"Fatih Birol, head of the International Energy Agency, described the war in Iran as the biggest energy crisis in history, pointing to major disruptions in commodities, including fuel shortages and rising prices for consumers."
"There's a lot of cash in the system. A lot of the stocks are near 52-week highs,"
"The upcoming financial results will offer a preview of what could be even stronger returns in the second quarter, from April through June, when oil prices spent at least two months in the $90 US to $110 US range."
"Szybunka said he is open to a range of uses for the profits, including paying down debt, returning the cash to shareholders or spending the money to produce more oil."
Canadian oil producers will report financial results reflecting the impact of rising energy prices on profits. The first quarter saw oil prices rise significantly after a period of low prices. The U.S. war with Iran caused major disruptions in oil supply, leading to increased prices for consumers. Gasoline and diesel prices have surged, with oil prices climbing from $55 to over $110 per barrel. Companies may use profits for debt repayment, shareholder returns, or increased production, though significant production increases are unlikely.
Read at www.cbc.ca
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