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Brazil's government scrapped taxes on ‌diesel while imposing a levy on oil exports in a ​move Thursday that ‌could affect state-run oil firm Petrobras, as the country ‌seeks to ⁠soften the ‌blow of the recent spike in ‌global oil prices. President Luiz Inacio Lula da Silva's administration said the temporary ⁠measures would reduce the impact of price swings related to the US-Israeli war with Iran on local fuel prices, particularly diesel.The South American country cut the PIS and Cofins federal taxes levied on diesel to zero and imposed a 12% tax on crude oil exports, as well as a 50% levy on diesel ​shipments."Oil prices are getting out of control," Lula told a press conference announcing the measures in Brasilia.The spike in diesel prices has emerged as ‌a threat to Brazil's powerful farm ⁠sector, raising ​costs for producers who are harvesting a record soybean crop ​and planting corn they cannot afford to delay. While Petrobras has not raised local fuel prices, Brazil is still partly reliant on imported diesel, and distributors have been reluctant to sell it at Petrobras' prices, concerned about a possible price hike in the near future.The government expects diesel prices at the pump to fall by 0.64 reais ($0.1227) per litre due to the tax cut and a direct subsidy program that will provide payments to ‌diesel producers and importers.The export ‌tax is aimed at ⁠increasing domestic refining and securing internal supply, the government said in ⁠a statement, though it remains ⁠unclear how much refining capacity Brazil has available to boost local diesel output.Petrobras was operating its refineries at around 91% of capacity last year and aimed to increase it to 95% in the first quarter. The company's near $3bn net profit in the fourth quarter was due in ​part to record exports during the period. Sales to international markets grew 41.7% year-on-year to 42bn reais, while domestic sales dropped 6.8% to 85.4bn reais.Finance Minister Fernando Haddad said the measures would not affect Petrobras's own fuel-pricing policy. Haddad added they are set to run until the end of the year, but that the government hopes for a short-term solution to the Middle East conflict. 

Canadian Prime Minister Mark Carney signed a memorandum of understanding to build a pipeline more than 1,000 kilometers long to transport oil to the Pacific Ocean, in order to partially reduce his country’s dependence on the United States for its exports.During the signing ceremony, Carney praised the agreement, saying it would make Canada stronger and more independent, and that the relationship with the United States, once very close, has now become a point of weakness.For her part, Premier of Alberta Danielle Smith said that the agreement with the province of Alberta stipulates that Ottawa will support the construction of the pipeline, which is planned to transport one million barrels of oil per day from Alberta to an export terminal on the west coast, from where the oil will be shipped to Asia.She added that the pipeline will mean that the province and the country will no longer depend on a single customer.The project comes amid growing tensions between Ottawa and Washington since the election of President Donald Trump, who imposed tariffs on his neighbor and publicly called for annexing it to his country. 

OilOil prices settled more than 2% higher on Friday as Russia's port of Novorossiisk halted oil exports following a Ukrainian drone attack that hit an oil depot in the Russian energy hub, stoking supply concerns.Brent crude futures settled at $64.39, while US West Texas Intermediate (WTI) crude finished at $60.09. For the week, Brent rose by 1.2% and WTI rose by 0.6%.**media[381904]**The Russian port of Novorossiisk paused oil exports, equivalent to 2.2mn barrels per day, or 2% of global supply, and oil pipeline monopoly Transneft suspended crude supplies to the outlet.Ukraine on Friday said it separately struck an oil refinery in Russia's Saratov region and a fuel storage facility in nearby Engels overnight.Investors are assessing how recent attacks impact long-term Russian supply while watching how Western sanctions affect the country’s oil output and trade flows.GasAsian spot LNG prices were flat for a second consecutive week, as steady supplies of contracted cargoes and overall weak demand across the region outweighed modest spot market interest.The average LNG price for December delivery into northeast Asia held at $11.10 per million British thermal units (mmBtu), industry sources estimated.Current price levels are still too expensive for most price sensitive buyers, but minor supportive news came from Indonesia and Egypt that signalled higher domestic demand, adding a bit of tightness to the current circumstances.**media[381905]**In Europe, the Dutch TTF price settled at $10.56 per mmBtu, recording a weekly loss of 0.1%. Gas prices were under bearish pressure as oversupply, weak Asian demand, high freight rates, and strong US liquefaction kept cargoes in the Atlantic basin.This article was supplied by the Abdullah bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development.