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(Oil Price) – Economic headwinds and record electric vehicle sales are set to materially slow down global oil demand growth for the rest of the year, the International Energy Agency (IEA) said on Thursday. World oil demand rose by 990,000 barrels per day (bpd) in the first quarter of 2025. But the remainder of the year will see demand growth at just 650,000 bpd, the agency said in its closely-watched monthly Oil Market Report for May. Concerns about economic growth and record sales of EVs are set to dent global oil demand growth for the rest of the year, and full-2025 will see…
(Bloomberg) – Canadian oil tycoon Adam Waterous’ Strathcona Resources Ltd. agreed to sell its assets in the Montney shale formation in western Canada in a shift that makes it a pure heavy oil producer. Strathcona is divesting its gas-focused operations in three separate transactions worth C$2.8 billion ($2 billion USD). The largest will see the company sell its Kakwa asset to ARC Resources Ltd. for C$1.7 billion in cash and assumed lease obligations. Calgary-based Strathcona is also unloading its Grande Prairie asset to an unnamed buyer for C$850 million, while Tourmaline Oil Corp. is taking a smaller asset…
US president claims he has sealed deals worth $10 trillion during visits to Saudi Arabia, Qatar and UAE.President Donald Trump has hailed deepening ties between the United States and the United Arab Emirates and said that the latter will invest $1.4 trillion in the former’s artificial intelligence sector over the next decade. “I have absolutely no doubt that the relationship will only get bigger and better,” Trump said on Thursday at a meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan, on the final leg of his three-day tour of the Gulf region that saw him strike a series…
Hope your air conditioner’s feeling brave—because the U.S. power grid is about to get a workout it may not be ready for. According to the Federal Energy Regulatory Commission’s (FERC) summer outlook, a combination of brutal heat, AI-fueled electricity demand, and an aging fleet of dependable power plants headed for retirement is teeing up a reliability stress test.Nationwide, the grid should scrape by if everything goes to plan—which, of course, it seldom does. FERC flagged the usual suspects as weak links: Texas, the Midwest, the Mid-Atlantic, New England, and the Southwest. Throw in a regional heat dome, a wind lull,…
Global oil demand growth will slow during the remainder of 2025 after a robust first quarter due to “economic headwinds,” the International Energy Agency said. After increasing 990,000 barrels a day year-on-year between January and March, the rate of consumption growth will decelerate to a “subdued” 650,000 barrels a day over the rest of the year, the agency said in its monthly report. It also downgraded the outlook for US shale oil production due to lower crude prices. “The first three months of the year will likely remain comfortably 2025’s strongest quarter,” said the Paris-based IEA, which advises major economies.…
(World Oil) – Oil giant Saudi Aramco signed agreements with major U.S. companies potentially totaling about $90 billion. The company signed 34 memorandums of understanding and pacts through its Aramco Group Co., covering collaborations and partnerships on liquefied natural gas, fuels, chemicals, emission-reduction technologies and artificial intelligence, among other fields, Aramco said in a statement. The world’s largest oil company announced the agreements following U.S. President Donald Trump’s stop in Riyadh on his first scheduled trip abroad since returning to power. The American president wants the energy-rich Gulf states to ramp up investments in the U.S. and buy more of its goods.…
Quick Recovery of 20-Day Moving Average The decline on Thursday completed a 38.2% Fibonacci retracement at $60.88 and it was followed by a sharp bounce back above the 20-Day MA. This was the first pullback following a reclaim of the 20-Day MA on May 12. Prior to that time the price of crude oil had traded largely below the 20-Day line since April 3. It was clearly shown as resistance during the first advance from the April bottom and was anticipated to show as support during weakness. If it continues to hold as support, then the second rise off the…
(Bloomberg) – Global oil demand growth will slow during the remainder of 2025 after a robust first quarter due to “economic headwinds,” the International Energy Agency said. After increasing 990,000 bpd year-on-year between January and March, the rate of consumption growth will decelerate to a “subdued” 650,000 bpd over the rest of the year, the agency said in its monthly report. It also downgraded the outlook for U.S. shale oil production due to lower crude prices. “The first three months of the year will likely remain comfortably 2025’s strongest quarter,” said the Paris-based IEA, which advises major economies.…
TORONTO — Canada has quietly become a global leader in digital assets.Canada was among the first countries to enact rules for crypto, starting with anti-money laundering guidelines in 2014. The country has repeatedly evolved its regulatory guidance in recent years, while U.S. lawmakers remain stuck in gridlock — even with a pro-crypto White House and a Republican-controlled Congress. That regulatory clarity has made Toronto a launchpad for blockchain growth, and Wall Street is taking notice.Robinhood’s recent acquisition of Canadian crypto firm WonderFi, owner of Bitbuy and Coinsquare, plugs it into Canada’s established user base.”Canada is a very attractive market for…
After a seven-year split, FedEx and Amazon are back in business together, signing a multi-year agreement for residential delivery of select large packages. What’s RelatedThe deal, confirmed by both companies, comes weeks after UPS announced plans to reduce its Amazon delivery volume by more than 50% by 2026. As part of that shift, UPS is cutting 20,000 jobs and shutting 73 facilities under a major cost-cutting and restructuring plan. A FedEx spokesperson told Logistics Management the company has “reached a mutually beneficial, multi-year agreement with Amazon to provide residential delivery of select packages, including large items.” The spokesperson added, “FedEx has the…