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

Dumb Tesla news: “affordable” new Model Y costs $2,000 more than before

Published

4 hours ago

October 8, 2025

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On today’s incredibly frustrating episode of Quick Charge, Tesla is making it easier than ever to make fun of them by rolling out a new, “affordable” Model Y that costs $2,000 more than the “expensive” one did last week, thanks to the cancellation of the $7,500 tax credit that Elon Musk (the guy who is so good at business that he’s allegedly worth $1 trillion) spent $200 million campaigning for.

We’ve also got the new, single-motor Volvo EX30 at a price that undercuts the cheap Tesla, but includes a full length glass roof that isn’t inexplicably covered in upholstery to punish poor people. All this and more – enjoy!

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Environment

The 2026 Chevy Equinox EV gets a slight price bump and more

Published

10 hours ago

October 7, 2025

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The 2026 Chevy Equinox EV gets a slight price bump and more

Chevy’s electric SUV is now the best-selling EV in the US outside of Tesla. The 2026 Chevy Equinox EV is slightly more expensive than the outgoing model, but GM has added new style packages for you to choose from.

GM raises 2026 Chevy Equinox EV price, adds options

The Chevy Equinox EV doesn’t need much help. Starting at just $34,995, the 2025 Chevy Equinox quickly became one of the best-selling electric vehicles in the US.

Entering its third year, the Equinox EV remains GM’s most affordable EV, with starting prices slightly higher at $36,495. That includes the $1,395 destination fee.

Since it’s a carryover model, there aren’t too many changes, but buyers will have several new style packages to choose from.

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The 2026 Chevy Equinox LT gains a new Midnight Package, which adds black emblems, bowtie, badging, wheel caps, and 19″ black painted aluminum wheels, for $595.

There’s also a new Tech Bronze Package available on the LT and RS trims. The new option includes a Tech Bronze decal, a black nameplate, a black bowtie emblem, and 21″ Tech Bronze wheels. It costs an extra $3,595.

The 2026 Chevy Equinox EV is now listed on GM’s website. It’s still available in LT1, LT2, and RS trims with Front Wheel Drive (FWD) and All Wheel Drive (AWD) powertrain options.

The base 2026 LT FWD trim starts at $36,495 with up to 319 miles of range, including a $1,395 destination fee. Upgrading to AWD costs an extra $5,300, with a slightly shorter range of 307 miles.

Chevy Equinox EV trim	2025 Starting Price	2026 Starting Price	EPA-estimated Range
LT 1 FWD	$34,995	$36,495	319 miles
LT 1 AWD	$38,295	$39,795	307 miles
LT 2 FWD	$43,295	$43,295	319 miles
LT 2 AWD	$46,595	$46,595	307 miles
RS FWD	$44,795	$45,595	319 miles
RS AWD	$48,095	$48,895	307 miles

2025 and 2026 Chevy Equinox EV price and range by trim (Including $1,395 destination fee)

Following another record quarter of EV sales in Q3, GM said that the Chevy Equinox EV was the best-selling non-Tesla electric vehicle in the US.

With several new affordable EVs arriving, including the new Nissan LEAF, will the Equinox continue to be a top seller in 2026? It will be interesting to see where the rankings end up at this time next year.

Wondering if Chevy’s electric SUV lives up to the hype? You can use our link to find 2025 and 2026 Chevy Equinox EV models near you and try it out for yourself.

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Environment

InstaVolt is using GPS tracking to catch thieves stealing its EV charging cables

Published

10 hours ago

October 7, 2025

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InstaVolt is using GPS tracking to catch thieves stealing its EV charging cables

A surge in EV charging cable thefts is putting the reliability of the UK’s charging network at risk and undermining trust among drivers. InstaVolt is the UK’s largest network of fast chargers, and over the past two years, nearly 1,000 of its charging stations (it has over 2,100, so nearly 50%) have been targeted by cable thieves. But now InstaVolt is fighting back with GPS tracking.

Bafflingly, the incentive for thieves is low-value scrap: There’s only about £25 ($33) worth of copper inside a charging cable. But the damage is costly – around £1,000 ($1,342) per site for repairs.

In April, InstaVolt CEO Delvin Lane told the BBC that the thefts had cost his company about £410,000 ($550,150) since November 2023. Lane said, “This isn’t just an InstaVolt problem; this is an industry problem. The biggest impact is on drivers.”

InstaVolt has reinforced its cables with Kevlar sheaths, making them harder to cut. It has also rolled out live GPS tracking across its network on its charging cables in partnership with GPS supplier Trackit247. The technology provides location updates every three seconds, allowing the company to detect, trace, and recover stolen cables in real time.

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Each charging cable is geo-fenced to its charger, so an alert is immediately triggered if it moves outside the designated area. InstaVolt’s 24/7 security center receives instant notifications by text, email, and phone, and it can coordinate directly with the police.

The system’s biggest advantage is live tracking in transit. If a thief drives off with a charging cable, police can follow its exact route and move in fast, increasing the chance of recovery and arrest. Instavolt’s GPS technology marks a major step forward in protecting critical EV infrastructure, deterring theft, and enabling quick response when it happens.

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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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