Oil slumped as OPEC+ discussed making a second major production increase, inflaming concerns about swelling global supplies that have dragged down crude prices this year. West Texas Intermediate futures fell 1.6% to settle near $58 a barrel, down more than 7% for the week, with prices holding near the lowest since early 2021. Key OPEC+ nations are considering another production increase of about 400,000 barrels a day in June ahead of a meeting the group pushed forward two days to May 3. Another aggressive supply boost from the cartel threatens to batter a market already pressured by soft Chinese demand and plentiful output from outside the group. The increase would be in line with figures previously telegraphed by the group and roughly matches last month’s shock hike, which was seen as a bid to discipline over-producing members. “OPEC’s decision framework appears to be fueled by the persistent cheating, particularly from the likes of Iraq, Kazakhstan, Russia among others,” TD Cowen strategists including Dan Ghali and Bart Melek said in a note to clients. Inventories may increase by about 200 million barrels over the next three quarters, which could drop crude toward the low $50s, they wrote. Brent prompt spread — the difference between its two nearest contracts — has narrowed to 36 cents a barrel in backwardation, compared with a gap of $1.07 four days ago. The narrowing spread signals expectations that near-term supplies will be readily available. Crude has shed about 19% this year — and briefly touched a four-year low last month — as the Trump administration’s tariffs fan concerns that energy demand will fall. The drop in prices is already showing signs of squeezing a key industry that US President Donald Trump pledged to help. Some of the biggest US shale-oil producers plan to slash about 4%

WASHINGTON— The U.S. Department of Energy (DOE) today announced the withdrawal of the determination of miscellaneous gas products as a covered consumer product under the Energy Policy and Conservation Act (EPCA). This action is yet another step toward President Trump’s pledge to lower costs for the American people by expanding choice and cutting red tape. By withdrawing this rule, DOE will exempt miscellaneous gas products—a category that includes decorative hearths and outdoor heaters—from a range of unnecessary regulations on their manufacture and sale.  “Under President Trump’s leadership, the Department of Energy is returning to common sense – and that means giving the American people the ability to choose which heaters they use in their own backyards,” U.S. Secretary of Energy Chris Wright said. “To date, rescinding or delaying unnecessary consumer regulations such as this have saved the taxpayers nearly $24 billion – and we’re just getting started.”   “Previous DOE rulemaking on this subject lumped together several products that are dissimilar in form and function, subjecting manufacturers to an awkward and unnecessary regulatory framework,” Principal Deputy Assistant Secretary for Energy Efficiency and Renewable Energy Lou Hrkman said. “By withdrawing the previous determination and repealing these unclear definitions, the Trump Administration is sending a clear signal that these markets will be allowed to thrive without fear of undue government interference.” Prior to today’s action, miscellaneous gas products were classified as covered products under Part A of Title III of the EPCA, and therefore potentially subject to burdensome standards for energy conservation. The withdrawal of this classification, along with the repeal of the definitions for “miscellaneous gas products,” “decorative hearth product,” and “outdoor heater” from the Code of Federal Regulations, will allow the market for these products to freely develop without needing to account for new conservation standards from DOE. In addition to today’s action, DOE has officially withdrawn four

WASHINGTON—The Department of Energy (DOE) today announced new leadership to tackle the challenge of strengthening and securing the U.S. energy system and ensuring America can lead the global race for AI leadership. To unleash American Energy Dominance, the systems and infrastructure that produce and deliver energy to the American people must be reliable, resilient, and secure. As energy demand continues to grow, the U.S. needs to upgrade both existing energy infrastructure and build new infrastructure – all of which must be done with resilience and security as priorities.  To advance these goals, today DOE is announcing that the Office of Cybersecurity, Energy Security, and Emergency Response (CESER) will be led by DOE Chief of Staff Alex Fitzsimmons. Carl Coe, who currently leads the Department of Government Efficiency (DOGE) at DOE, will assume the role of DOE Chief of Staff. “The race for global leadership in AI is the new Manhattan Project, and winning this race depends on our ability to increase access to abundant supplies of reliable, affordable energy and build secure infrastructure,” said U.S. Secretary of Energy Chris Wright. “The Department of Energy is focused on the need to meet growing energy demand while strengthening the resilience and security of U.S. energy infrastructure against all threats and hazards.   “Alex has served as a critical leader across the Department in our first 100 days, and his expertise and ability to take on complex problems make him the right person to spearhead this important office. I am grateful for his ongoing leadership within the Department, and I look forward to continuing to work with Carl Coe in his new role as Chief of Staff.” As Chief of Staff to the Secretary, Alex Fitzsimmons led the DOE beach-head team on day one and through the first 100 days of the Administration.

Chevron Corp. will reduce share buybacks this quarter after oil prices tumbled, indicating that President Donald Trump’s trade war is hurting a key US industry he pledged to help. The Houston-based company said Friday it will repurchase about $2.75 billion of stock in the second quarter, about 30% less than it bought in the first three months of the year. It comes despite Chevron beating earnings estimates on more low-cost production from Kazakhstan and the Permian Basin.  Exxon Mobil Corp., which also reported earnings Friday, is sticking to its plan to buy back about $5 billion in shares per quarter. And Shell Plc said it has the financial wherewithal to keep repurchasing upwards of $3 billion of shares each quarter even if crude plunges as low as $50 a barrel. Big Oil is finding it increasingly difficult to maintain share buybacks as Brent crude slumped 17% this year to about $62 a barrel at the close Thursday. Trump’s tariffs are poised to slow demand growth for crude and increase the cost of steel and other materials needed to produce oil and gas. At the same time, OPEC and its allies surprised markets last month with a plan to increase oil supplies more than expected later this year.  “Oil prices have changed,” Chief Financial Officer Eimear Bonner said in an interview. “The market, from a supply and demand perspective, appears to be softening.” The downturn in oil prices is starting to show the relative strength and weakness between the world’s supermajors. BP plc and Chevron cut their buybacks while Exxon, Shell and TotalEnergies SE maintained their payouts. Still, with debt levels rising across the group, it remains to be seen which is the right approach — especially if crude prices continue to decline. Brent crude futures slipped about 0.3% Friday, to

The next tranche of the Just Transition Fund is set to open, as £8.5 million in public funds comes up for grabs for firms in Moray and the north-east. The Scottish Government is set to receive applications on Tuesday 6 May from businesses looking to take advantage of funds set aside to create jobs in low-carbon industries and enhance green and net zero skills. Speaking to Energy Voice, acting net zero secretary Gillian Martin said: “This time around, we are really focusing in on the key economic benefits to the region. “We looked at how the last tranche was done and looked at where we were getting the most bang for our buck, and that was in the development of the skills and the creation of jobs and recognising that there was economic opportunity that was out there to be grasped.” Martin appeared in Aberdeen to announce the opening of the next wave of government investment as she visited Sarens PSG, which received backing during the last Just Transition Fund tranche. Jack Anderson, project engineer at Sarens PSG, benefited from the £175,000 previously awarded to the Altens-based business as it used the government cash to upgrade training facilities. Anderson explained: “In the two years I’ve been here, I’ve received a lot of technical training, which has enabled me to progress my career in engineering. “It has enabled me to focus on the future of the huge projects that we’re looking at, along with looking at delivering Sarens PSG’s biggest project to date in the Moray West project.” In November, the 60th and final turbine was installed at the 882MW Moray West offshore wind farm. Operator Ocean Winds expects the project that sits off the east coast of Scotland to become fully operational this year. More wind projects needed to ‘derisk

This week, Scotland’s only oil refinery ceased production, prompting outrage from unions that forecast the “wrath” of voters in next year’s Holyrood election, European supermajors BP and Equinor unveiled their Q1 results, and Octopus Energy’s CEO defended his zonal pricing views. Up first, Aberdeen features lead Ryan Duff discusses the closure of Grangemouth’s oil refinery and its political ramifications, while news reporter Mathew Perry asks about the implications for the Acorn CCS project, which is yet to see certainty. With the Scottish carbon capture project caught in limbo, questions are asked about the future of Scottish industry. Renewables reporter Michael Behr has been the man on the markets this week as he kept an eye on Equinor and BP’s books. The Energy Voice Out Loud presenting trio play a game of Good News, Bad News, and they debate whether the first quarter reports were positive or, as one analyst said, “disappointing”. Finally, Energy Voice has been at the Innovation Zero conference in the capital as London correspondent Jessica Davies chats with Octopus Energy CEO Greg Jackson as he defended his views on zonal pricing. Jackson has been a supporter of the structure that will see Scotland’s energy prices plummet, however, others have said that the move would impact the economic viability of wind projects in the country. Listen to Energy Voice Out Loud on your podcast platform of choice.