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Letter from Iran: Nuclear miscalculation
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
Letter from the UAE: The GCC and Iran – No easy way out
For GCC producers, the ceasefire may prove more destabilising than the war itself: exports remain constrained, and control over Hormuz has shifted in ways that could endure
The global offshore bonanza
Offshore operators are working through an FID backlog as the rig market consolidates, helped by improving project economics and a renewed security drive
China’s secure energy transition
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
Venezuela already making oil comeback
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
Libya's potential goes unrealised
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
Do not politicise a geopolitical crisis – Ydreos
The Strait of Hormuz disruption has exposed weakness in the global energy system and reignited debate over security of supply, but it should not be used to justify an accelerated shift away from fossil fuels, says the secretary general of the IGU
Dow restarts construction on its Path2Zero project
The company plans for phase-one startup in late 2029 as it seeks to maximise value from chemicals project following nine-month hiatus
A bigger and longer crisis
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
How Russia gains from the Hormuz supply shock
The US may be systemically stripping Russia of key geopolitical allies, but Moscow can reap rewards from the Hormuz crisis, both in the short and long term
Conservative Party of Canada leader Pierre Poilievre
Upstream Politics Canada
Vincent Lauerman
Calgary
4 February 2025
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Canada re-evaluates energy security with elections on horizon

The threat of Trump tariffs and the departure of Trudeau have sharpened the domestic political focus on boosting the oil and gas industry

The Canadian oil and gas industry has ramped up production substantially since the turn of the century, especially from the oil sands, despite many anti-hydrocarbon policies from the federal government led by Prime Minister Justin Trudeau and his Liberal Party over the past nine years. At least some of these policies are likely to be reversed with a leadership race for the Liberals— Trudeau agreed to step down as leader of the party in early January—and a springtime federal election now as much as guaranteed. Despite this, the future of the Canadian oil and gas industry has become even more uncertain, with US President Donald Trump threatening 25% tariffs on all imports from Canada and plann

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The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
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