LATEST ENERGY NEWS

The company said it plans to raise its monthly share repurchases to C$500 million from C$350 million beginning in ​August, projecting total 2026 buybacks of C$4.7 billion.

Located in Sulaimani province's Chamchamal district, the Khor Mor field is the largest supplier of electricity in the Kurdistan Region, with natural gas reserves of around 1.8 trillion cubic feet.

Aramco, the world's top oil exporter, posted a 44% increase in net profit ⁠of $32.69 billion in the three months to June 30 as it reaped higher prices for crude oil, refined products and chemicals, while rerouting shipments ​away from Hormuz.

The deal includes $3.5 billion in cash and assumed debt, along with approximately $2 billion in Williams shares.

The decline came after US President Donald Trump called off a planned military attack on Iran and said Washington would pursue a nuclear agreement that could lead to the reopening of the Strait of Hormuz.

According to the bank, oil exports from Gulf producers have dropped significantly compared to pre-conflict levels.

However, they have come off steadily since then. A memorandum of understanding signed between Washington and Tehran in ​June briefly helped stuck tankers to navigate through the Strait of Hormuz, adding supply to oil markets.

Construction and preparation activities are now progressing towards the project’s production phase, with first gas targeted for the fourth quarter of 2028.

The purchase price includes contingent payments that Shell could receive as the project achieves specified milestones. 

The seven members of OPEC+ undertaking voluntary output cuts — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — agreed at a meeting on Sunday to increase production by 188,000 barrels per day (bpd) for September.

Before that, Opec+ had agreed to raise production by 206,000 bpd each month for April and May – before the UAE making an exit from the cartel – as the group aimed to unwind 1.65 million bpd of production ⁠cuts agreed in 2023.