Canadian pipeline giant Enbridge (ENB.TO) isn’t letting Trump’s 10% energy tariff slow it down. The company just announced a $2 billion investment in its Mainline network through 2028, doubling down on the very crude oil infrastructure now facing a new round of U.S. trade barriers.
The U.S. Treasury just gave Chevron Corp. a short 30-day eviction notice from Venezuela, cutting off its ability to pump and sell crude from the sanctioned country. The decision, following Trump’s vow to reverse Biden’s oil concessions to Nicolás Maduro and the cancellation of a sanction waiver just days ago, is a seismic shift that could slam both Venezuela’s already fragile economy and U.S. refiners relying on its heavy crude.
The ink is barely dry on Trump’s 10% tariff on Canadian energy, and already, fuel prices are bracing for impact. As GasBuddy’s Patrick De Haan puts it, “The real-world impact of tariffs won’t be to shift refining patterns, instead, it will be to add costs throughout the system.” Translation? Expect to shell out more at the pump, GasBuddy predicts.
Commenting on the possibility that Russia could mediate or help broker possible U.S. and Iran negotiations, Kremlin spokesman Dmitry Peskov said in response to questions sent by Bloomberg that “Russia believes that the United States and Iran should resolve all problems through negotiations” and that Russia “is ready to do everything in its power to achieve this.”
Saudi Aramco expects the total payout to be about $85 billion in 2025, compared with $124 billion for last year, it said in a statement Tuesday. The distribution has been in focus for investors and economists alike with the level of the payment likely to determine how much more the Saudi government would need to borrow to fill its budget deficit.
This year, drones have twice attacked the Russkaya compressor station, the entry point for the TurkStream gas pipeline, according to Russia’s Defense Ministry. The latest assault occurred Feb. 28, it said, adding that the link continued operating. TurkStream is currently the only pipeline sending Russian gas to Europe.
West Texas Intermediate slid 2% to settle just above $68 a barrel, and global benchmark Brent retreated below $72. The group led by Saudi Arabia and Russia will go ahead with the increase of 138,000 barrels a day in April, a delegate told Bloomberg. The output revival had been postponed three times and follows pressure from US President Donald Trump to lower oil prices.
Week on week, the U.S. land rig count increased by two, the country’s offshore rig count decreased by one, and its inland water rig count remained unchanged, the count highlighted. The U.S. oil rig count dropped by two, its gas rig count increased by three, and its miscellaneous rig count remained unchanged, week on week, the count showed. Baker Hughes’ count revealed that the U.S. horizontal rig count increased by three week on week, while the country’s directional and vertical rig counts each decreased by one during the period.
“The DOE erred in concluding that a ship-to-ship transfer of LNG from a bunkering vessel to another ship, regardless of where the transfer occurs, includes elements of both shipment from the United States and ‘subsequent entry into commerce at the destination, where the destination is a foreign country’”, JAX argued in the request, according to a recent DOE order granting rehearing.
“SLB’s acquisition of ChampionX comes at an important time in the industry”, SLB said in the deal announcement April 2, 2024. “The production phase of oil and gas operations typically comprises the majority of an asset’s life cycle from completion through decommissioning. This places a premium on service providers’ ability to help customers address challenges across the entirety of their production system.