Oil derrick pumps operate at the Inglewood Oil Field in Culver City, California, on Sunday, July 11, 2021.
Kyle Grillot | Bloomberg | Getty Images
LONDON — The International Energy Agency on Tuesday warned that world oil markets are likely to remain volatile following a breakdown in talks between OPEC members and their non-OPEC allies, creating a no-win situation.
In its latest monthly oil market report, the IEA said energy market participants were closely monitoring the prospect of a deepening supply deficit if a deal was not reached by the Organization of the Petroleum Exporting Countries and its oil-producing allies, a group known as OPEC+.
“Oil markets are likely to remain volatile until there is clarity on OPEC+ production policy. And volatility does not help ensure orderly and secure energy transitions — nor is it in the interest of either producers or consumers,” the IEA said.
OPEC+ abandoned talks last week that would have boosted oil supply. Most delegates tentatively agreed to increase oil production by around 400,000 barrels per day in monthly installments from August until the remaining supply cuts were unwound. This was likely to extend supply cuts through to the end of 2022.
The UAE rejected these plans, however, insisting on a higher baseline from which cuts are calculated to better reflect its increased capacity.
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 crisis.
OPEC+, which is dominated by Middle East crude producers, agreed to implement massive crude production cuts last year in an effort to support oil prices when the coronavirus pandemic coincided with a historic fuel demand shock.
The energy alliance has since met monthly to try to decide on the next phase of production policy.
OPEC+ has not made progress in resolving the dispute between OPEC kingpin Saudi Arabia and the UAE, Reuters reported on Tuesday, citing unnamed OPEC+ sources. It makes the prospect of another policy meeting this week less likely.
Oil prices
The IEA said it expects global oil demand to rise by 5.4 million barrels per day this year and by a further 3 million barrels in 2022, largely unchanged from last month’s forecast.
Meanwhile, the “remote” possibility of a market share battle between producers is hanging over energy markets, the IEA said, warning that higher fuel prices and rising inflation could damage a fragile economic recovery.
The uncertainty over the potential global impact of the highly transmissible Covid-19 delta variant was also likely to temper market sentiment in the coming months, the group said.
International benchmark Brent crude futures traded at $75.57 a barrel on Tuesday morning, up 0.5% for the session, while U.S. West Texas Intermediate futures stood at $74.51, around 0.6% higher.
“While prices at these levels could increase the pace of electrification of the transport sector and help accelerate energy transitions, they could also put a drag on the economic recovery, particularly in emerging and developing countries,” the IEA said.
Oil prices rallied more than 45% in the first half of the year, supported by the rollout of Covid vaccines, a gradual easing of lockdown measures and record production cuts from OPEC+.
“Although bullish sentiment has been somewhat tempered recently, oil prices are still comfortably holding above $70/bbl. Whether this remains so depends wholly on the next move by the OPEC+ alliance,” Stephen Brennock, oil analyst at PVM Oil Associates, said in a research note.
“The longer the standoff continues the harder it will be to resolve the situation,” he added.
Robinhood has officially closed its $200 million acquisition of Bitstamp, bringing one of the world’s longest-running cryptocurrency exchanges into its fold and signaling a strategic shift beyond retail trading and into the world of institutions.
The all-cash deal, first announced last year, gives Robinhood an immediate international footprint — including more than 50 active crypto licenses across Europe, the UK, and Asia — as well as an established institutional client base, something the retail trading app has long lacked.
For Robinhood, the deal marks a move into deeper waters: institutional crypto flows, lending and staking infrastructure, and white-label “crypto-as-a-service,” products built for hedge funds, fintechs, and registered investment advisors — all of which require robust systems for custody, price discovery, and settlement.
“I wouldn’t call it necessarily a pivot,” Robinhood Crypto General Manager Johann Kerbrat told CNBC. “For us, it’s combining the strengths of the two businesses. We are one of the largest retail marketplaces in the U.S. … They have products that we don’t have, like order books, crypto as a service, advanced API and lending and staking and thanks to that, we will be able to get into this space, not starting from scratch.”
Robinhood, which launched crypto trading in 2018 and helped drive the meme-coin mania of 2021, has in recent months worked to rebrand itself as a serious player in the next phase of digital asset finance — one that’s increasingly defined by regulation, institutional capital, and cross-border competition.
“Now that we’re starting to see the regulatory clarity coming from Congress and the administration, more and more institutions are going to want to get into crypto,” added Kerbrat.
The Bitstamp deal gives it a head start.
Founded in 2011, Bitstamp is known for its deep liquidity, compliant reputation, and minimalist approach. While not flashy, Bitstamp has weathered multiple market cycles and built longstanding relationships with institutional partners across Europe and Asia — something Robinhood plans to leverage.
Earlier this month, Robinhood also acquiredCanadian crypto firm WonderFi to tap into Canada’s established user base.
“Robinhood is a marketplace. We don’t match orders. And with Bitstamp, we will have a robust product offering that will really allow us to build more on the active trader and advanced trader side of things,” Kerbrat said.
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“That’s going to be a big step for us and really diversify our crypto business, not just from retail in the U.S. — to a global offering,” he said.
It also gives Robinhood a regulatory on-ramp to Europe, where crypto rules are clearer compared to the fragmented approach in the U.S.
The company confirmed it will maintain Bitstamp’s existing interfaces and operations for now, while exploring deeper integration over time. Bitstamp is already being used behind the scenes for smart order routing through Robinhood’s institutional web platform, Robinhood Ledger.
“The flow we’re sending to Bitstamp will make Bitstamp more lively — and attract more institutions,” Kerbrat said.
The acquisition closes at a critical moment for Robinhood.
The fintech player has continued to expand aggressively, including listing new tokens, launching staking, and teasing international product rollouts. Bitstamp’s regulatory track record and licensing portfolio may offer a measure of insulation as Robinhood pushes further into new international markets.
Kerbrat didn’t rule out the possibility of other acquisitions.
“If we can find a way to accelerate by at least 18 months or two years — and we have a lot of great reason to believe this is a great acquisition — it’s something that we’ll definitely look at,” he said.
America’s best-selling electric pickup has been hit with a recall. Ford is recalling certain 2024 and 2025 F-150 Lightning electric pickups over a faulty suspension that could cause a loss of control. Here’s how you can get the fix.
Ford is recalling 29,501 F-150 Lightning pickups
After it was outpaced by the Tesla Cybertruck last year, the Lightning reclaimed its title as the best-selling electric pickup in the US in the first quarter.
A letter sent to the National Highway Traffic Safety Administration (NHTSA) last week shows Ford is now recalling 29,501 F-150 Lightning electric pickups.
The recall impacts 20,528 2024 and 8,973 2025 model years. In the letter, Ford stated that certain Lightning models may have an improperly torqued nut on the ball joint of the front upper control arm. Due to this, the arm can separate from the knuckle assembly, causing the driver to lose control of the vehicle.
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Ford estimates only 1% of the vehicles recalled have the defect. If you hear a “clunk or rattle noise” while the suspension moves, it could be that the ball joint is loose or missing.
2025 Ford F-150 Lightning (Source: Ford)
As of May 16, the company is only aware of one incident related to the issue. In early March, a 2024 Ford F-150 Lightning was towed to a dealership after a customer reported that the front wheel had failed while driving.
After an investigation, Ford is recalling F-150 Lightning pickups produced between February 14, 2024, and April 14, 2025.
2024 Ford F-150 Lightning Flash (Source: Ford)
Owners will be notified by mail to take their vehicle to a dealer for inspection. If the unit fails, dealers will replace the knuckle and nut, free of charge.
Notification letters are expected to be mailed out on June 9. If you have any questions, you can contact Ford’s customer service at 1-866-436-7332. Ford’s recall number is 24S76.
You can also call the NHTSA hotline at 1-888-327-4236 or visit the NHTSA website here. The NHTSA recall number is 24V949.
2025 Ford F-150 Lightning trim
Starting Price
Range (EPA-est miles)
XLT
$62,995
240
Flash
$67,995
320
Lariat
$76,995
320
Platinum
$84,995
300
Platinum Black
$92,995
300
2025 Ford F-150 Lightning prices and range by trim
Despite adding several new charging features, an improved BlueCruise, and a new “Dark Elements” design package, the 2025 Ford F-150 Lightning still starts at $62,995 with a 240-mile range.
Upgrading to the Flash trim, which features 320 miles of range, a 15.5″ touchscreen, added technology, and more, costs $67,995.
The 2025 Ford F-150 Lightning XLT is listed for lease at just $379 per month (24 months) right now. Ready to try the electric pickup for yourself? You can use our link to find offers on the F-150 Lightning at a dealer near you today.
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