Oil jumps to two-year high as OPEC and allies reconfirm gradual production increase

Published

4 years ago

June 1, 2021

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The Headquarters of the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna, Austria on 17 December, 2018.

Beata Zawrzel | NurPhoto | Getty Images

LONDON — A group of some of the world’s most powerful oil producers will likely agree to continue increasing their output at a meeting on Tuesday, analysts say, as oil prices climb amid growing optimism over the fuel demand outlook.

OPEC and its non-OPEC partners, an alliance often referred to as OPEC+, will meet via videoconference to discuss the next phase of production policy.

It comes as the Middle East-dominated group, which is responsible for over one-third of global oil production, seeks to balance an expected upswing in demand with the potential for an increase in Iranian output.

OPEC+ announced massive crude production cuts in 2020 in an effort to support prices when the coronavirus pandemic coincided with a historic demand shock.

In April, the group opted to return 2.1 million barrels per day of supply back to the market over the May to July period, reflecting an optimistic outlook for improved mobility despite ongoing concerns about Covid worldwide.

OPEC+ is expected to reiterate this decision to gradually increase output during this week’s meeting.

“I think the event itself is going to be a non-event. We expect them to basically re-confirm the plan that they laid out on April 1,” Jeffrey Currie, global head of commodities research at Goldman Sachs, told CNBC’s “Street Signs Europe” on Tuesday. “I think the bigger issue underlying this is: How are they going to deal with Iran?”

Iran is currently in discussion with six world powers to revive its 2015 nuclear deal. The restoration of a deal could lead to more oil on the global market in the coming months.

“It’s too early to give specific numbers around Iran … So, I think the best you can hope for in terms of how they are going to deal with Iran is the indication that they are willing to offset any increases in Iran. That could be the positive upside surprise coming out of this meeting,” Currie added.

The flag of Iran is seen in front of the building of the International Atomic Energy Agency (IAEA) Headquarters ahead of a press conference by Rafael Grossi, Director General of the IAEA, about the agency’s monitoring of Iran’s nuclear energy program on May 24, 2021 in Vienna, Austria.

Michael Gruber | Getty Images News | Getty Images

OPEC Secretary-General Mohammad Barkindo on Monday said in a statement that he did not believe higher Iranian supply would be a cause for concern.

“We anticipate that the expected return of Iranian production and exports to the global market will occur in an orderly and transparent fashion,” Barkindo said.

International benchmark Brent crude futures traded at $70.75 a barrel on Tuesday morning in London, up around 2%, while West Texas Intermediate crude futures stood at $68.11, more than 2.7% higher from Friday’s close — with no settlement price on Monday due to a U.S. public holiday.

Oil prices have climbed more than 30% since the start of the year.

Iran likely to act ‘constructively’

“I think everybody is expecting Iran to add a lot of volume. So, beyond the July increase, they aren’t likely to come out with any commitment,” Amrita Sen, chief oil analyst at Energy Aspects, told CNBC’s “Squawk Box Europe” on Tuesday.

“We know that as demand rises, we will need more OPEC barrels, but I think Iran is going to be the big question mark for them,” Sen said.

OPEC+ initially agreed to cut oil production by a record of 9.7 million barrels per day last year as global fuel demand collapsed, before easing cuts to 7.7 million and eventually 7.2 million from January. As of July, the group’s production cuts are on track to stand at 5.8 million.

“The most consequential issue for OPEC+ over the short term relates to the potential rise of Iranian production as a result of the US and Iran returning to JCPOA compliance,” analysts at Eurasia Group said in a research note, referring to the acronym for the nuclear deal: the Joint Comprehensive Plan of Action.

Analysts at the risk consultancy said it believed progress in successive rounds of talks made a return to the deal likely in the third quarter of 2021.

“Over the medium term, OPEC+ will most likely adjust its policy to prevent the addition of Iranian barrels from derailing its market balancing strategy,” they continued. “Saudi Arabia will likely lean on Russia to better understand the scope of Iranian policy to work on adjustment plans. Iran would also probably act constructively as higher oil prices serve its own interests.”

Environment

Kia’s electric van spotted in two surprising new versions [Video]

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4 hours ago

November 3, 2025

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Kia's electric van spotted in two surprising new versions [Video]

Is it an electric van? Pickup truck? The PV5 can do it all. Kia’s electric van was caught with two new body types for the first time.

What PV5 version is Kia planning to launch?

The PV5 is more than just a futuristic-looking electric van. It’s what Kia calls “the world’s most useful electric mobility vehicle.”

It’s the first from its new Platform Beyond Vehicle (PBV) business, which will offer a wide range of customizable EVs, advanced software, and much more.

During its PV5 Tech Day event in July, Kia revealed plans to introduce seven PV5 body types, ranging from a light camper to an open-bed truck.

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The PV5 Passenger and Cargo, built for personal and business use, are already rolling out in Europe and South Korea. The Cargo Compact (available in 3- and 4-door configurations) and the Cargo High Roof are also available.

New variants will include an open bed, a light camper, a luxury “Prime” passenger, a built-in truck, and a refrigerated truck.

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The refrigerated truck was captured driving in public for the first time in South Korea, offering a closer look at what’s coming soon. Kia will launch three PV5 refrigerated truck models: low, standard, and high.

The video from HealerTV reveals the standard and high versions. In person, the reporter noted that the high version definitely appeared taller than the standard version.

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Although the front looks like the PV5 Passenger and Cargo, the back is redesigned for the refrigerated unit. Kia has yet to reveal a launch date, but it’s expected to be by the end of 2025.

Another PV5 variant, the open-bed version, was recently spotted in public in South Korea. Although we’ve seen it a few times before, the new video, also from the folks at HealerTV, offers our best look at the truck-like variant from all angles.

Meanwhile, the PV5 Cargo just set a new Guinness World Record after driving 430.84 miles (693.38 km) on a single charge, while carrying a full load.

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Environment

The new Nissan LEAF delivers more driving range than expected

Published

5 hours ago

November 3, 2025

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The new Nissan LEAF delivers more driving range than expected

The new 2026 Nissan LEAF has an EPA-estimated driving range of up to 303 miles, but real-world tests suggest it can go even further.

New 2026 Nissan LEAF beats range estimates

Nissan upgraded its iconic electric hatch for its third generation, bringing a new style, faster charging, and over 300 miles of driving range.

The 2026 LEAF boasts 25% more driving range than the outgoing model with an official EPA rating of up to 303 miles. That’s a pretty big difference from the up to 212-mile rating on the 2025 LEAF SV Plus.

In the real world, it will likely drive even further. According to Edmunds, the new LEAF “far exceeded its official EPA estimate” in early tests.

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The 2026 Nissan LEAF Platinum+ was just put through the Edmunds EV Range Test, traveling 310 miles on a single charge. That’s for the Platinum+ trim, which has an official EPA-estimated driving range of just 259 miles. The SV+ is rated with 288 miles, while the base S+ has 303 miles.

Based on early tests, Edmunds expects all new LEAF trims to offer significantly more driving range than their ratings indicate.

Nissan’s new LEAF also topped the EPA’s efficiency expectations. The 2026 LEAF achieved an energy consumption of 27.8 kWh per 100 miles during the test, compared to the EPA estimated 33 kWh per 100 miles. That’s a nearly 16% improvement.

The Edmunds EV range test offers a more accurate estimate of a vehicle’s real-world range. It’s made up of 60% city and 40% highway with an average speed of 40 mph. The car stays within 5 miles of the posted speed limit, is set at its most efficient setting, and the climate control is set on auto at 72 degrees.

2026 Nissan LEAF trim	Starting Price	Driving Range (EPA-estimated)
LEAF S+	$29,990	303 miles
LEAF SV+	$34,230	288 miles
LEAF Platinum+	$38,990	259 miles

2026 Nissan LEAF EV prices and range by trim

Starting at $29,990, the 2026 Nissan LEAF is poised to challenge the Chevy Equinox EV on price and driving range.

The Chevy Equinox EV LT delivered 356 miles of range and an energy consumption of 28.9 kWh per 100 miles during the Edmunds EV Range Test.

The electric Equinox is currently the third-most-popular EV in the US, trailing only the Tesla Model Y and Model 3. Will the upgrades be enough for the LEAF to make a comeback?

Ready to test drive one to see for yourself? You can use our links below to find Nissan LEAF and Chevy Equinox EVs closest to you.

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Environment

Tesla (TSLA) keeps getting battered in Europe’s EV market

Published

5 hours ago

November 3, 2025

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Tesla (TSLA) keeps getting battered in Europe's EV market

We’re getting the first batch of Tesla registration data out of Europe for October 2025, and it confirms the worrying trend we’ve been tracking: Tesla’s demand is in a steep decline.

Based on data from 9 key markets that have reported so far, Tesla’s registrations fell 36.3% year over year (YoY).

Just 4,170 units were registered in these countries (including Norway, France, Sweden, and the Netherlands) compared to 6,549 in those same exact markets in October 2024.

Here are the markets that reported October 2025 data so far:

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🇫🇷 France: 83.7% Growth (1,784 vs 971) 📈
🇪🇸 Spain: 30.6% Decline (393 vs 566) 📉
🇮🇹 Italy: 47.1% Decline (256 vs 484) 📉
🇳🇱 Netherlands: 47.9% Decline (645 vs 1,238) 📉
🇳🇴 Norway: 50.2% Decline (671 vs 1,348) 📉
🇵🇹 Portugal: 58.7% Decline (144 vs 349) 📉
🇦🇹 Austria: 64.5% Decline (97 vs 273) 📉
🇫🇮 Finland: 67.6% Decline (47 vs 145) 📉
🇸🇪 Sweden: 88.7% Decline (133 vs 1,175) 📉

The only positive in October for Tesla was the French market, which saw significant growth due to a new EV incentive program for low- to middle-income people.

The rest was disastrous.

While some analysts are trying to push the idea that Tesla’s European sales have now bottomed after two years of decline, most reporting markets in October are showing the worst month of Tesla registrations this year. That includes even months before the availability of the Model Y refresh.

It also includes Norway, which has been one of Tesla’s healthiest markets amid its decline in Europe.

Looking at the year-to-date (YTD) figures for all of Europe, Tesla’s total registrations are down over 30% through the first ten months, falling from over 255,000 units by this time in 2024 to just 177,000 this year.

Electrek’s Take

I truly wonder when Elon or the board is going to do something about this. I know that their idea is that FSD is coming to save the day at some point, but that sounds ridiculous. At a 12% take rate, even once it becomes available in Europe, I doubt it will have a significant impact.

Tesla’s issues in Europe come from two main things: brand damage due to Elon Musk and competition.

Unlike in the US where Tesla has limited competition, the EV market is significantly more competitive in Europe, where some Chinese automakers are already esthablishing a presence and where European, Korean, and Japanese legacy automakers are making more EV models avialable.

Tesla needs a fresh EV lineup in Europe. And eslewhere for that matter.

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