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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.”

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BYD claims its new Denza Z9 GT is the fastest luxury NEV to reach 10,000 deliveries

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January 20, 2025

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BYD claims its new Denza Z9 GT is the fastest luxury NEV to reach 10,000 deliveries

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BYD claims its sleek new Denza Z9 GT became the “fastest new energy luxury car” to reach 10,000 deliveries. The luxury model sold for about $52,000 on average and is headed to Europe next to challenge Porsche and BMW.

BYD Denza Z9 GT sets luxury NEV record for deliveries

After it went on sale on September 20, 2024, the new luxury GT is already off to a hot start. BYD’s premium Denza brand hit a milestone, delivering its 10,000th Z9 GT model on Sunday.

BYD claims the Denza Z9 broke an industry record by “becoming the fastest new energy luxury car to deliver more than 10,000 units.” The new model sold for an average of 380,000 yuan, or around $52,000. It’s available with fully electric (EV) and plug-in hybrid (PHEV) powertrain options.

The EV model is available in Pro or Max trims, with prices starting at 354,800 yuan ($48,500) and 384,800 yuan ($52,600).

With a tri-motor setup, the all-electric Denza Z9 GT packs nearly 1,000 hp combined. BYD’s e3 platform provides a 308 hp (230 kW) front and dual rear electric motors with 644 hp (480 kW).

BYD-luxury-GT-deliveries
BYD delivers 10,000th Denza Z9 GT (Source: BYD Denza)

Powered by a 100 kWh BYD battery back, the luxury EV has a CLTC range of over 391 miles (630 km). The PHEV variant gets up to 683 miles (1,100 km) range.

The Denza Z9 GT is 5,180 mm long, 1,990 mm wide, and 1,500 mm tall, or about the size of the Porsche Taycan Turbo GT (4,968 mm long, 1,998 mm wide, 1,378 mm tall) or Panamera GTS (5,053 mm long, 1,937 mm wide, 1,417 mm tall).

The luxury GT is the first to feature BYD’s 9000 smart cockpit chip, developed in-house with TSMC, and can support up to 11 connected screens.

The interior includes a 13.2″ driver display, 17.3″ infotainment, and 13.2″ passenger display screens. It also has a 50″ augmented reality head-up display (HUD).

BYD has already confirmed the Denza Z9 GT will launch in Europe at a lower price than its luxury rivals. It will also launch a sedan variant, shown last year.

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Save 47% during short-term Jackery sale from $329, Velotric Go 1 Utility e-bike at $999 low, 1-day Anker SOLIX discount, more

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January 20, 2025

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Save 47% during short-term Jackery sale from 9, Velotric Go 1 Utility e-bike at 9 low, 1-day Anker SOLIX discount, more

Our Green Deals coverage this week kicks off with a short-term sale through Friday from Jackery which is seeing its Explorer 2000 v2 Portable Power Station drop to its $999 low, among other savings. Velotric has provided a second chance to hop aboard its well-rounded Go 1 Utility e-bike for a $999 low, with some notable discounts/bundle offers on other popular models. We also spotted a discount for today only on Anker’s SOLIX F3800 Portable Power Station that is taking costs to $2,449 alongside its expansion battery also seeing a one-day-only fall to $1,799. Lastly, Goal Zero’s Alta 50 Portable Fridge/Freezer is down at $550, with its larger counterpart sitting at its second-lowest rate. Plus, all the other hangover Green Deals are in the links at the bottom of the page, collected together in our Electrified Weekly roundup – and don’t miss out on the Lectric and Rad Power flash sales that are ending tonight!

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Jackery sale drops new Explorer 2000 v2 LiFePO4 power station to $999 low

Jackery is running a four-day sale through January 24 that is offering up to 47% off on some of the brand’s best power stations for home backup needs, DIY work, and outdoor enjoyment. One of the latest releases, Jackery’s Explorer 2000 v2 Portable Power Station, is dropping down to $999 shipped. Today’s deal is following Black Friday trends with a 33% markdown off its usual $1,499 full price, with $1,099 being the more average discounted rate we’ve seen. With today’s deal, you’ll be getting the maximum savings we’ve seen at $500 off, which returns costs to the all-time lowest price we have tracked. You’ll also find this model matches the price from Amazon.

Looking for a compact power station that can not only cover devices you’ll take along on trips, but also appliances in times of both leisure and emergency? Jackery’s Explorer 2000 v2 stuffs it all into one convenient and affordable unit, with a 2,042Wh LiFePO4 capacity, seven port options, and a 2,200W power output that surges up to 4,400W. It’s been designed with exclusive CBT tech and a honeycomb build for a smaller and lighter size, while the ChargeShield 2.0 tech provides 62 forms of protection while it is charging and its silent charging mode keeps the noise under 30dB for when you’re trying to relax or sleep.

There are four ways to recharge Jackery’s Explorer 2000 v2, with an 80% battery achieved via a wall outlet in around 66+ minutes – and it also boasts a supercharge feature for last-minute needs that will refill the entire battery in 102+ minutes. Your car’s auxiliary port is also an option taking about 24 hours, or you can invest in some of the solar panels to take advantage of its solar charging capabilities (discounted bundles available from Amazon)

Jackery deals for DIY support

Jackery deals for outdoor exploration

Jackery deals for home backup

You’ll also find some select discounts by way of Jackery’s official Amazon storefront, with this flagship Explorer 3000 Pro solar generator bundle that comes with a transfer switch for your breakers down at its second-lowest price.

Velotric Go 1 Utility e-bike

Second chance at $700 savings on Velotric’s Go 1 Utility e-bike with Apple Find My at $999 low

Velotric has ongoing New Year savings happening across its e-bike lineup, with the brand’s Go 1 Utility e-bike even seeing a drop to $999 shipped. More recently fetching $1,699 in full after falling from its original $1,799 MSRP earlier in 2024, this model has been regularly dropping to $1,299 during sales, with things only hitting $999 once last month for a three-day flash sale. It’s coming back again here with $700 struck from its going rate for a second chance at the lowest price we have tracked.

Velotric’s Go 1 e-bike is a model built for versatility, bringing far more to your table than a standard commuter, especially at its lowest price. The 692Wh battery delivers 55 miles of pedal-assisted support (five levels) on a single charge, with a throttle for pure electric action at the cost of higher mileage. The 500W hub motor (peaking at 900W) will have you moving at 20 MPH speeds, with its maximum 25 MPH speed unlockable through the companion app.

Speaking of the smart controls, one notable feature is the Apple Find My inclusion, providing you with some added peace of mind should it be misplaced or stolen. There’s also the hydraulic suspension (with lock-out), hydraulic disc brakes, puncture-resistant tires, a 7-speed Shimano derailleur, the integrated LED headlight, a rear rack with an integrated taillight that delivers brake lighting, and a 3.5-inch LCD display that sports a USB port to charge your devices on the go.

Most notable Velotric e-bike deals:

  • 2024 Discover 1 Plus Comfort e-bike: $1,199 (Reg. 1,599)
    • 28 MPH for up to 65 miles
    • 30% off accessories with e-bike purchase
  • T1 ST Plus Lightweight e-bike: $1,299 (Reg. $1,549)
    • 28 MPH for up to 70 miles
    • 30% off accessories with e-bike purchase
  • Nomad 1 Plus Step-Thru e-bike: $1,399 (Reg. $1,799)
    • 28 MPH for up to 55 miles
    • comes with free double-spring comfort saddle
  • Discover 2 e-bike: $1,749 (Reg. $1,899)
    • 28 MPH for up to 75 miles
    • comes with free suspension seatpost 2.0
  • And much more…
Anker SOLIX F3800 portable power station

Save $1,050 on Anker’s SOLIX F3800 3,840Wh LiFePO4 power station at $2,449 (Today only)

By way of its Deals of the Day, Best Buy is offering the Anker SOLIX F3800 Portable Power Station for $2,449 shipped until midnight tonight (January 20). Today’s deal is benefitting from a 30% markdown off its $3,499 rate here (with a higher $3,999 rate direct from Anker). We’ve seen it go lower twice before with Cyber Monday seeing it $50 lower while an exclusive Black Friday deal at Wellbots saw it fall to the $2,099 low. You’ll be saving $1,050 today ($1,550 when considering its direct rate), giving you the means to power anything at the third-lowest price we have tracked. It’s even beating out Anker’s own site right now that has it discounted to $2,699.

Anker’s SOLIX F3800 power station boasts a larger (and expandable) capacity with far more versatility, coming in with a 3,840Wh LiFePO4 battery that can be bumped up to 26.9kWh with added expansion batteries (see the deal below). With a 6,000W power output that surges to 9,000W, its 15+ port options allow it to power virtually anything – with hook-ups for your RV and electric car too. It can even cover your home’s circuit breaker with either a Home Backup Kit for sectional support or the Home Power Panel for whole-home coverage on top of connection capabilities with your roof panels (check out direct Anker deals for those here).

For the rest of the day, Best Buy is also offering the expansion battery for the above power station at its second-lowest price of $1,799 shipped. By adding this add-on battery to your F3800 setup, you’ll gain an additional 3,840Wh worth of capacity – bumping things to 7,680Wh+ and allowing for longer periods of backup power, especially in emergencies.

Goal Zero Alta 50 Portable refrigerator and freezer

Goal Zero’s portable fridge/freezer down at lowest price starting from $550 (Save $250+)

Goal Zero’s official Amazon storefront is offering its Alta 50 Portable Fridge/Freezer at $549.95 shipped, after clipping the on-page $250 off coupon. Coming down from its full $800 price, today’s deal is saving you a sizeable 31% off its going rate. You’ll save $250 here at the second-lowest price we have tracked, which comes in just six pennies higher than its all-time lowest rate, beating out plenty of same-sized competitors that tend to keep near $750 and up.

Goal Zero’s Alta 50 (and its larger Alta 80 counterpart) makes a great portable refrigeration/freezing option for job sites, camping trips, or even at-home use in garages, sheds, and more. Able to hold as low a temperature as -4 degrees, it switches between refrigeration or freezing capabilities with a 53L capacity that can hold up to 75 twelve-ounce cans at once. Keep in mind though, this model doesn’t have its own battery and needs either an outlet or one of the brand’s power stations to keep it running.

Right now, you might also want to consider the larger and more dual-purposed Alta 80 model which is down at $699.89 from its usual $1,000 rate. You won’t have to choose which function to go with here, as its larger 78L capacity is split between dual zones for simultaneous refrigeration and freezing. It holds an impressive 130 twelve-ounce cans, with runtimes of up to 12+ days depending on which of the brand’s power stations are running it.

Best New Year EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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Troubled off-road electric motorbike maker enters receivership

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January 20, 2025

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Troubled off-road electric motorbike maker enters receivership

The Tauranga, New Zealand-based electric motorcycle maker UBCO has entered receivership, marking dim prospects for the mobility company that had only recently announced a major partnership with Australia Post.

The receivership is being handled by professional services company Grant Thornton, who is reported to have announced the termination of all employee contracts and the suspension of future operations.

Unlike traditional bankruptcy, a receivership occurs when a third-party receiver is appointed to take control of a company’s assets and operations in an effort to recover debts. While bankruptcy often signals the end of a company’s independent operations, receivership may still leave room for recovery or a sale to a new owner.

UBCO is well known for its 2X2 all-wheel-drive electric motorbikes, which are popular among riders who cover both off-road terrain and on-road commuter style riding.

The company has expanded with several different models, but has remained focus on such dual-purpose motorbikes, especially for use in areas with varied terrain.

That was a key piece of the Australia Post deal, with the postal service down under recently receiving 175 new UBCO DUTY electric motorbikes for mail delivery, both in rural and urban areas. The rugged electric two-wheelers now in use by Australia Post were praised for excelling at traversing a variety of terrain, helping the postal service make deliveries in areas that traditional mail vans either can’t reach or are too large to make sense.

UBCO will reportedly still provide necessary parts through its parent company, with service of the vehicles already being handled by an outside company.

The news of UBCO financial troubles follow several other high-profile e-motorcycle maker stumbles. In the last year, we’ve seen similar headlines regarding Italian electric motorcycle maker Energica and Swedish electric motorcycle company CAKE, though the latter is in the process of trying to land on its wheels.

Not long before, the e-bike and electric motorcycle company SONDORS also shuttered its doors.

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