its nuclear program don’t succeed. Iran's foreign minister confirmed that a meeting was set to take place on April 12, but the talks would be "indirect." "Iran and the United States will meet in Oman on Saturday for indirect high-level talks," Iranian Foreign Minister Abbas Araghchi said on X on April 7 shortly after Trump commented on…

Despite a wave of electric vehicle factories popping up across the U.S. in recent years—fueled by tax credits from the Inflation Reduction Act and promises of jobs in mostly Republican areas—many of these projects are now being scrapped, according to a new article by the Washington Post. Even before former President Trump’s new tariffs, the clean energy shift was already losing momentum. In just the first quarter of 2025, more EV-related projects were canceled than in the previous two years combined, according to Atlas Public…

In this week’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week.  We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days. We hope you enjoy. US-China Tariff Wars Trigger Largest Brent Sell-off Ever - Crude markets have experienced an unprecedented rout of investors as ICE Brent futures posted the highest ever daily traded volume…

Tensions between the world’s two largest economies have increased overnight as Beijing vowed to “fight to the end”, in response to a new wave of US tariffs. The statement followed a dramatic escalation by president Donald Trump, who threatened an additional 50 per cent tariff on Chinese goods, unless Beijing reverses its newly announced 34 per cent reciprocal levy – retaliation for Trump’s earlier 34 per cent tariff hike on Chinese imports. The new US tariffs are set to take effect Wednesday. China’s commerce…

The European Union should pledge to buy $350 billion worth of energy from the United States if it wants the U.S. tariffs on the EU eased, U.S. President Donald Trump has said. “We have a deficit with the European Union of $350 billion and it's going to disappear fast,” Trump said, as quoted by POLITICO. “One of the ways that that can disappear easily and quickly is they're going to have to buy our energy from us ... they can buy it, we can knock off $350 billion in one week. They have to buy and commit to buy a like amount of…

U.S. refiner Phillips 66 told shareholders on Tuesday that Elliott Investment Management’s demands for breaking up the company are misguided, based on inflated and unrealistic assumptions, and would destroy shareholder value. Activist hedge fund Elliott Investment Management has called on Phillips 66 to spin off its midstream business and tighten up operations. Elliott, which has an investment worth more than $2.5 billion in Phillips 66, last week made the case to the refiner’s shareholders that “Phillips investors' patience has…

U.S. refiner Phillips 66 told shareholders on Tuesday that Elliott Investment Management’s demands for breaking up the company are misguided, based on inflated and unrealistic assumptions, and would destroy shareholder value. Activist hedge fund Elliott Investment Management has called on Phillips 66 to spin off its midstream business and tighten up operations. Elliott, which has an investment worth more than $2.5 billion in Phillips 66, last week made the case to the refiner’s shareholders that “Phillips investors' patience has…

U.S. refiner Phillips 66 told shareholders on Tuesday that Elliott Investment Management’s demands for breaking up the company are misguided, based on inflated and unrealistic assumptions, and would destroy shareholder value. Activist hedge fund Elliott Investment Management has called on Phillips 66 to spin off its midstream business and tighten up operations. Elliott, which has an investment worth more than $2.5 billion in Phillips 66, last week made the case to the refiner’s shareholders that “Phillips investors' patience has…

The development of oil projects in Alaska’s North Slope and Arctic is boosting jobs growth in these areas more than the average for the state, according to the latest figures by the Alaska Department of Labor and Workforce Development. Job numbers jumped by 7% in the North Slope and Northwest Arctic regions last year, compared to broadly flat job numbers for the state of Alaska. In Alaska’s north, ConocoPhillips is developing the Willow oil project, which was approved by the Biden Administration in 2023. The $8-billion project is expected…

The development of oil projects in Alaska’s North Slope and Arctic is boosting jobs growth in these areas more than the average for the state, according to the latest figures by the Alaska Department of Labor and Workforce Development. Job numbers jumped by 7% in the North Slope and Northwest Arctic regions last year, compared to broadly flat job numbers for the state of Alaska. In Alaska’s north, ConocoPhillips is developing the Willow oil project, which was approved by the Biden Administration in 2023. The $8-billion project is expected…

The oil market meltdown in recent days could pose risks to the Russian economy, Russia’s Central Bank Governor Elvira Nabiullina said on Tuesday. The escalation of the tariff wars could negatively affect Russia’s economy, TASS news agency quoted the governor as telling Russian lawmakers in parliament today. “The main channel of influence may lie through fluctuations of oil prices, a decline of oil prices,” Nabiullina was quoted as saying. “If the escalation of the tariff wars continues, this usually leads to a decline…

India’s largest power utility, NTPC, is looking to hire consultants for feasibility studies for small modular reactors that could potentially replace some of the utility’s old coal-fired power plants, Reuters reports, quoting a tender document. Small modular reactors (SMR) are believed to be simpler and cheaper to build and install. Because of their smaller size, it is possible to install SMRs on sites that are not suitable for bigger reactors. They are also significantly cheaper and faster to build than conventional reactors…

India’s largest power utility, NTPC, is looking to hire consultants for feasibility studies for small modular reactors that could potentially replace some of the utility’s old coal-fired power plants, Reuters reports, quoting a tender document. Small modular reactors (SMR) are believed to be simpler and cheaper to build and install. Because of their smaller size, it is possible to install SMRs on sites that are not suitable for bigger reactors. They are also significantly cheaper and faster to build than conventional reactors…

The trade war is prompting China’s LNG buyers to resell the cargoes they are buying from the U.S. as Chinese tariffs on American goods are raising the costs of U.S. LNG imports, analysts and traders have told Reuters. LNG import demand in China has been weaker this year amid comfortably full winter inventories. Chinese LNG imports are expected to drop this year, according to the latest estimates from BloombergNEF. China is set to see the first annual decline in LNG imports since 2022. The trade war and the new tariffs on U.S. LNG are driving…

The trade war is prompting China’s LNG buyers to resell the cargoes they are buying from the U.S. as Chinese tariffs on American goods are raising the costs of U.S. LNG imports, analysts and traders have told Reuters. LNG import demand in China has been weaker this year amid comfortably full winter inventories. Chinese LNG imports are expected to drop this year, according to the latest estimates from BloombergNEF. China is set to see the first annual decline in LNG imports since 2022. The trade war and the new tariffs on U.S. LNG are driving…

Last week, U.S. President Donald Trump imposed a minimum 10% tariff on all imports from 90 countries, roiling financial markets across the globe. U.S. customs agents began collecting the unilateral tariff at customs warehouses, seaports and airports on Saturday, with higher levies on goods from 57 larger trading partners set to start in the current week. As widely expected, China was the hardest hit by the tariffs: China now faces a hefty 64.9% tariff, including an additional 34% duty imposed by former President Trump on top of existing tariffs…

Oil prices dropped off a cliff last week after President Trump announced a barrage of tariffs on global trading partners, triggering panic in the trading world. The effect has now rippled across the energy industry, set to discourage production growth—and hurt oilfield service companies. The sector was already worrying about the steel and aluminum tariffs that President Trump introduced last month as part of his radical efforts to revive U.S. industries. The tariffs stand at a hefty 25% and apply to all steel and aluminum imports into the…

Iran has awarded US$17 billion of contracts to attempt to reverse a dramatic projected production decline from the world’s biggest gas reservoir. Its South Pars field spans 3,700 square kilometres and holds an estimated 14.2 trillion cubic metres (tcm) of gas reserves plus 18 billion barrels of gas condensate. In addition to generating nearly 80% of Iran’s gas production, it also accounts for around 40% of its total estimated 33.8 tcm of gas reserves (mainly located in the southern Fars, Bushehr, and Hormozgan regions). The other part…

The U.S. Energy Information Administration (EIA) recently reported that U.S. natural gas consumption set new winter and summer consumption records in 2024, highlighting the growing importance of natural gas in the global energy mix.  This surge in consumption comes amid record production levels, even as drilling activity remains subdued. The implications of these trends are significant, influencing everything from energy prices to power generation choices. Record-Breaking Natural Gas Consumption and Production According to the latest EIA data,…