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OPEC Secretary General Mohammed Sanusi Barkindo (L), Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman (C) and Russian Energy Minister Alexander Novak (R) attend an Opec-JMMC meeting in the UAE capital Abu Dhabi on September 12, 2019.
KARIM SAHIB | AFP via Getty Images

LONDON — Oil producer group OPEC has been plunged into crisis, with bitter infighting between Saudi Arabia and the United Arab Emirates raising questions about the future of the energy alliance.

OPEC and non-OPEC partners, a group of some of the world’s most powerful oil producers, abruptly abandoned plans to reconvene on Monday after last week’s meetings unexpectedly failed to broker a deal on oil production policy. The group did not set a new date to resume talks.

It means no agreement has been reached on a possible increase in crude production beyond the end of July, leaving oil markets in a state of limbo just as global fuel demand recovers from the ongoing coronavirus pandemic.

“OPEC+ has been thrown its most serious crisis since last year’s ill-fated price war between Saudi Arabia and Russia,” Helima Croft, head of global commodity strategy at RBC Capital Markets, said in a research note.

“Back-channel talks reportedly are continuing, but questions about UAE’s commitment to remaining in OPEC will likely grow in the coming days.”

The UAE-Saudi dispute appeared to be about more than oil policy, Croft said, with Abu Dhabi “seemingly intent on stepping outside Saudi Arabia’s shadow and charting its own course in global affairs.”

The pandemic held them together and now the post pandemic is breaking them apart.
John Kilduff
Founding partner at Again Capital

OPEC+, which is dominated by Middle East crude producers, agreed to implement massive crude production cuts in 2020 in an effort to support oil prices when the coronavirus pandemic coincided with a historic fuel demand shock.

Led by Saudi Arabia, a close ally of the UAE, OPEC+ has met monthly to decide on production policy.

OPEC solidarity ‘dissolved’

The disarray comes after OPEC+ on Friday voted on a proposal to increase oil production by roughly 2 million barrels per day between August and the end of the year in 400,000 barrels per day monthly installments. It also proposed to extend the remaining output cuts to the end of 2022.

The plans were rejected by the UAE, however, which wants a higher baseline to its quota to allow for more domestic production.

“No agreement was reached and as we stand now the OPEC+ alliance, if it is still the right word to describe the group, will produce at the July level for the rest of the year,” Tamas Varga, oil analyst at PVM Oil Associates, said in a research note.

“The [non-] outcome of the meeting re-writes the supply-demand landscape for the near and potentially for the distant future,” he added.

The rare public stand-off between the UAE and Saudi Arabia saw energy ministers from both countries engaging in a media blitz over the weekend to outline their respective positions.

“For us, it wasn’t a good deal,” UAE Minister of Energy and Infrastructure Suhail Al Mazrouei told CNBC’s Hadley Gamble on Sunday. He added that while the country was willing to support a short-term increase in oil supply, it wants better terms through 2022.

Speaking to the Saudi-owned Al Arabiya television channel on Sunday, Saudi Arabia’s Energy Minister Abdulaziz bin Salman called for “compromise and rationality” in order to reach a deal on Monday, Reuters reported.

Separately, a White House spokesperson reportedly said on Monday that President Joe Biden’s administration was pushing for a “compromise solution.” The U.S. is not a member of OPEC (which stands for the Organization of Petroleum Exporting Countries) but it has been closely monitoring the latest round of talks given their potential impact on crude markets into next year.

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria.
Ramzi Boudina | Reuters

Responding to the news that the OPEC+ meeting had been adjourned without a deal on Monday, John Kilduff, a founding partner at Again Capital, said: “The Opec solidarity dissolved today.”

“The pandemic held them together and now the post pandemic is breaking them apart. The UAE is sticking to their guns on wanting their baseline raised. They want to be able to produce more,” he told CNBC via email.

“Now the fun starts as to who breaks away,” Kilduff said, noting the UAE could be the “first domino” to fall.

OPEC was not immediately available to respond to a request for comment when contacted by CNBC on Tuesday.

Oil prices climb to multi-year highs

The news pushed oil prices to their highest level in nearly three years. International benchmark Brent crude futures traded at $77.65 a barrel on Tuesday morning, up 0.6% for the session, while U.S. West Texas Intermediate futures stood at $76.62, around 2% higher.

Oil prices rallied more than 45% in the first half of the year, supported by the rollout of Covid-19 vaccines, a gradual easing of lockdown measures and massive production cuts from OPEC+.

Samuel Burman, assistant commodities economist at Capital Economics, said OPEC producers were likely to increase oil production above quota next month as member states “seek to take advantage” of higher oil prices.

In addition to a rift between the UAE and Saudi Arabia, he said Abu Dhabi was probably “somewhat irritated” that Russia hadn’t been complying with OPEC’s production quotas.

Burman said non-OPEC leader Russia hadn’t introduced any compensatory cuts at all and was currently overproducing by around 100,000 barrels per day. “We think that this spat involving the UAE increases the chances that the entire agreement falls apart which would clearly pose a downside risk to our near-term price forecasts.”

— CNBC’s Patti Domm contributed to this report.

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Tesla Semi Delivery Event news hub: Livestream and updates

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Tesla Semi Delivery Event news hub: Livestream and updates

Tesla is holding its “Tesla Semi Delivery Event” today at 5 p.m. PT (8 p.m. ET) to deliver the first electric truck to customers. The company is also expected to have a presentation about the production version of the truck.

Here’s our news hub for the event, where you can watch the livestream and get updates.

Three years late, but it is now here. Tesla is going to deliver the first production version of the Tesla Semi electric truck to customers – to PepsiCo, to be more specific.

The Tesla Semi was first unveiled in 2017, and it was supposed to enter production in 2020, but it was delayed several times.

Now the automaker is finally ready to make the first deliveries after having started low-volume production at a facility outside of Gigafactory Nevada in October.

Today, Tesla is expected to deliver the first few units to Pepsi. After the launch of Tesla Semi in 2017, PepsiCo placed one of the biggest orders for Tesla Semi – 100 electric trucks to add to its fleet. The company planned to use 15 of those trucks for a project to turn its Frito-Lay Modesto, California, site into a zero-emission facility. Last year, PepsiCo said that it expected to take deliveries of those 15 Tesla Semi trucks by the end of the year before it was delayed again.

On top of the first deliveries, Tesla is expected to give an update on the specs and pricing of the electric truck, which are expected to be updated from the original 2017 unveiling.

Those are the base expectations for the event, but there could also be a few surprises since Tesla used the original Tesla Semi unveiling for a surprise unveiling of the Tesla Roaster.

We never know.

Tesla Semi Delivery Event livestream

Here we are going to share posts based on the most important news coming out of the Tesla Semi Delivery Event:

Refresh the page to get the latest information.

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Segway’s 40-mile range Ninebot MAX G30P electric scooter falls $150 to $600 in New Green Deals

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Segway's 40-mile range Ninebot MAX G30P electric scooter falls 0 to 0 in New Green Deals

Are you tired of using gas and oil for your daily commute? Well, Segway’s Ninebot MAX G30P electric scooter is a great way to get back and forth from work to home without using a single drop of fossil fuels. It’s on sale for $600 today, which is down $150 from its normal going rate and also marks a return to its all-time low that we’ve only seen once before. We also have a wide selection of Tesla and e-bike discounts in today’s New Green Deals, so you won’t want to miss that either.

Head below for other New Green Deals that 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.

Cruise around on a Segway electric scooter

Through next week, Woot is offering a wide selection of Segway electric scooters and more on sale. Our top pick is the Ninebot MAX G30P Electric Kick Scooter for $599.99 Prime shipped, with non-Prime members being charged a $6 delivery fee. Normally $750 at Amazon or Best Buy, today’s deal matches the all-time low that we’ve tracked at Amazon. This electric scooter packs a 350W motor which allows it to reach speeds of 18.6 MPH. While that might not seem super fast, it’ll feel quick quick once you’re riding. The built-in rechargeable battery features a range of up to 40 miles as well, which should be more than enough to get to and from work or the store on a single charge. Once you arrive at a destination, the G30P has a one-step folding mechanism to make it easy to carry as well. There’s also a LED display, Bluetooth phone pairing, cruise control, and multiple riding modes to choose from. Oh, and the onboard display lets you know how much charge is left and what your current speed is. Of course, not a single drop of gas or oil is required for this to function either, making it a green alternative to your normal commute.

Save $650 on Segway’s Ninebot electric GoKart PRO at its second-best price of $1,650

Amazon is now offering the Segway Ninebot Electric GoKart PRO for $1,650 shipped. Normally fetching $2,300, you’re looking at the second-best price to date following a $650 discount. This is $50 under our previous mention and delivering a notable chance to save for unwrapping some electric kart action come Christmas. Geared for riders weighing up to 220 pounds, the Ninebot GoKart PRO can handle zipping you or the kids around the block at up to 23 MPH top speeds with a 15-mile range. Its durable design can also be folded down for transportation, and pairs with other features like an electric brake, integrated headlights, and taillights. You can also detach the included Ninebot S MAX which powers the experience for a self-balancing scooter ride alongside the go kart fun.

On the more affordable front of putting some gokart action underneath the Christmas tree, Amazon is also marking down the Segway Ninebot S GoKart kit to $1,239.97. This package is down to one of the best prices ever from its usual $1,550 price tag and arrives with $310 in savings attached. It isn’t going to be quite as capable of a cruising machine as the Pro version above, but can handle hitting 10 MPH top speeds with a 13.7-mile range. This Ninebot S model is geared towards riders up to 220 pounds, and can also convert between the four- and two-wheeled configurations.

SWFT VOLT e-bike packs 32 miles of riding for $600

Best Buy is offering the SWFT VOLT E-Bike for $599.99 shipped. Down from a $900 list price, we’ve seen it fall to as low as $500 in the past, but that was way back in January. This is among the best pricing that we’ve seen since. Ready to let you get to and from work without using a single drop of gas or oil. It can travel at up to 19.8 MPH and the built-in battery can last for as long as 32 miles before it’s time to plug back in. The pedal assist mode on SWFT’s VOLT will let you balance between your legs and the built-in motor making the e-bike go forward without having to exert as much effort. This pedal assist function also means that when the terrain gets hilly, the bike can take the hard part out of biking, making it so you don’t have to change how hard you’re pedaling.

new green tesla deals

New Tesla deals

After checking out the Segway electric scooter on sale above, if you keep read, you’ll find a selection of new green deals that will make your Tesla experience better in multiple areas. From storage to keep recordings on to phone mounts, car chargers, and anything else we can find, it’ll be listed below. Each day we’ll do our best to find new and exciting deals and ways for you to save on fun accessories for your Tesla, making each trip unique. For more gift ideas and deals, check out the best Tesla shop. Keep reading on for e-bike, Greenworks, and other great deals.

New e-bike deals + electric scooter discounts

You can use an e-bike or electric scooter for fun, exercise, or even transportation to and from work or the coffee shop. We have several people here that will regularly commute to coffee shops or offices on their e-bike, as it cuts down on fossil fuel usage as well as allows them to enjoy some time outdoors on nice sunny days. Below, you’ll find a wide selection of new e-bike deals and electric scooter deal in all price ranges, so give it a look if that’s something you’d be interested in picking up. As always, the newest e-bike deal and electric scooter discounts and sales will be at the top, so shop quick as the discounts are bound to go away soon.

Additional New Green Deals

After shopping the Segway electric scooter on sale above, be sure to check out the other discounts we found today. These new green deals are wide-ranging from outdoor lawn equipment to anything else we find that could save you money in various ways, be that cutting gas and oil out of your life or just enjoying other amenities that energy-saving gear can bring. As always, the newest deals will be at the top, so shop quick as the discounts are bound to go away soon.

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Tesla (TSLA) gives $3,750 discount for Model 3/Y in the US this month

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Tesla (TSLA) gives ,750 discount for Model 3/Y in the US this month

Tesla (TSLA) is giving a $3,750 discount, which it is calling a “price adjustment”, for every Model 3 and Model Y vehicle delivered in the US in December.

The move appears to be to encourage people to take delivery right now rather than wait for the tax credit to take effect in 2023.

Yesterday, we reported that Tesla is seeing some level of cancellation in the US right now for two main reasons:

  • Long wait times are leading to some customers’ situations changing between the time they place their order and the actual delivery – resulting in cancellation. That’s quite frequent.
  • In a more special situation, Tesla is also dealing with some customers looking to push their deliveries into next year to take advantage of the upcoming new EV tax credit. As we previously reported, Tesla is not as accommodating as other automakers when it comes to the new EV tax credit, and it is holding its customers to their order contracts – again resulting in cancellations.

We also noted that while there are signs of demand issues leading to Tesla not matching vehicles to buyers at the end of the quarter, it shouldn’t be a massive problem unless we see Tesla reduce the price of its vehicles.

Today, Electrek learned from sources familiar with the matter that it is offering “a $3,750 credit” for every customer taking delivery of a Model 3 or Model Y vehicle in the US in December.

Tesla communicated to its sales staff that the offer is temporary only for customers taking delivery this month.

This amount happens to be half of the $7,500 tax credit that is going to go into effect next month. Some automakers anticipate their electric vehicles to only be eligible for half the tax credit due to battery material and assembly origin requirements.

Tesla appears to be encouraging people to take delivery this month rather than wait for the tax credit in order not to be sitting on a lot of unsold inventory at the end of the quarter.

This is an unusual move for Tesla. CEO Elon Musk has often stated that Tesla “doesn’t offer discounts” and that its policy is to have consistent and transparent pricing across all markets.

Electrek’s Take

Well, I said not to worry about demand until Tesla starts to offer discounts. Here it is.

But again, I wouldn’t worry too much about it since it’s clearly due to special circumstances with the tax credit coming into effect.

Everything points to demand coming back in a big way next month when the tax credit comes into effect.

What do you think? Let us know in the comment section below.

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