OPEC cut forecasts for global oil demand growth slightly this year and next as President Donald Trump’s tariff onslaught takes a toll on consumption, while remaining more bullish than other forecasters. The cartel lowered demand growth projections for 2025 and 2026 by about 100,000 barrels a day, projecting an expansion of 1.3 million barrels a day — or approximately 1% — for each year, according to a report from its secretariat in Vienna. Despite the downgrades, the estimates from OPEC remain considerably higher than many others in the industry — a recurring feature of its research. The US government’s Energy Information Administration slashed its 2025 growth figure by 30% last week to 900,000 barrels a day, while Goldman Sachs Group Inc. anticipates sees consumption rising by 500,000 barrels a day. OPEC leader Saudi Arabia has made surprising use of the market slump, steering the group and its allies to accelerate planned production increases in an effort to sink crude prices and make wayward members abide by their output quotas. Oil futures are trading near $65 a barrel in London after plunging to a four-year low last week.   The report published on Monday helps explain the source of Riyadh’s ire. Kazakhstan, despite saying it had held talks with international oil companies to rein in supplies, increased production once again. Its output rose 37,000 barrels a day last month to an average of 1.852 million barrels a day. That’s 422,000 barrels a day more than the level it had pledged to pump, both exceeding its quota and failing to make compensation cuts that were supposed to start offsetting months of cheating. Astana still appears to have made little headway in complying this month, people familiar with the matter said last week. The Organization of the Petroleum Exporting Countries has misfired in its demand projections in

Oil held steady as traders weighed the latest US moves in the global trade war, as well as the prospect of looser restrictions on Iranian crude. West Texas Intermediate settled little changed near $61.50 a barrel, and Brent held below $65. While equities rallied after US President Donald Trump paused import duties on some electronics, fresh data revealing that American consumers see higher inflation in the year ahead weighed on oil futures. The US and Iran met on Saturday for nuclear talks that both sides described as constructive, raising the possibility of higher oil volumes from the OPEC member. Weekend talks in Oman marked the first top-level engagement since 2022 and signaled a renewed effort to resolve a years-long standoff over the country’s nuclear program. Both sides agreed to meet again. On the demand side, traders are grappling with a rapidly evolving outlook. The Organization of the Petroleum Exporting Countries slashed its projections for annual consumption growth by about 100,000 barrels a day, following a larger cut by the US Energy Information Administration. More banks also reduced their price forecasts, with JPMorgan Chase & Co. now seeing Brent at $66 this year. Crude has been dragged down in April as the trade war — especially the confrontation between the US and China — stokes fears of a global recession that would hurt energy demand. A surprise OPEC+ decision to bring back shuttered output more quickly than expected has added to the bearishness. “While the market has already priced in some future inventory builds, we expect large surpluses,” Goldman Sachs Group Inc. analysts including Daan Struyven said in a note, estimating a glut of 800,000 barrels a day this year. Brent is expected to average $63 over the rest of 2025, they said. Oil’s losses this month have formed part of

Grandholm Production Services has acquired Aberdeen-based RSD Supplies and Services in a six-figure deal. The Aberdeen “rope, soap and dope” provider of consumables to clients in the on and offshore energy industry, both in the UK and internationally, was set up in 1999. Based in Glasgow, Grandholm owns and operates Bundy Refrigeration, an  international business manufacturing heat transfer cooling components. The firm acquired the business in 2018 from Sun Capital Partners. Grandholm also owns Vantage Tags, a specialist business supplying bespoke tags for safety critical sectors. It has a base in Westhill and Bellshill near Glasgow. RSD will become RSD Vantage with an expanded portfolio of products, including tags. Customers will also benefit from access to Grandholm’s international operations in Brazil, Turkey, Italy, Germany, and Hungary. According to RSD’s most recent accounts, the firm employed seven people at its base at Poynernook Road. Grandholm said the acquisition “ensures job security for all RSD employees”. Merging its team with Vantage Tags’ staff brings the total number of employees to ten. Sarah Colville, who took over as director of the firm in 2023 following the death of founder director Robert Cowie, said the deal will “safeguard the future of the business and provide a platform on which to grow”. She added: ‘This acquisition represents a natural progression for RSD and by joining forces with Grandholm, we’re not just expanding our international reach, but creating a more comprehensive service offering that will better meet the evolving needs of our clients.’ The company will be managed by Chris McGeehan Jnr, a contracts and procurement specialist with experience in the oil and gas and geotechnical drilling sectors. McGeehan said: ‘In our meetings as a safety tags supplier, procurement departments were asking if we could source a broader range of products. While we could do that, we

ContourGlobal commissioned the Quillagua plant, located in the municipality of María Elena, in the Antofagasta region of Chile. The 221 Megawatt peak (MWp) photovoltaic solar plant, with a 1.2 Gigawatt hour (GWh) battery storage system is capable of delivering 200 MW for 6.2 hours after sunset, ContourGlobal said in a media release. This milestone signifies the last phase before launching commercial operations in the upcoming weeks and initiating the fulfillment of its long-term clean energy purchase agreement (PPA), which guarantees the provision of solar energy during the night while also sending any excess to the commercial market, the company said. “We are proud to begin operations at Quillagua months ahead of schedule, bringing the sun’s energy at night, and to share this moment with our partners, the community, and local institutions and authorities”, Antonio Cammisecra, Global CEO of ContourGlobal, said. Cammisecra highlighted that integrating long-duration batteries is crucial for stabilizing the grid and managing excess daytime supply and peak demand. The company is committed to Chile and is exploring wind energy to diversify its approach to meet the country’s energy needs. Quillagua is part of a larger project that includes the Victor Jara plant in Tarapacá, which will provide 231 MWp of solar energy and 1.3 GWh of battery storage, set to open ahead of schedule in the second half of the year, the company said. The two projects boast a combined capacity of 452 MWp solar and 2.5 GWh of battery storage, acquired last year by ContourGlobal, marking the U.S. firm’s entry into Chile. Once operational, this portfolio will generate about 1,300 GWh annually, establishing ContourGlobal as a major renewable player in Chile, where it aims to expand its investments, Contour Global said. This inauguration positions Chile as a leader in utilizing solar energy from its regions and the

The U.S. Department of Energy (DOE) shortlisted five U.S. nuclear developers who could receive high-assay low-enriched uranium (HALEU) to meet their near-term fuel needs. According to the DOE, this first round of HALEU allocations brings innovative American nuclear technologies one step closer to commercialization and will expand the use of nuclear energy. “Allocating this HALEU material will help U.S. nuclear developers deploy their advanced reactors with materials sourced from secure supply chains, marking an important step forward in President Trump’s program to revitalize America’s nuclear sector”, Chris Wright, U.S. Energy Secretary, said.   The U.S. Department of Energy (DOE) has addressed the critical need for High-Assay Low-Enriched Uranium (HALEU) in advanced nuclear reactor development, acknowledging the current absence of domestic HALEU suppliers. Recognizing HALEU’s role in enabling more compact, efficient, and longer-lasting reactor designs, the DOE established an allocation process to distribute HALEU from its sources, including the National Nuclear Security Administration (NNSA). Following requests from 15 companies, the DOE has selected five, meeting its prioritization criteria, to receive HALEU. Notably, three of these companies require fuel delivery in 2025. The five companies that received conditional commitments are: TRISO-X, LLC, Kairos Power, LLC, Radiant Industries, Inc., Westinghouse Electric Company, LLC, and TerraPower, LLC. The designated HALEU will benefit the recipients of the Advanced Reactor Demonstration Program (ARDP) Pathway 1 awards, companies looking to test in the DOME test bed, and certain ARDP risk reduction awardees, underlining the DOE’s dedication to industry collaboration. Moving forward, the DOE said it will begin the contracting process to distribute the material to five companies, with some expected to receive their HALEU as soon as this fall. The allocation process remains in progress, and the DOE intends to extend HALEU allocations to more companies in the future. The first round of conditional commitments of HALEU

North America cut 22 rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on April 11. The total U.S. rig count decreased by seven week on week and the total Canada rig count decreased by 15 during the same timeframe, taking the total North America rig count down to 721, comprising 583 rigs from the U.S. and 138 from Canada, the count outlined. Of the total U.S. rig count of 583, 567 rigs are categorized as land rigs, 13 are categorized as offshore rigs, and three are categorized as inland water rigs. The total U.S. rig count is made up of 480 oil rigs, 97 gas rigs, and six miscellaneous rigs, according to the count, which revealed that the U.S. total comprises 523 horizontal rigs, 46 directional rigs, and 14 vertical rigs. Week on week, the U.S. land rig count dropped by six, its offshore rig count dropped by one, and its inland water rig count remained unchanged, the count highlighted. The U.S. oil rig count dropped by nine, and its gas and miscellaneous rig counts each increased by one, week on week, the count showed. Baker Hughes’ count revealed that the U.S. horizontal rig count dropped by six, its directional rig count dropped by two, and its vertical rig count increased by one, week on week. A major state variances subcategory included in the rig count showed that, week on week, Texas dropped three rigs, West Virginia and California each dropped two rigs, and New Mexico dropped one rig. Pennsylvania added one rig week on week, according to the rig count. A major basin variances subcategory included in Baker Hughes’ rig count showed that the Permian basin dropped five rigs, and the Marcellus, Eagle Ford, and Cana Woodford basins each dropped