Canada is cozying up to China as political tensions heat up between Canada and the United States. Canadian Prime Minister Mark Carney made key deals with China earlier this month on a diplomatic trip to Beijing, including major agreements for Chinese electric vehicles on the Canadian market and Canadian canola on the Chinese market. Carney also agreed to cooperate with China on generating more energy – both clean and conventional – going forward. These deals signal a broad shift in Canada’s diplomatic and trade strategy with a…

Galp and Moeve (formerly Cepsa) announced on January 8, 2026 that they have reached a non-binding agreement to merge their downstream businesses, combining their refining and fuel retail operations into two new entities. Under the proposed structure, refining assets will be consolidated into IndustrialCo and service stations into RetailCo. The combined refining system will total roughly 710,000 b/d in capacity, placing it among the largest downstream players in Southern Europe, with Moeve’s shareholders Mubadala and Carlyle controlling 80%…

Tokyo Electric Power Company Holdings said on Wednesday it has halted operations at a reactor at the Kashiwazaki Kariwa nuclear power plant just one day after restarting the unit, in a move that comes as Japan continues efforts to bring nuclear capacity back online more than a decade after Fukushima, Reuters reported.  The operator stopped the reactor after detecting an equipment issue during post-restart checks, marking an immediate setback at the world’s largest nuclear power station by capacity, according to Reuters.  The halt…

Tokyo Electric Power Company Holdings said on Wednesday it has halted operations at a reactor at the Kashiwazaki Kariwa nuclear power plant just one day after restarting the unit, in a move that comes as Japan continues efforts to bring nuclear capacity back online more than a decade after Fukushima, Reuters reported.  The operator stopped the reactor after detecting an equipment issue during post-restart checks, marking an immediate setback at the world’s largest nuclear power station by capacity, according to Reuters.  The halt…

As domestic onshore supply continues to decline, higher LNG imports are a must for the country, and after 2031, it could have the option to produce offshore gas from Sirius, pending its FID. With the alternatives in hand, the Caribbean coast will increasingly anchor gas supply, reinforcing coast-to-interior flows, and transport infrastructure should be adapted to enable this profile change. In this context, targeted upgrades to existing high-capacity corridors are emerging as a very cost-effective and resilient strategy, while investing in greenfield…

U.S. officials told oil executives on Wednesday that Washington will not provide security guarantees for companies operating in Venezuela, even as the Trump administration encourages the industry to re-engage with the country’s oil sector.  According to people familiar with the discussions, senior administration officials said companies would be expected to manage their own physical and political risk if they choose to invest, signaling limits to U.S. involvement as Venezuelan crude re-enters global markets.  “We are not going…

U.S. officials told oil executives on Wednesday that Washington will not provide security guarantees for companies operating in Venezuela, even as the Trump administration encourages the industry to re-engage with the country’s oil sector.  According to people familiar with the discussions, senior administration officials said companies would be expected to manage their own physical and political risk if they choose to invest, signaling limits to U.S. involvement as Venezuelan crude re-enters global markets.  “We are not going…

U.S. officials told oil executives on Wednesday that Washington will not provide security guarantees for companies operating in Venezuela, even as the Trump administration encourages the industry to re-engage with the country’s oil sector.  According to people familiar with the discussions, senior administration officials said companies would be expected to manage their own physical and political risk if they choose to invest, signaling limits to U.S. involvement as Venezuelan crude re-enters global markets.  “We are not going…

U.S. officials told oil executives on Wednesday that Washington will not provide security guarantees for companies operating in Venezuela, even as the Trump administration encourages the industry to re-engage with the country’s oil sector.  According to people familiar with the discussions, senior administration officials said companies would be expected to manage their own physical and political risk if they choose to invest, signaling limits to U.S. involvement as Venezuelan crude re-enters global markets.  “We are not going…

A bipartisan group of lawmakers has proposed creating a new $2.5 billion agency to accelerate U.S. production of rare earths and other critical minerals, according to AP and MSN.  The effort comes as the Trump administration has already taken aggressive steps to weaken China’s control over materials vital to high-tech products, electric vehicles, and advanced weapons systems. While it remains unclear how the legislation would align with White House policy, pressure is growing to cut U.S. dependence on China after Beijing used its dominance…

Crude oil inventories in the United States increased by 3.6 million barrels during the week ending January 21, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The increase brings commercial stockpiles to 426 million barrels according to government data, which is still 2% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories grew by 3.04 million barrels. Crude prices…

The UK’s net zero policies were singled out in President Trump’s long tirade against European energy struggles at the World Economic Forum in Davos.  President Trump described the UK economy’s struggles in stark terms, suggesting that the Labour government had disregarded “one of the greatest reserves in the world” at the North Sea.  In his speech, he picked out countries that remained committed to net zero, pointing to it as central reason for higher prices and stagnant growth.  “The UK produces…

U.S. President Donald Trump supervises the release of funds from sales of Venezuela’s oil, an official at the U.S. Administration told Semafor on Thursday.   Following the capture of Venezuelan leader Nicolas Maduro early this month, President Trump moved to create a fund to hold revenues from sales of Venezuela’s oil.  The money is being held in U.S. accounts and released at the discretion of President Trump, Semafor reports.   Revenues from sales of Venezuela’s oil “will first settle in US controlled…

U.S. President Donald Trump supervises the release of funds from sales of Venezuela’s oil, an official at the U.S. Administration told Semafor on Thursday.   Following the capture of Venezuelan leader Nicolas Maduro early this month, President Trump moved to create a fund to hold revenues from sales of Venezuela’s oil.  The money is being held in U.S. accounts and released at the discretion of President Trump, Semafor reports.   Revenues from sales of Venezuela’s oil “will first settle in US controlled…

The Trump Administration plans to offer U.S. states incentives for building nuclear reactors in exchange for agreeing to store nuclear waste, a source familiar with the matter told Reuters on Thursday. However, a spokesperson for the U.S. Energy Department told Reuters that the story was “false” and that “no decisions have been made at this time,” after POLITICO first reported on the plan late on Wednesday.  The POLITICO report said that the Energy Department could invite interest from U.S. states as early as this week. …

The Trump Administration plans to offer U.S. states incentives for building nuclear reactors in exchange for agreeing to store nuclear waste, a source familiar with the matter told Reuters on Thursday. However, a spokesperson for the U.S. Energy Department told Reuters that the story was “false” and that “no decisions have been made at this time,” after POLITICO first reported on the plan late on Wednesday.  The POLITICO report said that the Energy Department could invite interest from U.S. states as early as this week. …

US President Donald Trump has ruled out military action to take control of Greenland while also saying he wants to hold more talks on the United States acquiring the island, which he described as “our territory” during a keynote speech at the World Economic Forum in Davos, Switzerland, on January 21. Hours after his speech, Trump also walked back a plan to impose tariffs on some European countries for opposing his Greenland policy. In Trump's highly anticipated speech on an issue that has caused acute alarm in other NATO countries,…

Oil prices fell by about 1.5% early on Thursday as U.S. President Donald Trump walked back on his threat to slap tariffs on NATO allies for supporting Greenland’s sovereignty. As of 7:42 a.m. ET on Thursday, the U.S. benchmark WTI Crude had dropped below the $60 per barrel mark, which it hit early this week amid intensified rhetoric regarding the U.S. interest in taking control of Denmark’s autonomous territory.   WTI Crude traded 1.58% lower at $59.66.  The international benchmark, Brent Crude, slipped below the $65…

For decades, fossil fuel exports have been a major driver of Canada's economy, generating hundreds of billions in revenue and supporting hundreds of thousands of jobs, with oil and gas making up about 25% of total Canadian exports. However, Canada’s energy markets are characterized by a key flaw: Canada exports nearly all its fossil fuels to the U.S. thanks to geographic proximity as well as a highly integrated pipeline network built to serve U.S. markets since Canada's much smaller population cannot consume its vast output.  This has…

On the campaign trail to the 2024 elections, Donald Trump made affordable energy for Americans a top priority—along with a boost for the country’s energy industry with a view to “energy dominance”. Now, conflicts are emerging between these priorities, making it difficult to follow them all. Two of President Trump’s energy goals are compatible enough: cheaper oil makes for greater demand both at home and abroad, so cheap gasoline for Americans can go hand in hand with growing U.S. energy dominance through exports. The…