Oil Daily | OPEC Production Falls in April Amid Saudi Boost, Countered by Other Member Declines

【Company News】 Eni has entered exclusive negotiations with Ares Alternative Credit Management to sell a 20% stake in its low-carbon energy business, Plenitude. Valued at over $13.4 billion, Plenitude focuses on power generation, renewable energy, and EV charging. Eni is using its "satellite model" to manage diverse business divisions, easing capital absorption for new investments. Strathcona Resources has sold its Montney shale assets to companies including ARC Resources and Tourmaline Oil, while acquiring the Hardisty Rail Terminal. The Montney assets, valued at $2.84 billion, generated 12% of Strathcona's operating profit last year. The Montney shale is a major natural gas deposit in Western Canada. Venture Global seeks approval from the Federal Energy Regulatory Commission for a new liquefaction plant in Louisiana. The company reports increased revenues due to strong LNG demand, while facing accusations of breaking long-term delivery contracts. The new CP2 plant will expand U.S. LNG export capacity significantly. 【Global Oil Supply and Demand】 Asia's imports of refined petroleum products fell in April due to increased refinery maintenance and weakened demand. Imports of light and middle distillates dropped significantly, with India experiencing a substantial decline. Despite the import drop, refining margins remained stable as crude prices fell faster than gasoline and gasoil prices. 【Oil-Producing Countries Dynamics】 Petrobras plans to re-enter Nigeria's oil industry, focusing on deepwater exploration. The Brazilian company aims to unlock investment flows through strategic agreements with Nigeria. Petrobras' investment plan includes substantial spending on oil exploration and production between 2025 and 2029, targeting both domestic and international expansion. XRG, ADNOC's energy investment firm, acquired a 38% stake in an offshore gas and condensate production sharing contract in Turkmenistan. The deal with Petronas and Turkmenistan's Hazarnebit includes a long-term gas sales agreement. XRG aims to expand its presence in the Caspian region and supply cleaner energy globally. OPEC's combined crude oil production dropped by 106,000 bpd in April despite plans to ease cuts. Saudi Arabia increased production, but declines in Iran, Venezuela, and Nigeria offset gains. Non-OPEC members like Kazakhstan also failed to meet quotas. Planned hikes in May and June signal Saudi Arabia's stance against quota violations. 【Latest Oil Policies】 Denmark is considering lifting a 40-year-old ban on nuclear energy to explore new technologies like small modular reactors (SMRs). The inquiry will assess potential benefits and societal impacts, while Denmark continues to prioritize wind and solar power for its energy transition. Italy is similarly exploring a return to nuclear energy with SMRs. 【Others】 India reduced coal imports by 9.2% from April 2024 to February 2025 due to increased domestic production. The decline in imports saved the country billions, while domestic coal production rose by over 5%. Despite the rise in renewable energy capacity, India continues to rely on coal to meet growing electricity demands.