Conservative Leader Pierre Poilievre vowed to fast-track approvals for necessary infrastructure to transport Canadian energy domestically and abroad without going through the US. A Conservative government would create a so-called national energy corridor through which companies could build transmission lines, railways and pipelines, according to a statement from Poilievre’s campaign Monday. Provincial and local governments would provide “legally binding commitments” allowing companies to use the corridor, the party said, without outlining what steps the federal government would take if those other levels of government refused to do so. “This means investors will no longer face the endless regulatory limbo that has made Canadians poorer,” Poilievre said in a statement. “It will bring billions of dollars of new investment into Canada’s economy, create powerful paychecks for Canadian workers, and restore our economic independence.” It’s the latest pledge from Poilievre, who’s trying to rebuild momentum for his campaign ahead of a general election on April 28. His chief rival, Liberal Prime Minister Mark Carney, is enjoying a surge of support amid US President Donald Trump’s tariff and annexation threats.  Last year, Canada exported nearly all of its crude oil to the US. Poilievre has blamed the Liberal government for restricting Canadian energy projects, leaving the country dependent on its southern neighbor. A key plank of the Conservative platform is to scrap a law banning new pipelines and boost resources production. The Liberal government financed the expansion of the Trans Mountain pipeline, Canada’s only crude oil pipeline that goes to an ocean port, allowing for more exports to Asia. The larger line entered service last year.  The Liberals, who are now leading in opinion polls, on Friday pitched similar plans to diversify Canadian trade away from the US. A so-called Trade Diversification Corridor Fund would spend C$5 billion ($3.5 billion) to accelerate construction of ports, railroads,

Oil rose after US President Donald Trump suggested that the US may work to curtail crude shipments from Russia, the world’s third-largest producer and a major exporter. West Texas Intermediate climbed 3.1% to settle above $71 a barrel, the biggest gain since before Trump took office, while Brent’s June contract approached $75. Crude extended its advance on data showing lower-than-expected US production and positioning changes from algorithmic traders. NBC News reported on Sunday that Trump said he was “very angry” at Russian President Vladimir Putin and would consider “secondary tariffs” to limit the country’s oil exports if it refuses a ceasefire with Ukraine. Any concerted attempt to punish Putin could have a far-reaching effect on the broader crude market. India and China, which have become the key buyers since Moscow’s full-scale invasion of Ukraine, would face particular pressure. “The market seems to be weighing whether demand risks or supply risks are the bigger concern,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group. “For now, supply fears are taking the lead, but if broader risk assets continue to weaken, crude may eventually succumb to demand worries.” Adding to concerns about tight supplies, the Energy Information Administration reported that US production fell to 13.15 million barrels a day in January, the lowest in 11 months and less than estimated in weekly figures. Meanwhile, commodity trading advisers, which tend to exacerbate price swings, liquidated short positions to sit at 27% short in WTI, compared with 54% short on March 26, according to data from Bridgeton Research Group. Crude also benefited as the S&P 500 pared losses and eventually turned positive for the day. Russia’s crude exports hit a five-month high in March, and US sanctions on the nation’s oil tanker fleet are showing signs of faltering. Trump also said he’s

The Trump administration revoked permits and waivers allowing Western energy firms to operate in Venezuela, three people familiar with the issue said Saturday. The move further isolates Venezuelan President Nicolas Maduro from the world oil market.  The decision covers a number of companies including US oil firm Global Oil Terminals, led by energy magnate Harry Sargeant III. Spain’s Repsol and France’s Maurel et Prom are among the other companies that must wind down operations in Venezuela by May 27, the people said.  The decision also targets licenses issued to Venezuelan gas companies that hold deals with the state petroleum company, PDVSA, one of the people said.  The US Treasury Department had issued different permits to international oil and gas companies, including licenses, waivers or letters of comfort, to allow them to conduct different operations in Venezuela, such as exporting PDVSA’s oil, despite sanctions. Sargeant’s Global Oil Terminals must also end financial transactions with PDVSA by April 2 and pay any remaining debt owed for the purchases of asphalt oil. The Wall Street Journal reported late Friday that Sargeant’s oil-trading company was ordered to leave Venezuela, citing a letter from Treasury. The Trump administration recently gave Chevron a May 27 deadline to wrap up its operations with Venezuela as a way to pressure Maduro’s autocratic regime to make democratic reforms and accept the return of more Venezuelans who had migrated to the US. Sargeant had initially obtained a two-year-waiver in May of last year, allowing Global Oil Terminals to purchase and transport asphalt to the US and the Caribbean.  The US Treasury Department declined to comment, and the White House, National Security Council and State Department didn’t immediately respond to requests for comment. Repsol, Maurel et Prom and PDVSA didn’t immediately reply to a request for comment.  –With assistance from Skylar

Woodside Energy Group Ltd. has signed an agreement to sell its producing oil and gas assets in Greater Angostura in Trinidad and Tobago to Perenco Group for AUD 206 million ($129.82 million). The divestment includes Woodside’s operating stakes in the shallow-water Angostura and Ruby oil and gas fields, as well as the associated production facilities and onshore terminal. The Australian oil and gas exploration and production company owns 45 percent of Angostura in Block 2(c) and 68.46 percent in Ruby in Block 3(a). Its Angostura partners are the South American country’s National Gas Co. with a 30 percent stake and Chaoyang Petroleum (Trinidad) Block 2C Ltd with a 25 percent stake. In Ruby, National Gas owns the remaining 31.54 percent. Greater Angostura produces about 12 percent of Trinidad and Tobago’s natural gas supply, Woodside chief executive Meg O’Neill said in a company statement announcing the sale. “The transaction provides near-term cash flow to support ongoing investments and shareholder distributions and builds on the Australian asset swap announced in December 2024, further simplifying Woodside’s portfolio”, Woodside said. Woodside and Chevron Australia Pty. Ltd., an indirect subsidiary of Chevron Corp., have entered a swap agreement to consolidate assets including the Wheatstone and North West Shelf (NWS) gas projects in Western Australia. Upon the completion of the swap transaction, Woodside will hold a 50 percent stake in the NWS Project, 66.67 percent in the NWS Oil Project and 40 percent in the Angel Carbon, Capture and Storage Project. “Chevron Australia will acquire Woodside’s 13 percent non-operated interest in the Wheatstone Project and 65 percent operated interest in the Julimar-Brunello Project”, Chevron Australia said December 19, 2024. Chevron will pay Woodside AUD 300 million in cash plus up to AUD 100 million in contingent payments related to the handover of the Julimar Phase 3 Project

The Texas oil and gas industry continued a hot streak in 2024 with production volumes surpassing records that were set in 2023, the Texas Railroad Commission (RRC) said in a statement posted on its website recently. In the statement, the RRC noted that it tallies production reports submitted by operators and outlined that the latest reports show that oil production came in at 2,003,844,281 barrels, and natural gas production hit 12.62 trillion cubic feet, last year. The RRC highlighted in the statement that this was the first time oil “surpassed the two billion threshold”. The RRC statement pointed out that Texas’ top five crude oil and condensate production years came in 2024, at 2.00 billion barrels, 2023, at 1.99 billion barrels, 2022, at 1.87 billion barrels, 2019, at 1.86 billion barrels, and 2020, at 1.77 billion barrels. Texas’ top five gas production years, including gas well and casinghead gas, were seen in 2024, at 12.62 trillion cubic feet, 2023, at 12.30 trillion cubic feet, 2022, at 11.43 trillion cubic feet, 2021, at 10.51 trillion cubic feet, and 2020, at 10.24 trillion cubic feet, the statement highlighted. “These latest records further demonstrate Texas’s position as a global leader in oil and gas production,” RRC Chairman Christi Craddick said in the statement. RRC Commissioner Wayne Christian said in the statement, “Texas oil and gas powers the state, nation, and the world both with energy and economics”. “The Texas ‘Economic Miracle’ happens because of oil and gas, which brings in hundreds of billions of dollars that has financially enriched the Lone Star State’s education, infrastructure, health care, and more,” he added. “Energy independence is key to a secure and prosperous nation, and Texas’ production is vital to making that a reality,” Christian continued. RRC Commissioner Jim Wright said in the statement, “yet another

BP PLC is initiating a marketing process to divest its retail sites, associated fleet and electric vehicle (EV) charging infrastructure in Austria, as well as its stake in the Linz fuel terminal. “This decision is the latest example of bp’s strategy to reshape and focus its downstream businesses”, the British energy major said in an online statement. BP previously exited the retail sector in Switzerland and Turkey and recently initiated retail and downstream divestments in Germany and the Netherlands. The Austria sale includes over 260 retail sites, of which about 120 are owned by BP, and the associated fleet; EV charging assets including those under development; and BP’s interest in the company operating the Linz fuel terminal non-operated joint venture. BP plans to complete the sale this year, subject to regulatory approvals. “Over recent years we have grown the business to become number two major branded retailer in the market”, said Emma Delaney, executive vice president for customers and products at BP. “As bp now looks to focus downstream and reshape our portfolio, we believe that a new owner will be best placed to unlock the business’s full potential”. On February 6, 2025, BP announced a marketing process for the potential sale of Ruhr Oel GmbH-BP Gelsenkirchen (ROG), which operates in Germany and the Netherlands. Sale completion is targeted 2025. “bp needs to continually manage its global portfolio as we position to grow as a simpler, more focused, higher-value company”, Delaney said then. With a workforce of about 2,000 employees, ROG’s German operations include 2 plants in Horst and Scholven in Gelsenkirchen that form a refining and petrochemical site. The refinery can process up to approximately 12 million metric tons of petroleum a year. ROG also owns the Bottrop tank farm, DHC Solvent Chemie GmbH and Nord-West Oelleitung GmbH, which