Crude Oil News

The power outage temporarily took about 10% of the company's oil sands production offline, according to an Energy Aspects research note last week.

The war has effectively closed the Strait of Hormuz, one of the world's ​most important oil routes, curbing millions of barrels of Middle East output.

Sinopec, the largest Chinese refiner, reportedly did not purchase any Saudi crude for the second consecutive month.

Patnaik said officials from the two countries are meeting regularly to discuss opportunities ​for sourcing Canadian energy.

Prices ​pared gains toward the session’s close after Trump said the U.S. military secretly escorted ships carrying more than 100 million barrels of oil out of ​the Strait of Hormuz.

The tensions in the region have been limiting the country’s access to international markets.

Total exports increased 1.6% in April to reach a record high of C$75.16 billion. `

The OECD stockpile has not been this low since the EIA ​began keeping records in 2003, the agency said in its monthly Short-Term Energy Outlook report.

Kuwait's oil inventories have declined sharply as a result of two Very ​Large Crude Carriers (VLCCs) which exported crude ‌through the Strait of Hormuz with their AIS transponders switched off, according to a note from ​data provider Kpler on Tuesday.

Iraq and the United Arab Emirates are fast-tracking plans to expand oil pipelines to replace the capacity lost by the closure of the Strait of Hormuz, as new data reveals their stark dependency on the Persian Gulf.