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Suncor CEO: Despite government's oil-friendly stance, Suncor is not ready to accelerate output growth.
Suncor Energy's CEO said on Wednesday that the company is not ready to increase production plans, despite the large-scale reforms promised by the Alberta and federal governments to boost growth in Canada's petroleum industry. These comments highlight the uncertainty surrounding whether the federal government’s more friendly stance towards the energy sector will translate to increased company investment and a higher output for Canada, the fourth largest oil producer in the world. Suncor's outlook is unchanged since its investor day in March, Rich Kruger, CEO of Suncor, said during a conference call. He added that there's still work to be done to convert last month's Memorandum of Understanding between the oil-sands industry, and government, into legislation. Kruger stated that it is still unclear how the agreement will affect his plans. Kruger and other oil sands CEOs signed a nonbinding agreement with Alberta and Canada in July to set out the conditions for the development of the 'Pathways' carbon capture and storage project. This would reduce greenhouse gas emissions from oil sands. Mark Carney, the Canadian Prime Minister, has endorsed Alberta’s vision for a new pipeline that would export 1 million barrels per day to the Pacific Coast. However his support depends on whether the Pathways project is implemented. Carney's government has been working to mend relations with the Canadian oil industry for a number of years. The industry had fought many of Justin Trudeau's environmental policies. Carney has reversed or diluted many of these policies and promised to accelerate the permitting process for major energy projects. Many of the?proposed policy changes are not yet drafted into legislation. Enbridge, the Canadian pipeline operator, announced last week that it would 'postpone' a planned expansion of Mainline by 250,000 bpd due to oil producers unwillingness to commit significant production increases. Kruger stated that while the tone of the 'Canadian Government is more positive than in the past decade, the company wants to take its time before making any commitments to accelerate their growth plans. Suncor announced in March that it expected to increase its upstream production from 840,000 to 870,000 barrels per day (bpd) by 2028. Kruger stated that Suncor has the option of ramping up more quickly if so desired. He said, "We haven't changed to this mode at all. But we do have flexibility." (Reporting from Amanda Stephenson, Calgary; editing by Nia William)
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Iran Ministry: Iran and Oman have reached an agreement on the coordinates of the route through Hormuz
Esmaeil baghaei, spokesperson for the Iranian Foreign Ministry, said that Iran and Oman had'reached an agreement on the geographic coordinates of a shipping route across the Strait of Hormuz. A joint announcement is being finalised if certain third parties do not interfere. Baghaei said that such an agreement between Iran and Oman, would not guarantee the security of this strategic waterway. A senior Iranian official and two regional officials told reporters on Wednesday that the proposed deal between Oman and Iran would give Tehran control of ships entering the 'Gulf via the Strait of Hormuz. This is one of the biggest concessions made to Iran yet. Sources rebutted claims by U.S. president Donald Trump, that a deal to reopen the Strait of Hormuz was imminent. They said important details had to be agreed. Esmaeil baghaei, spokesperson for the Iranian Foreign Ministry, described the negotiations between Tehran and Muscat as being "professional" in nature and "moving ahead", saying that "the two sides had reached a mutual understanding on the geographic parameters of the route discussed". Baghaei said that, "if third parties don't obstruct this process, then the joint statement between these two countries, which contains the?"main considerations" and "key points of understanding", is in the final stages. Reporting by Elwely Elwelly, Menna ala El Din and Alison Williams. Editing by Ros and Alison Williams.
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Increased Black Sea attacks put pressure on global commodity flow
The Black Sea region is the latest strategic trade chokepoint that has been hit by an escalating conflict. The Black Sea is an important route for grain, crude oil and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across the Middle East. Kayoko Gotoh, a U.N. representative, told the Security Council last week that "the consequences... are already evident in global agricultural markets." "We cannot allow this dangerous spiral to continue." The U.S./Iran conflict has disrupted oil flows through the Strait of Hormuz, and a maritime ban imposed by Houthis in Yemen who are aligned with Iran on Saudi Arabian ports & ships has increased risks for Red Sea shipping. GRAIN EXPORTS STRAINED According to the Infrastructure Ministry, Ukraine reported 35 attacks in July on vessels in port, 22 at sea, and 67 strikes?on port infrastructure. Ukraine is estimated to have targeted dozens tankers that are involved in the Russian oil trade. Already, the escalation has affected trade flows. FESCO, a Russian shipping company, said 'this week that it has suspended new orders for shipments via the Black Sea following a drone attack on one of its ships. Russia has intensified its strikes on civilian vessels and the port infrastructure in southern Odesa, Ukraine. Through this hub, more than 90% Ukraine's agricultural products are exported. Both Russia and Ukraine claim that they only target military targets. More than four years after the end of the war, agricultural products are still Ukraine's main source of export revenues. Kyiv seeks alternative export routes. However, Agriculture Minister Taras Voysotskyi said this week that they will not reach their full capacity until August. They would also only handle about half of the volume normally shipped via Black Sea ports. Trade sources reported that since July 10, shipping activity in the Sea of Azov which leads to the Black Sea has been restricted. This has affected activity at Taman, the main Russian grain port. The export of grain from Novorossiysk and Tuapse continues, but at a lower rate than before. Oil exports have also been affected. In July, Ukrainian tanker attacks damaged several vessels. This forced the temporary suspension of loading operations in Novorossiysk as well as the Caspian Pipeline Consortium terminal (CPC), the main outlet for Kazakh crude. In a report published this week, shipbroker BRS stated that the CPC system was a vital?export route in Kazakhstan. It handles roughly 80% percent of the country's oil exports. Any disruption could have a negative impact on regional supply. Ambrey, a British maritime security company, advised clients that vessels continuing to call at Black Sea port should carry out comprehensive voyage threat assessment and that crews should remain within designated safe muster areas during drone attacks. Stephen Cotton, General Secretary of the International Transport Workers' Federation, a leading union of seafarers, said: "The killings of innocent civilian seafarers are?unacceptable. They cannot be considered 'collateral damages' in order to achieve military goals - this is an immoral precedent and a very dangerous one." BLACK SEA WAR INSURANCE JAMMERS Shipping costs are also increasing due to rising security risks. According to market estimates, the average daily Black Sea oil tanks costs have increased from $200,000 to more than $300,000. According to insurance sources, war insurance costs for port visits to terminals in the Black Sea have increased to 2% of ship value, up from 1% just two weeks ago. Insurance sources say that even small increases can add up to hundreds of thousands in extra costs for each voyage. Niels Rasmussen is the chief shipping analyst at shipping association BIMCO. He said that if the Black Sea volumes continued to be reduced as they have been over the last two weeks, the global dirty (crude) oil tanker volume could fall by 3%. (Reporting and editing by Ros Russell; Additional reporting by George Abbott of The Insurer & Bureaus, with additional reporting from Jonathan Saul)
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Gulf oil exports stable in July but still 40% below prewar level
Shipping data showed that the Gulf countries' crude and condensate oil exports remained largely stable in July, and were about 40% lower than pre-war levels. However, signs of a decline emerged in the second half as fighting intensified in the region. The relatively stable levels of exports have eased concerns over a more severe disruption in supply and offset the drawdown in global inventories. Tanker traffic in the Strait of Hormuz, and Bab el-Mandeb, two of the most important Middle Eastern waterways, remained below the levels seen before the U.S./Israeli war against Iran started on February 28. Kpler reports that crude and condensate oil exports from Saudi Arabia, the United Arab Emirates (UAE), Iraq, Kuwait, and Iran increased by just 2% in July compared to June, averaging 10.7 million barrels a day. Kpler data and Vortexa showed that exports peaked between 12 and 13 millions bpd during the first half of this month, before dipping as the fighting between the United States and?Iran resumed. Iraq's exports doubled from June. Kuwait and Iran contributed to the increase, but Saudi Arabian and UAE shipments declined. George Morris, Vortexa analyst, said that nine additional very large crude carriers loaded in July boosted Iraqi Exports. However, flows through Hormuz are slowing as the fighting intensifies. In July, the International Maritime Organization received reports from at least 14 vessels in the region. This is up from 8 in June. Exports are up, allowing some producers to increase production. Kuwait increased crude production in July to 1.971 mbpd from 1.65 mbpd, according to a source familiar with the situation. Saudi Aramco CEO Amin Nasser said on Tuesday that the world has lost over 2.6 billion barrels since the war began. Rebuilding inventories would take 18 months, at a rate 2.1 million bpd. RED SEA EXPORTS SLOPING Last month, Yemen's Iran-backed Houthis stepped up their attacks near the Bab el-Mandeb strait. This caused Saudi crude exports - from the Red Sea port at Yanbu - to slow down. According to Energy Aspects, the Yanbu loadings dropped to 3 million BPD after July 20, from 3.8 millions BPD in April-June. Richard Bronze, co-founder of Energy Aspects, said that many tankers load?at Yanbu without their Automatic Identification Systems transponders on. Others are rerouting through the Suez Canal, and using the SUMED pipe connecting the Red Sea to the Mediterranean in order to avoid the Bab el-Mandeb. Reporting by Enes Tunagur and Ahmad Ghaddar, London. Editing by Tomasz Janovski)
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Increased Black Sea attacks put pressure on global commodity flow
The Black Sea region is becoming the latest strategic 'trade chokepoint' to be affected by an escalating conflict. The Black Sea is an important route for the shipment of?grains,?crude oils and refined products. The waters of the Black Sea are shared between Russia, Ukraine, Bulgaria, Georgia and Romania. In recent weeks, both Russia and Ukraine have intensified their attacks on the other's agricultural export vessels and facilities in the Black Sea region. Kyiv also increased its attacks on Russian oil tankers. The latest escalation creates another pressure point on commodity markets, already dealing with disruptions in major shipping routes across the Middle East. Kayoko Gotoh, a U.N. representative, told the Security Council last week that "the?consequences... are already evident in global agricultural markets." "We cannot allow this dangerous spiral to continue." The U.S.-Iran war has disrupted oil flows through the 'Strait Of Hormuz, and a maritime ban imposed by Houthis in Yemen who are aligned with Iran on Saudi Arabian ports as well as ships has increased risks for Red Sea shipping. GRAIN EXPORTS STRAINED According to the Infrastructure Ministry, Ukraine reported 35 attacks in July on vessels in port, 22 on sea, and 67 strikes against port facilities. In 2025, the vessels were only attacked 14 times. Ukraine is believed to have targeted dozens oil tankers that are involved in the Russian oil trade. Already, the escalation has affected trade flows. The Russian shipping group FESCO announced this 'week that it has suspended new orders for shipments via the Black Sea following a drone attack on one of its ships. In the meantime, Russia has intensified its strikes against civilian vessels and the port infrastructure in the southern Ukrainian hub of Odesa. Through this port, more than 90% Ukraine's agricultural products are exported. Both Russia and Ukraine claim that they only target military targets. Even after four years of war, Ukraine's top export source is agricultural products. Kyiv seeks alternative export routes. However, Agriculture Minister Vitaliy Kval said this week that they will not reach their full capacity until August. They would also only handle about half of the volume normally shipped through Black Sea ports. Trade sources reported that since July 10, shipping activity in the Sea of Azov which leads to the Black Sea has been restricted. This has affected activity at Taman, the main Russian grain port. The export of grain from Novorossiysk continues, but at a slower rate than before. Oil exports have also been affected. In July, Ukrainian tanker attacks damaged several vessels. This forced the temporary suspension of loading operations in Novorossiysk and the Caspian Pipeline Consortium terminal (CPC), the main outlet for Kazakh oil. In a recent report, shipbroker BRS stated that the CPC system was a vital export route for Kazakhstan. It handles roughly 80% percent of the country's oil exports. Any disruption could be a concern for regional supply flows. BLACK SEA WAR INSURANCE JAMMERS Shipping costs are also increasing due to the rise in security risks. According to estimates, the average daily Black Sea oil-tanker cost has risen to more than $300,000 per day, up from just under $200,000 per day a week earlier. According to insurance sources, war insurance costs for port visits to Black 'Sea terminals has risen from around 1% to 2% of the value of the vessel. Even small increases can add up to hundreds of thousands in extra costs per trip. Niels Rasmussen is the chief shipping analyst at shipping association BIMCO. He said that if the Black Sea volumes continued to be reduced as they have been over the last two weeks, the global dirty (crude) oil tanker volume could fall by 3%. (Reporting and editing by Ros Russell; Additional reporting by George Abbott of The Insurer & Bureaus, with additional reporting from Jonathan Saul)
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Tewolde Gebremariam is appointed as the new CEO of Air India
Air India appointed former Ethiopian Airlines Chief Tewolde Gebremariam to its 'CEO' post on Wednesday. The Indian airline is currently struggling with persistent losses, and increased regulatory scrutiny after a fatal crash last year. Gebremariam succeeds New Zealander Campbell Wilson. Wilson was a former Singapore Airlines executive who was appointed in 2022 as the new leader of Air 'India after it had suffered years of decline under state ownership. Air India reported that Wilson had informed Chairman N Chandrasekaran of his intention to step down in this year 2024. The 'Tata Group owned airline is suffering heavy losses, not only because of a heightened regulatory scrutiny following the '2025 crash but also as a result of operational disruptions caused by a conflict in the Middle East. These have increased costs and compounded effects from Pakistan banning airspace.
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Sources say that gasoline and diesel exports to Russia from Belarus reached a new record in July.
According to industry sources, and calculations, Belarusian gasoline and diesel supplies to Russia reached a monthly record in July. Fuel shortages were caused by unplanned outages at Russian oil refineries after months of relentless 'Ukrainian drone attacks. According to industry data and calculations, the Russian gasoline production had dropped early in July, to around 65% the average seasonal consumption. Diesel production had also fallen to the same level as domestic demand. The?Russian Government, in response to rising fuel prices at retail and wholesale, banned diesel exports. However, it allowed exemptions under previous contracts and intergovernmental agreements. Export restrictions for gasoline and jet fuel had already been implemented. Source data shows that gasoline shipments by rail from Belarus to Russia increased 13% from June to 212,000 tons. Diesel deliveries also doubled, reaching 162,000 tons. The total amount of jet fuel delivered from Belarus to Russia in July was 13,100 tonnes, compared with 16,100 tons in June. Belarus provides fuel to Russia from its two refineries that process Russian oil. They have a combined capacity of 24,000,000 tons per year or 480,000 barrels a day. In the first seven months of this year, the total amount of gasoline shipped by rail from Belarus into Russia increased 25-fold compared to the same period in 2025. Diesel deliveries also increased almost sevenfold, to 418 tons. According to industry sources, Russia has also begun importing gasolines from India, Kazakhstan, and Morocco.
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CPC oil loadings fail due to safety concerns and tanker shortages
The Caspian Pipeline Consortium suspended operations several times this week due to safety concerns and a shortage of tankers. This is because the main export route for Kazakh crude has been hit by drone attacks. Since the middle of the last month, the loadings of the pipeline have been disrupted. The pipeline carries around 1.8% of the global oil supply, from Kazakhstan to Russia’s Black Sea Coast. This adds to the supply disruptions linked to the U.S. and Israeli war against Iran. Sources said that the pipeline was only temporarily reopened this week and closed on Wednesday. Shipowners are reluctant to embark on CPC voyages due to the possibility of drone attacks. On Tuesday, the Russian group FESCO halted operations in the area. A CPC Blend seller said it took multiple attempts to find a ship to load a cargo during recent weeks. The Russian Foreign Ministry accused Ukraine on Monday of attacking oil tankers at the terminal for the Caspian Pipeline consortium in Novorossiysk and claimed that Kyiv is trying to destabilise oil markets worldwide. Kyiv did not claim responsibility for the incident or make any comments on why they may have expanded their campaign against Russia by targeting a pipeline which carries crude oil mainly produced by U.S. majors and European oil companies. No one of the eight people we spoke to was able to be identified because they were not authorized to speak in public. The Energy Ministry of Kazakhstan said that it was not considering a total shutdown of CPC operations and that everything was under control. On Wednesday, the ministry still had not responded to a?request for comment. CPC declined to comment. Kazakhstan is a landlocked country that relies heavily on Russian ports for exporting crude oil by sea. This means that disruptions to the pipelines and loading can cause?production reductions. When attacks on tankers increased in July, Kazakhstan's oil production?fell 14% compared to June. Sources said that Tengizchevroil intends to export 100,000 metric tonnes of oil by rail in August to Georgia's Black Sea Port of?Batumi. CPC Blend?differentials are weaker due to disruptions. CPC blend cargoes for August loading were sold at a price nearly $4 per barrel lower than dated Brent last week. This is compared to the premium that was paid a few short weeks ago. Reporting by Robert Harvey, LONDON; and MOSCOW reporters; Editing by Barbara Lewis
Can Peru restart its Amazon oil industry? Pollution and local opposition are a concern
Wilmer Macusi, a Peruvian living in northern Amazon, sat atop an old rusty pipe that cut through the jungle and tossed a branch into the stagnant pool of water around it.
Macusi, an Indigenous Urarina leader of 25 years, pointed to the place where an oil spill took place in early 2023. "But even if you change the water, the oil will still come out." As plastic barriers intended to contain the spill dropped into the water, black droplets bubbled up to the surface. The pipeline connects a nearby oilfield (Block 8) to the North Peruvian Pipeline, which is owned by the government. Santa Rosa, Macusi's locality, is just a few minutes away. According to data from the government, Peru's northern Amazon contains hundreds of millions barrels of crude oil. However, indigenous groups claim that oil extraction in the last half century has brought pollution and not progress. They are against a new wave of development.
In the 1980s, this region produced more than half of Peru’s oil. However, environmental liabilities and local opposition lowered production to 40,000 barrels per day. In 2020, key blocks became dormant.
Petroperu, the state-owned oil company, is once again focusing on the modest reserves of this region. The company spent $6.5 billion to upgrade its Talara refinery, which now produces 95,000 bpd of high-grade fuels. Petroperu, heavily indebted and with a CCC+ junk rating from the ratings agency Fitch wants to revive Amazon oil production to supply Talara.
Petroperu, the state-owned firm, estimated that last month proven and probable reserves were valued at $20.9 billion. This could generate $3.1 billion of tax revenue for local governments.
The amount of oil involved is small but the plans have caused tensions due to past spills. This has fueled Indigenous opposition as Brazil, Ecuador, and Guyana try to expand their Amazon oil frontiers.
The frustration about forest protection and climate action boiled over during the
Climate summit COP30
This week, dozens of Indigenous demonstrators forced their way in and clashed violently with security guards.
Petroperu also plans to import oil into the refinery through a 1,100 km ONP link to Ecuador. Ecuador is aiming to increase production in the Amazon region of its country as part a $47 Billion oil expansion plan. The ONP was hailed as a marvel of engineering when it opened in the 1970s. However, since then, it has become a lightning-rod for leaks, protests, and sabotage. Both indigenous groups are fighting the pipeline connection.
The government is considering options to best run the pipeline. These include a joint venture and outsourcing its management.
OBSTACLES TO REVIVAL
Petroperu has failed to find an international partner for its largest oilfield Block 192. This field produced over 100,000 bpd during its peak, but was recently the subject of Indigenous protests calling for remediation due to damage caused to the soil, forest and waterways.
Petroperu’s former chairman Alejandro Narvaez was dismissed last month. He estimated Block 192 production at least 20,000 bpd and that Amazon's overall production could reach 100,000 bpd.
Upland Oil & Gas, a domestic company, was selected by the state oil firm to operate the block. However, Peru's state regulator of oil disqualified Upland in the last month because it had not demonstrated financial capability. Upland has requested a review of the decision. Petroperu partnered up with Upland in order to restart production at Block 8, a smaller block that produced 5,000 barrels per day last month. Upland CEO Jorge Rivera is the son of Peru's first oil prospector. He said that Upland had offered Indigenous communities funding, training and jobs.
He said, "We have dedicated ourselves to understand the complexities of operating these fields." Rivera made a visit to Santa Rosa, California in March. He gave a Starlink terminal as a gift and requested a report about the needs of the community.
Although the community was primarily concerned with the cleanup of a nearby spill, questions still remain about who is responsible.
Although Upland is responsible for the 108 km of pipeline that connects Block 8 to the ONP and runs through it, its contract exempts them from liability for pollution in the past.
Pluspetrol Norte was the previous operator. It is an Argentinean subsidiary that was fined a number of times before filing for liquidation in late 2020 and leaving the area.
Eight Indigenous federations, as well as non-governmental organisations, filed a complaint with the Dutch National Contact Point of the OECD, a mechanism for implementing OECD guidelines to businesses. The Dutch National Contact Point concluded in September, that Pluspetrol violated Indigenous community rights in Peru's Amazon, and urged Pluspetrol to remedy the damage to the environment.
Pluspetrol responded by saying that it had already complied with the environmental and human right regulations. It also said the NCP statement lacked merit because it did not reflect the "breadth, complexity and extent of evidence presented and actions taken by the Company."
Onp Spills
Scientists have been studying the effects of oil fields on wildlife and Indigenous populations for decades. They've found that there are high levels of mercury, lead, and arsenic. Block 192 cleanup costs are estimated at $1.5 billion.
OEFA recorded over 560 environmental violations including oil spills or other incidents from the ONP and other oil infrastructure blocks in Blocks 192 & 8 between 2011 and September 2025.
Petroperu said that any damage was "temporary" and "reversible". It blamed the local communities for "economic, rural and domestic activities" which were not specified.
The Peruvian prosecutor's office announced in late 2023 that they had dismantled a network consisting of local Indigenous leaders, businessmen and an employee from Petroperu who, according to the prosecutor, were orchestrating oil spills for lucrative cleanup contracts.
Narvaez stated in an interview before his dismissal that Petroperu prioritized the cleanup of spills under regulator supervision. Fidel Moreno, Petroperu Board Vice President, was appointed to replace Narvaez by the government of Peru's interim president Jose Jeri who assumed power last month. The government also announced that it would soon replace Petroperu’s entire board. Moreno declined to respond to an interview request. Macusi stated that communities have not yet received the fund Upland promised to provide 2.5% from oil sales. Meetings with Perupetro to discuss funding community projects were delayed. In 2022, after an oil spillage from the Block 8 Connector pipeline, Urarina Communities held a strike. They took over oil fields, oil facilities and blocked a river in order to demand better state response. Macusi says that communities are prepared to act again after Macusi hauled buckets of oil spilled as a teenager.
He said that if the benefits promised did not arrive soon, he would take action.
(source: Reuters)