Oil rose as producers’ promises to keep output growth in check added to signs of the physical market’s strength and a potential easing in trade tensions between the US and China. West Texas Intermediate futures climbed 0.8% to settle near $63 a barrel, while Brent advanced to close around $66.50, after President Donald Trump said that US officials have been holding meetings with Chinese officials on trade as recently as this morning. That countered some pessimism over the major crude importer’s earlier comments that the US should revoke all unilateral tariffs and its dismissal of speculation that progress has been made in bilateral communications. Those developments followed signs in recent days that lower oil prices are starting to curtail some producers’ spending plans. Already, metrics are pointing to a bullish near-term market, with the prompt spread for WTI hovering near the strongest in more than two months, an indication of tight supplies. Geopolitical tensions remain hot as well. Russia hit Ukraine with a barrage of missiles and drones overnight, killing at least nine people in the capital, as peace talks stalled over President Volodymyr Zelenskiy’s vow never to recognize Russian sovereignty over Crimea. The US is set to demand that Russia accept Ukraine’s right to maintain a military force. At one point, crude dipped into negative territory after Axios reported that Iran asked White House envoy Steve Witkoff whether the sides should negotiate an interim deal, potentially decreasing the risk of reduced flows from Tehran.   Oil has dropped sharply this month on concerns that US tariffs and counter-levies from its biggest trading partners will dent economic activity and hurt energy demand. Growing strain within OPEC+, particularly with perennial overproducer Kazakhstan, has stoked fears that output will continue to rise at a faster-than-advertised pace over the coming months. The Organization

At this week’s flagship international summit on energy security, the clashing visions of the US and its allies were on full display. Beginning with the event’s hosts — the International Energy Agency and the UK government — speaker after speaker at the London conference extolled the virtues of including renewable fuels in the shift to a sustainable energy future. In Britain, “there is an exciting vision of energy security and abundance from cheap, homegrown low-carbon power,” Energy Secretary Ed Miliband enthused in his opening address. IEA Executive Director Fatih Birol hailed the “remarkable” ascent of renewables, which last year accounted for 85% of new power generation globally. But the meeting’s tone shifted markedly when it was the turn of US Acting Assistant Secretary of Energy for International Affairs, Tommy Joyce. Joyce blamed the “embrace of climate politics” around the world for energy scarcity and causing “harm” to human lives, while boasting of America’s role as the world’s fourth-biggest producer of coal — the most polluting of fuels. He reiterated the Trump administration’s opposition to restricting energy sources in the pursuit of net zero carbon emissions, reprising a Republican party criticism leveled previously at the IEA’s energy forecasts. Of course, the division is hardly a surprise. President Donald Trump has dismissed climate change as a “hoax” and campaigned for re-election on pledges that America’s shale-oil explorers will “drill, baby, drill” the nation’s hydrocarbon bounty.  Nonetheless, when representatives of such conflicting outlooks share a stage, the contrast becomes sharp. The IEA’s summit will continue the rest of Thursday and Friday; reconciling the world-views of the agency’s biggest members will take significantly longer. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or

Plans to create one of Europe’s largest hydrogen plants near Kintore have taken a step forward – despite calls for it to be thrown out. Statera Energy wants to build the massive 3GW Kintore Hydrogen project near Laylodge. Once constructed, it would be the largest site of its kind in the UK. It has been earmarked for land near the Kintore substation and a recently approved battery energy storage system. The site will produce green hydrogen at an electrolysis plant using surplus wind power generated from turbines and water from the River Don. Water from the river will also be used to cool equipment on the site and would later be returned back to the Don. Members of the Garioch area committee had called for the project to be scrapped last month over fears the Kintore area was becoming too industrialised. Historic Environment Scotland had also objected over fears it would harm the South Leylodge steading stone circle. Kintore hydrogen plant could ensure north-east is ‘global energy leader’ The application went before a council meeting today. It will ultimately be decided by the Scottish Government, but the local authority’s input will be a key consideration. Senior development manager for the Kintore project, William Summerlin, made a case for the hydrogen plant. He claimed the site would create “significant employment and economic opportunities” for the north-east and Scotland. Mr Summerlin also said that more than 3,000 jobs could be created during the construction period with over 300 operational jobs on site and in the supply chain. “Businesses up and down Aberdeenshire are standing ready to tender for this project,” he told the chamber. “Fabrication yards in Aberdeen and throughout the Shire are well-positioned to become assembly yards for electrolyser equipment. “Kintore makes use of abundant Scottish wind power converting it into

BHP Group is preparing to begin looking for a new chief executive officer in the coming months, with key lieutenants already jostling for position to succeed Mike Henry at the top of the world’s biggest miner.  The understanding at BHP is that Henry is now heading toward the end of his tenure, according to company insiders. They emphasized that no decision has been made. But some people close to BHP say a change could come as soon as early next year, and some top executives have begun increasing their interaction with investors and other stakeholders ahead of a likely succession process. The internal frontrunners for the role are seen to be Geraldine Slattery, who heads the company’s Australian mines, Chief Financial Officer Vandita Pant and Ragnar Udd, who runs the commercial team. However, the search is also likely to include external candidates, according to people familiar with the matter, who asked not to be identified discussing private information. A change of leadership would come at a pivotal time for both BHP and the wider mining sector. The company and its biggest rivals spent the past couple of years pursuing a series of failed megadeals, while US President Donald Trump’s trade war has cast fresh uncertainty over future demand for key commodities.  BHP itself is embarking on a slew of expensive growth projects and Henry’s successor is likely to face tough questions about capital allocation, including whether the company can pursue its aggressive spending plans while sustaining its dividend and debt policies.  The miner is already tightening its belt and has significantly sharpened its focus on cost cutting across the business, some of the people said. BHP declined to comment. The process to find a replacement for Henry is likely to start in earnest in the coming months, the people said,

The closure of Scotland’s last oil refinery at Grangemouth is a “really good example of a transition done badly”, the UK energy minister has admitted. Speaking at an industry conference in London, Michael Shanks said he was “acutely aware that there is uncertainty and there is unease in the industry”. He said the situation at Grangemouth, which will see hundreds of jobs lost when refinery owner PetroIneos shutters the facility, was a problem his government “inherited”. Labour politicians in Scotland and Westminster have come under fire for failing to fulfil pledges to save jobs at the site. The UK and Scottish Governments have jointly drawn up a plan called “Project Willow” aimed at delivering a long-term industrial future for Grangemouth through investment in a number of energy and recycling schemes. Speaking to the audience on the second day of the North Sea Decarbonisation Conference, Shanks said the “problems” should have been addressed years earlier. “There is a kind of truth in government, that you sort of wish you could have dealt with some of the problems you inherit on day one, many, many years before,” he said. “The most acute example for me is Grangemouth, which is a really good example of a transition done badly. “You wish you could have tackled these things five, six years ago, when they first emerged. “You don’t get to choose your entry as a government minister, and that’s just the reality of it. But what we are seeking to do is grapple with the uncertainty and the challenge.” Shanks urged attendees at the conference to engage with the government’s current consultation on the North Sea, which is set to close 30 April. The minister said energy supply chain responses to its “Building the North Sea’s Energy Future: Consultation,” consultation will help the government

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 0.2 million barrels from the week ending April 11 to the week ending April 18, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. This report was released on April 23 and included data for the week ending April 18. It showed that crude oil stocks, not including the SPR, stood at 443.1 million barrels on April 18, 442.9 million barrels on April 11, and 453.6 million barrels on April 19, 2024. Crude oil in the SPR stood at 397.5 million barrels on April 18, 397.0 million barrels on April 11, and 365.7 million barrels on April 19, 2024, the report outlined. Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.605 billion barrels on April 18, the report showed. Total petroleum stocks were down 0.3 million barrels week on week and up 5.9 million barrels year on year, the report revealed. “At 443.1 million barrels, U.S. crude oil inventories are about five percent below the five year average for this time of year,” the EIA said in its latest weekly petroleum status report. “Total motor gasoline inventories decreased by 4.5 million barrels from last week and are about three percent below the five year average for this time of year. Finished gasoline inventories increased and blending components inventories decreased last week,” it added. “Distillate fuel inventories decreased by 2.4 million barrels last week and are about 13 percent below the five year average for this time of year. Propane/ propylene inventories increased by 2.3 million barrels from last week and are seven percent below the five year average for