Global Energy/Automotive news, commentary and analysis | April 03
London, April 03, 2025 (Oilandgaspress) –-Eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 3 April 2025, to review global market conditions and outlook.
In view of the continuing healthy market fundamentals and the positive market outlook, and in accordance with the decision agreed upon on 5 December 2024, subsequently reaffirmed on 3 March 2025, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day, equivalent to three monthly increments, in May 2025, as detailed in the table below. This comprises the increment originally planned for May in addition to two monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
The eight countries reaffirmed their commitment to the voluntary production adjustments agreed at the 53rd JMMC meeting on 3 April 2024. They also confirmed their intention to fully compensate any overproduced volume since January 2024 and to submit updated front-loaded compensation plans to the OPEC Secretariat by 15 April 2025 which will be posted on the Secretariat’s website.
The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on the 5th of May to decide on June production levels. . Read Related News
Artificial intelligence (AI) has wide-ranging benefits. It’s transforming industries and everyday life by increasing productivity, improving decision-making and automating large-scale operations. But AI data centers require a lot of power. Luckily, AI itself can assist in delivering energy that can be used to power these data centers—and much more.
a growing need for power
Your experience with AI may involve using a digital assistant like Siri or Alexa to manage your schedule. Or you may have used something like ChatGPT to help you write your resume.
Now imagine that type of assistance used to help an energy company like Chevron analyze data, remotely control equipment or model hydrocarbon reservoirs. Then consider all the companies around the world using AI in other ways to innovate and to streamline their work.
The demand for reliable energy to power the AI data centers that make all of this possible is high. In fact, the International Energy Agency says that data centers and data transmission account for 1% to 1.5% of all global electricity use.
And the agency expects that to double by 2026. This would mean that AI data centers require about the same amount of power as the entire country of Sweden. Read Related News
Chevron began operating in Colorado more than 90 years ago. The company is the largest oil and natural gas producer in the state; its operations now encompass more than 600,000 net acres. Chevron produces approximately 400,000 barrels of oil-equivalent (boe) per day in the DJ Basin. Chevron Colorado leverages technology and innovation to minimize its operational footprint, protect the local environment and reduce its carbon intensity.
Chevron’s next-generation tankless facilities can lower carbon emissions by more than 90% and reduce surface footprint by more than 95%, compared with legacy designs, such as at the Guttersen Ranch in Colorado.
Using electricity from the grid to power drilling operations whenever possible helps lower the carbon intensity to Chevron facilities.
Transporting oil and natural gas through pipelines rather than trucks eliminates more than 152 million miles of truck traffic and its associated emissions.
Chevron is returning thousands of acres to other uses such as agriculture, rangeland and wildlife habitat. Since 2016, it has plugged and removed an average of 500 wells annually, restoring the land back to its natural state—or better. By decommissioning wells and related infrastructure, Chevron estimates an average reduction of up to 186 tons of carbon dioxide equivalent per well annually. . Read Related News
Hyundai Motor North America has expanded its collaboration with nonprofit organization One Tree Planted, committing to plant an additional 110,000 trees in California. This is a direct response to the devastating California wildfires, a situation that has underscored the urgent need for wildfire reforestation throughout the state. This year’s contribution brings the total number of trees planted throughout the region to 750,000 since the partnership began in 2022..In celebration of the ongoing partnership, Hyundai employees participated in a volunteer planting event with One Tree Planted in Huntington Beach, California. During the event, volunteers planted and watered over 120 coastal native plants and cleared the restoration area of invasive species. . Read Related News
Saab receives order for UTAAS sight- and fire control system
Saab has received an order for the Universal Tank and Anti-Aircraft System (UTAAS) sight- and fire control system for Combat Vehicle 90 (CV90) from BAE Systems Hägglunds. The order amounts to SEK 880 million and was booked in the first quarter 2025.
“UTAAS is a versatile sight and fire control system for tanks and combat vehicles. It provides high hit probability against all ground targets, as well as helicopters and high-speed aircraft. This is a much-desired capability by armed forces worldwide, says Carl-Johan Bergholm, Head of Saab’s business area Surveillance.
Saab has, in collaboration with partners, established production in Europe to meet the growing demand for UTAAS.
UTAAS is used for both aerial and land targets and is based on a modular construction with an integrated sight- and fire control system for the CV90. . Read Related News
Johnson Matthey (JM), a global leader in sustainable technologies, announced that Willis Sustainable Fuels (WSF) has selected JM and bp’s award-winning Fischer Tropsch (FT) CANS™ technology for WSF’s sustainable aviation fuel (SAF) project in Teesside, Northeast England.
The project, which is expected to be operational in 2028, plans to be the first of its kind in the UK. The facility intends to use a biomethane feedstock, processed into syngas using JM’s proven reforming technology. This syngas will feed the JM/bp FT CANS technology to produce synthetic crude oil that can be upgraded and blended to SAF. Once operational, the WSF facility plans to produce 14 thousand tonnes of SAF blendstock per year.
Teesside is becoming an active location in the UK for SAF production, with Teesside International Airport’s own net zero strategy setting ambitions for it to use SAF to achieve net zero flights by 2035 and to be the UK’s first net zero airport[1].
WSF’s planned development was one of five Teesside-based projects to receive funding from round two of the Department for Transport’s Advanced Fuels Fund[2] which enables the commercial deployment of fuel production technologies capable of reducing greenhouse gas emissions from the UK aviation industry. . Read Related News
Dollar weakens as US growth forecasts cut
Preliminary estimates by economists at Deutsche Bank suggest that the implementation of last night’s tariffs announcement could knock around 1-1.5% off US growth this year.
They estimate that the average tariff rate on US imports could now rise into the 25-30% range, a level towards the worst end of expectations. Business groups have warned that Donald Trump’s tariffs will have a “devastating” impact on UK firms who are already grappling with sluggish growth.
Trump confirmed a 10% tariff was being imposed on US imports of UK goods – the same level as the global “baseline” he was setting for countries around the world. The FTSE 100 index is set for a fall of about 138 points or 1.6% after Donald Trump’s package of tariffs sparked fears of a global trade war.
In Asia trading, the Nikkei 225 index is down by more than 3% while the Hang Seng index has fallen by just under 2%.
The price of Brent Crude is down by 2% at just above $73 a barrel, while the safe haven of gold remains in record territory above $3100 an ounce.
The pound has strengthened against the dollar to trade at just below $1.31. Read Related News
The Board of VH Global Energy Infrastructure plc (ticker: ENRG) is pleased to report its annual results for the year ended 31 December 2024. HIGHLIGHTS
Financial (as at 31 December 2024)
Net Asset Value £408.5m
31 Dec 2023: £483.8m
NAV per share* 103.21p
31 Dec 2023: 116.46p
Total Leverage of ENRG as a % of NAV* 6.6%
31 Dec 2023: 1.9%
Dividend Coverage* 0.96x
31 Dec 2023: 1.15x
Dividend per share declared for FY 2024 5.71p
31 Dec 2023: 5.56p
Dividend target per share for FY 2025 5.80p
31 Dec 2023: 5.68p
Dividend yield, based on share price on 31 December 2024* 8.7%
31 Dec 2023: 7.2%
% of underlying revenues contracted and inflation linked 90%
31 Dec 2023: >90%
Impact (for the full year ended 31 December 2024)
Clean energy generated and injected into the grid 856,666MWh
31 Dec 2023: 844,464MWh
Approximate equivalent UK homes powered annually by clean energy 317,284
31 Dec 2023: 312,750
Tonnes of carbon dioxide equivalent avoided 262,501t
31 Dec 2023: 122,530t
Tonnes of sulfur oxides displaced 22,402t
31 Dec 2023: 19,332t
Portfolio
Key highlight was the addition of the renewable energy programme in Spain, Portugal and Sweden for a total equity commitment of EUR53m with 9.7MW of assets already in operation and 30.3MW in advanced construction stage.
Key construction milestone was achieved for the UK flexible power plant with the production of the first stream of liquefied CO2. The integrated plant is expected to be commissioned in H1 2025.
In Australia, the first hybrid assets commenced operations, achieving captured margins above expectations.
The hydro plant in Brazil received the prestigious gold award by the Hydropower Sustainability Alliance. Only five plants have received the gold certification globally.
Post period-end, two additional sites were energised in Brazil. A third solar site is expected to be energized in Q2 2025. Read Related News
Tesla shares have lost more than a third of their value over the past year. Analysts point to a surge in competition in the electric vehicle market, thanks largely to China’s BYD and the erosion of Tesla’s hard-won head start in the sector. But something else is going on here, too, and it seems Musk is waking up to it. His enthusiastic support for President Trump and his cost-slashing efforts heading up the Department for Government Efficiency have made him a hate figure for much of the US left, with anti-Tesla protests now a common sight. In Europe, where sales have nosedived, Musk’s vocal support for the far-right AfD party in Germany’s recent election has been blamed for toxifying the brand. Read Related News
Oil prices dropped on Thursday noon, over fears as to what impact Trump’s tariffs could have on the global economy and demand for fuel. Brent crude futures dropped to $71.64 a barrel, while US West Texas Intermediate (WTI) crude $68.32 a barrel.
The White House said that imports of oil, gas and refined products would be exempt from the new tariffs, offering some relief to the sector, but this appeared to be outweighed by investor concerns about the impact of the duties on the wider economy and fuel demand.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $68.32 | Down |
| Crude Oil (Brent) | USD/bbl | $71.64 | Down |
| Bonny Light 02/04/25 CBN | USD/bbl | $79.38 | — |
| Dubai | USD/bbl | $72.49 | – |
| Natural Gas | USD/MMBtu | $4.04 | Up |
| Murban Crude | USD/bbl | $73.93 | Down |
| OPEC basket 02/04/25 | USD/bbl | $77.44 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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