Crude oil is set to end another week with substantial losses as markets reel from President Trump’s tariff offensive, despite the fact he pulled the punch at the last second. With one notable exception: China. As Beijing and Washington take turns to up the ante, the outlook for oil and energy in general has gone from bright to really dim.
“The Jatigede project will be a strong addition to our collaboration with PLN and its development, along with the expansion of our already record-breaking Cirata project, will enable us to build on our expertise in developing floating solar projects,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
Last week, eight OPEC+ countries unveiled plans to advance their planned phase-out of voluntary oil output cuts by ramping up output by 411,000 barrels per day in May–equivalent to three monthly increments. The announcement of the accelerated unwinding clip comes at a time when U.S. President Donald Trump announced tariffs on trading partners, deepening the shock to oil markets. Brent crude for June delivery was up 0.1% to trade at $63.32 per barrel at 9.45 am ET on Friday while WTI crude was flat at $60.12 per barrel.
This points towards weaker oil demand going forward, although the prospect of U.S. action reducing Iranian oil exports played some counterbalancing role for prices. On Friday, Energy Secretary Chris Wright said the federal government was capable of halting oil exports from Iran. “We can follow the ships leaving Iran. We know where they go. We can stop Iran’s export of oil,” Wright said.
“The risks to our reduced oil price forecast are to the downside, especially for 2026, given growing risks of recession and to a lesser extent of higher OPEC+ supply,” Godman said in one of its earlier April notes, referring to the most expected outcome of the tariff war that President Trump started in early April. However, there is a good chance the war will end before it start hitting the global economy, eliminating the biggest risks as defined by Goldman Sachs and thus reducing the danger of a more serious oil price decline.
The company said in a press release it has secured multiple awards to provide anticorrosion coating services for the oil and gas markets in Western Canada and the UAE. In the United States and Saudi Arabia, Perma-Pipe will deliver double-containment and pre-insulated piping solutions for data center and industrial expansion projects under multiple contracts.
Perenco CEO Armel Simondin said, “This test has met our expectations, both in terms of technical execution and the quality of data gathered. These insights are instrumental as we move to the next phase of developing the Poseidon Project. The successful test highlights the role our industry can play in the UK’s decarbonization efforts. The Perenco CCS team and our joint venture partners are now fully focused on interpreting the results and converting new insights into an evidence-based development plan for Project Poseidon”.
Abu Dhabi National Oil Co. is working with advisers to evaluate an offer for the assets that could potentially be worth about $9 billion, said the people, who asked not to be identified as the matter is private. Other suitors are also circling Aethon’s natural gas and midstream assets that are mostly based in Texas and Louisiana, the people said.
Deliberations are in the early stages and no final agreements have been reached, the people said. It isn’t immediately clear if recent market volatility would impact the transaction.
The updated OSD system supports continuous communication with the Miros Cloud infrastructure and is the backbone of the Miros OSD Monitoring application. Vital oil spill data is instantly synced to the cloud, ensuring all stakeholders have access to the same real-time information, enabling seamless collaboration and informed decision-making.
After taking a 70% stake in Terna Energy in December 2024 at EUR 20 per share in a deal that valued the company at EUR 3.2 billion, Masdar has acquired the remaining 30%, also at EUR 20 per share. Upon completion of the transaction, Terna’s shares will be delisted from the Athens Stock Exchange.