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Oil’s roundtrip back to $100. Why China could determine what happens next

China will play a pivotal role in deciding whether oil prices sustain this week's rally and potentially test wartime highs. The U.S. crude oil price on Thursday topped $102 per barrel for its highest close since May. The futures contract surged about 50% from its summer low of $68.55 reached about three weeks after Washington and Tehran signed their now failed memorandum of understanding on June 17. This week's rally comes as fighting sharply escalated in the Middle East with Saudi Arabia's crucial East-West oil pipeline shut down after multiple attacks. The oil market has gradually restored a risk premium since the MOU collapsed and the U.S. reimposed its naval blockade of Iran in July, said Bob McNally, president of Rapidan Energy. But U.S. crude prices are still well below their April 7 wartime closing high of $112.95. While the ...

The U.S. could soon control 20% of Venezuela’s oil reserves. Canada’s oilpatch isn’t worried

U.S. President Donald Trump is continuing his pursuit of Venezuela's oil jackpot, announcing a new deal aimed at boosting production in the South American country. And while Trump is flaunting the potential controlling stake in a portion of Venezuela's oil reserves as a warning to Canada, experts say there is little cause for concern in Western Canada. An increase in Venezuelan exports to refineries located on the U.S. Gulf Coast would pose a competitive threat to the Alberta oilpatch, since both produce a similar type of heavy oil. Venezuela boasts some of the largest underground deposits of oil, yet the country faces a number of challenges to ramping up production, in addition to political instability that could sink any ambition to rejuvenate the country’s oilpatch. At the same time, the Canadian oilpatch is continuing to set new records for production, ...

Iraq signs 25-year deal to boost oil, gas production at Ajil field

ERBIL, Kurdistan Region of Iraq – Iraqi Prime Minister Ali al-Zaidi on Saturday oversaw the signing of a 25-year contract with Kar Electrical Power Production Trading (KEPPT), aimed at raising production at the Ajil oil field in the Salahaddin province. The Ajil oil field, located in northern Salahaddin province, was damaged by the Islamic State (ISIS) a decade ago. Iraq has gradually restored the field by signing several contracts with different companies over the years as part of the post-war reconstruction efforts. The deal, signed between the state-owned North Oil Company (NOC) and KEPPT, spans a 25-year term and aims to gradually increase production rates at the field, by raising gas production from around 135 million standard cubic feet per day to 300 and increasing oil production from 30,000 barrels per day to 40,000 barrels, read a statement from the ...

Europe boosts LNG trade ahead of the ban

During the first eight months of 2026, gas carriers made 156 shipments from the Yamal Peninsula to EU ports. By 1 September, EU ports had received 156 shipments from the Yamal LNG, with a total cargo of 11.39 million tonnes, according to Urgewald, an environmental and human rights non-governmental organisation. This trade represents a 10% increase compared to the same period in 2025, Urgewald reports. European buyers spent more than €7 billion on the gas. The deliveries to Europe constitute an overwhelming share of the plant's output. The Yamal LNG has a production capacity of 17.4 million tonnes per year. The boost in European acquisitions of Russian Arctic gas comes ahead of the upcoming EU ban on Russian LNG. From 1 January 2027, shipments from Yamal to European ports will come to a halt. The EU ban will have major ...

Saudi Arabia’s shutdown of key pipeline limits oil flow as Yemen hits back against Houthis

Middle East Conflict Saudi Arabia has closed a critical oil pipeline after it was struck by drones launched from Iraq, with the latest squeeze reverberating through the region Saturday as attacks by Iran-backed Houthi rebels threatened to deepen the world’s energy crisis. The 745-mile pipeline had helped Saudi Arabia, the world’s largest crude oil exporter, bypass the blocked Strait of Hormuz, through which some 20% of the world’s oil used to pass before the U.S. and Israel waged war on Iran in late February. The Saudi Energy Ministry confirmed the shutdown of the East-West pipeline Friday, adding that drone attacks had resulted in a number of injuries and that its teams were “taking the necessary measures to secure the pipeline and assess its safety.” Saudi Arabia said that, following a request from Iraq’s prime minister, it would not retaliate for now but reserves the ...

Saudi Arabia shuts key oil pipeline after drone attack launched from Iraq

Saudi Arabia has closed a critical oil pipeline after it was attacked by drones launched from Iraq, as conflict in the Middle East widens. Iraq said it had fired a military commander and launched an investigation after admitting the drone attack on its neighbour's East-West pipeline had originated in one of its provinces bordering Iran. Saudi Arabia has previously accused Iran-backed militia in Iraq of targeting its oil facilities. The 1,200km (745 mile) pipeline has helped Saudi Arabia - the world's largest crude oil exporter - bypass the Strait of Hormuz. The incident comes amid a major advance by the Iranian-backed Houthi rebels in Yemen, putting more pressure on global oil shipping routes as the US-Iran war stretches into its seventh month. Riyadh on Friday said it had shut the pipeline as a precaution, as satellite images of scorched ground ...

Federal data shows Enbridge leak is the largest reported oil and gas spill in Wisconsin

A gas leak that occurred last month on Enbridge's Line 5 is the largest oil and gas pipeline spill reported in Wisconsin in more than 50 years, according to a WPR review of federal data. WPR analyzed hazardous liquid accident data submitted to the federal Pipeline and Hazardous Materials Safety Administration and data submitted by Enbridge and its predecessor Lakehead Pipe Line Company since 1970. Federal data indicates the Aug. 25 leak in Iron County that released 31,000 barrels — or 1.3 million gallons — of natural gas liquids is the company's largest release reported to federal regulators. Line 5 remains shut down. Enbridge has said the leak occurred after a subcontractor's unoccupied flatbed truck rolled into an open excavation site for a Line 5 valve project, striking the pipeline and releasing mainly propane and butane into the atmosphere. "The ...

Oil Posts Biggest Weekly Gain Since July

Brent oil dipped Friday but gained significantly overall for the week as the Iran war and threats against Saudi Arabia from Houthi militants keep traders on edge. The global crude benchmark notched its biggest weekly advance since July, even after dropping 2.8% on Friday, as the Middle East conflict shows little sign of ending. Fighting has intensified across the Middle East over the past two weeks, while a recent pickup in crude purchases by China has also tightened the global market. The violence prompted Saudi Arabia to shut its crucial East-West oil pipeline as a precautionary measure, raising concerns about the vulnerability of alternative routes that have become lifelines for shipments unable to transit the Strait of Hormuz. That comes after the Iran-backed Houthis advanced earlier this week toward coastal areas bordering the strategic Bab el-Mandeb Strait. "Most traders feel ...

Europe spends record €7.3bn on Russian Arctic gas in just eight months, surpassing 2025 total

Despite public declarations that economic ties with Russia will be severed, Europe has paid an estimated €7.28 billion for liquefied natural gas (LNG) from Moscow's Arctic Yamal project in just over eight months this year, already surpassing the €7.3 billion spent in all of 2025. The figures were revealed by an investigation by Urgewald, an NGO that exposes the financial institutions and companies backing climate-damaging projects. During the first eight months of 2026, European ports received 156 Yamal LNG cargoes carrying 11.39 million tonnes, compared with 142 cargoes and 10.34 million tonnes between January and August 2025 – an increase of 10.1% year on year, according to the German NGO Urgewald. Real-time data from the market intelligence firm Kpler reveals that between 1 January and 5 September this year, European ports swallowed 88.9% of Yamal's total global exports, up from ...

U.S.-Venezuela Oil Deal Threatens China’s Oil-Backed Loans

China's decades-long bet on Venezuela is under threat, with U.S.-backed NABEP gaining 100-year rights to 17 oil fields containing an estimated 65 billion barrels. Beijing still faces at least $10 billion in Venezuelan debt exposure, while U.S. control over future barrels could complicate oil-backed repayments and restrict Chinese access. China risks financial, commercial, and geopolitical losses, including reduced access to discounted crude, displaced upstream investments, and diminished influence over Venezuela's oil sector. For decades, Venezuela has been one of China's most important partners in Latin America and the largest recipient of Chinese government funds in Latin America, with Beijing lending Caracas tens of billions of dollars and accepting oil as repayment. Chinese policy banks provided it with at least $60 billion in oil-backed financing through 2015, while broader estimates of Chinese lending and investment commitments exceed $100 billion. Analysts estimate that ...

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