Oil dropped after OPEC+ agreed to another large output increase, raising concern that additional supply could lead to a global glut just as the trade war threatens demand. West Texas Intermediate futures fell 2% to settle just above $57 a barrel, a fresh four-year low for the closing price, amid thinner trading due to a UK holiday. OPEC and its allies agreed on Saturday to continue loosening supply constraints as the group’s leaders seek to punish overproducing members and win back market share. The latest hike of more than 400,000 barrels a day starting in June matched a similar increase announced last month, when the group made the shock decision to bring back triple the planned volume for May. The alliance — led by Saudi Arabia and Russia — has been unwinding prolonged output curbs that were meant to support prices but which also cost the group market share. The strategy shift has already collapsed spreads at the front end of the futures curve and forced Wall Street observers to shave price forecasts. “Oil market analysts did not expect the eight OPEC+ countries to accelerate the return of oil volumes for a second consecutive month — especially amid such economic uncertainty,” said Rob Thummel, senior portfolio manager at Tortoise Capital. His firm predicts that global oil markets will be oversupplied by as much as 500,000 barrels a day starting in June, which could push prices to the low $50s. In a move that could put additional pressure on prices, Saudi Arabia signaled further similar-sized output increases could follow, according to delegates. The threat was widely viewed as being aimed at producers like Kazakhstan and Iraq that have pumped beyond their limits. In the background, US President Donald Trump’s tariff war threatens to derail growth, erode investor confidence and undercut energy

Apple’s Tim Cook called him inspiring. Bank of America’s Brian Moynihan praised his lessons on life and business. JPMorgan’s Jamie Dimon said he’s “everything that is good about American capitalism.”  As Warren Buffett called an end to his historic run atop Berkshire Hathaway Inc., luminaries from the technology and banking worlds rushed to praise the man whose lessons they partially credit for their success.  The famed investor delivered a more than 5,500,000% return on Berkshire’s stock as he turned a once-failing textile firm into the most valuable company in the world that isn’t either a tech giant or state oil producer. In the process, he became the rare investor who crossed over into public consciousness through his folksy wisdom and witticisms.  Buffett has drawn scores of imitators and become synonymous for many of the investing themes that still dominate the financial industry: being greedy while others are fearful, practicing patience in allowing investments to compound and identifying insurance as a source of stable funds. Cook, Moynihan and Dimon were among those who said they’d personally learned from Buffett.  “There’s never been someone like Warren,” Cook said on social media after Buffett surprised his investors with the announcement that he’d step down as CEO by year-end. “Countless people, myself included, have been inspired by his wisdom.” Berkshire racked up many measures of its success and heft as it branched into more and more sectors, with some 180 operating businesses now driving annual revenue of nearly $400 billion. The conglomerate holds railroads, power utilities, gas stations, auto dealerships, home builders, chemical producers and real estate brokers. It also has household brands including Geico, Dairy Queen, Fruit of the Loom, Duracell, Helzberg Diamonds and See’s Candies.  Buffett is known most widely for his public stock-picking prowess, and a small group of stocks —

WASHINGTON — The Department of Energy (DOE) today announced it has delayed the compliance date for new provisions regarding Clean Energy for New Federal Buildings and Major Renovations of Federal Buildings (CER). This action delays the restrictive standards imposed by the previous administration to limit the use of affordable, reliable energy sources, such as coal and natural gas, to power federal buildings in favor of less reliable, more expensive options. “Under President Trump’s leadership, the Department of Energy is embracing a strategy of energy addition – leveraging all sources that are affordable, reliable and secure. This pause will ensure that our federal buildings are able to utilize the most efficient power available, lowering costs and reducing regulatory overreach,” said U.S. Secretary of Energy Chris Wright. The original regulations, issued on May 1, 2024, required certain new federal buildings and federal buildings undergoing major renovations to reduce their fossil fuel-generated energy consumption. The delay is being implemented while DOE reviews recently released implementation guidance and a template for petitions for downward adjustments. DOE is undertaking this review to ensure alignment with the current Administration’s energy policies, particularly those relating to energy security and reliability. Today’s action delays the compliance date for one year. During this period, federal agencies are not required to comply with the energy performance standards outlined in the aforementioned regulations. DOE will not process petitions for downward adjustment during its review of the implementation guidance documents. More information can be found here.  ###

The European Union is set to propose measures to ban Russian gas imports by the end of 2027, as the bloc pushes to sever ties with the country that was once its biggest energy supplier. The EU is moving ahead with a long-held intention to phase out Russian fossil fuels, after earlier this year delaying the release of its “road map” in order to assess the impact of US efforts to end the war in Ukraine, according to people familiar with the matter. Russian gas flows to Europe dropped sharply in the wake of Moscow’s full invasion in 2022, but it remains a substantial supplier, through a pipeline via Turkey and shipments of liquefied natural gas. The EU plans to propose in June a ban on all gas purchases under new deals with Russia and existing spot contracts, which account for about a third of imports, to take effect before the end of the year, according to the people.  The European Commission, the bloc’s executive branch, will next month also adopt measures to end the remaining imports of Russian pipeline and LNG gas tied up in long-term contracts, but they will require a longer transition until the end of 2027, the people said. The efforts to end reliance on Russian gas will open the way for US suppliers to send more LNG to Europe, something that President Donald Trump has repeatedly called for. Costs and security remain a key focus in the wake of the energy crisis, but the EU expects its plan will have a limited effect on prices as a wave of new LNG supply hits the global market in coming years, the people said. The stakes are huge: The EU purchased a total of €23 billion ($26 billion) in Russian energy in 2024, exceeding its military assistance to

Aberdeenshire’s Grace May has reported a more than 20% increase in revenues, with all of its growth coming from work in the energy sector. The Banchory-based recruitment firm saw revenues reach almost £500,000 in the most recent financial year. Following its success in the energy sector, Grace May is doubling down as it increases positions within the industry, namely in renewables. In pursuit of further growth, the business is also looking at new verticals such as legal, human resources, and engineering. The north-east of Scotland accounted for more than half of the firm’s revenue last year as it expanded into new areas across the UK. The firm is branching into Glasgow, Edinburgh, Birmingham and Manchester to expand its client base. The Aberdeenshire business has said that it has “plans for more expansion” in the future. ‘Operating challenges continue’ Grace May director and founder, Sasha Jaypalan, commented: “Despite operating against a difficult economic backdrop and in a competitive sector, we have been able to successfully grow from our roots in the energy sector and forge a path based on our founding principle of understanding our clients and candidates, and working precisely to get the best results time after time. “Operating challenges continue, and we have had to remain resilient throughout, but by partnering with clients to navigate present market conditions and leverage the benefits of a relationship-based approach we have positioned ourselves as success enablers who work alongside our clients towards common goals.” Jaypalan started his business in 2015 after losing his job as a commercial helicopter pilot due to a downturn in the market at the time. Recently, to mark a decade since opening the doors of Grace May, Jaypalan had a conversation with Energy Voice news editor Erikka Askeland for E-FWD. In this conversation, Jaypalan said: “In the industry, there

In a statement posted on its website recently, QatarEnergy announced a 25 year condensate supply agreement with Shell. The company noted in the statement that it entered into a long-term condensate supply agreement with the Singapore-based Shell International Eastern Trading Company (SIETCO), which it highlighted is a wholly owned subsidiary of London-listed Shell plc. QatarEnergy said in the statement that the agreement stipulates the supply of up to 285 million barrels of condensate to Shell during its 25 year term, starting from July 2025. The deal was signed by Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and the President and CEO of QatarEnergy, and Wael Sawan, the CEO of Shell, QatarEnergy’s statement highlighted. “We are delighted to sign QatarEnergy’s first 25 year condensate sales agreement, the largest and longest duration condensate agreement to date,” Al-Kaabi said at the signing ceremony, the statement revealed. “This agreement is important for being signed with our strategic partner, Shell, with whom we have recently signed a 20 year naphtha sales agreement. These long-term agreements provide stability and certainty, and helps deliver more value to our customer Shell,” Al-Kaabi added, the statement showed. QatarEnergy went on to state that “Sawan expressed Shell’s pleasure in entering into this long-term agreement and building on the longstanding strategic relationship with QatarEnergy”.  The company noted in the statement that QatarEnergy and Shell “share various fruitful investments and partnerships in the energy industry in Qatar and globally, including QatarEnergy LNG projects, the Pearl GTL Plant, and several other joint investments”. In a statement posted on its site back in February, QatarEnergy announced that it had signed a 20 year helium sales and purchase agreement with China’s G-gas. “QatarEnergy and Guangzhou Guanggang Gases & Energy Co. Ltd (G-gas) signed a long-term sales and purchase agreement (SPA) for the