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.
Climate XChange’s Annual EV Raffle is back for the 10th year running – and for the first time ever, Climate XChange has two raffle options on the table! The nonprofit has helped lucky winners custom-order their ideal EVs for the past decade. Now you have the chance to kick off your holiday season with a brand new EV for as little as $100.
About half of the raffle tickets have been sold so far for each of the raffles – you can see the live ticket count on Climate XChange’s homepage – so your odds of winning are better than ever.
But don’t wait – raffle ticket sales end on December 8!
Climate XChange is working hard to help states transition to a zero-emissions economy. Every ticket you buy supports this mission while giving you a chance to drive home your dream EV.
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Here’s how Climate XChange’s 10th Annual Raffle works:
Image: Climate XChange
The Luxury Raffle
Grand Prize: The winner can choose any EV on the market, fully customized up to $120,000. This year, you can split the prize between two EVs if the total is $120,000 or less.
Taxes covered: This raffle comes with no strings – Climate XChange also pays all of the taxes.
Runner-up prizes: Even if you don’t win the Grand Prize, you still have a chance at the 2nd prize of $12,500 and the 3rd prize of $7,500.
Ticket price: $250.
Grand Prize Drawing: December 12, 2025.
Only 5,000 tickets will be sold for the Luxury Raffle.
The Mini Raffle (New for 2025)
Grand Prize: Choose any EV on the market, fully customized, up to $45,000. This is the perfect raffle if you’re ready to make the switch to an EV but aren’t in the market for a luxury model.
Taxes covered: Climate XChange pays all the taxes on the Mini Raffle, too.
Ticket price: $100.
Only 3,500 tickets will be sold for the Mini Raffle.
Why it’s worth entering
For a decade, Climate XChange has run a raffle that’s fair, transparent, and exciting. Every ticket stub is printed, and the entire drawing is live-streamed, including the loading of the raffle drum. Independent auditors also oversee the process.
Plus, your odds on the Luxury and Mini Raffles are far better than most car raffles, and they’re even better if you enter both.
Remember that only 5,000 tickets will be sold for the Luxury Raffle and only 3,500 for the Mini Raffle, and around half of the available tickets have been sold so far, so don’t miss your shot at your dream EV!
Climate XChange personally works with the winners to help them build and order their dream EVs. The winner of the Ninth Annual EV Raffle built a gorgeous storm blue Rivian R1T.
How to enter
Go to CarbonRaffle.org/Electrekbefore December 8 to buy your ticket. Start dreaming up your perfect EV – and know that no matter what, you’re helping accelerate the shift to clean energy.
Who is Climate XChange?
Climate XChange (CXC) is a nonpartisan nonprofit working to help states pass effective, equitable climate policies because they’re critical in accelerating the transition to a zero-emissions economy. CXC advances state climate policy through its State Climate Policy Network (SCPN) – a community of more than 15,000 advocates and policymakers – and its State Climate Policy Dashboard, a leading data platform for tracking climate action across the US.
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The CSC Monterey – one of the most charming little electric scooters on the US market – has dropped to a shockingly low $1,699, down from its original $2,899 MSRP. That’s nearly half off for a full-size, street-legal electric scooter that channels major Honda Super Cub energy, but without the gas, noise, or maintenance of the original.
CSC Motorcycles, based in Azusa, California, has a long history of importing and supporting small-format electric and gas bikes, but the Monterey has always stood out as the brand’s “fun vibes first” model. With its step-through frame, big retro headlight, slim bodywork, and upright seating position, it looks like something from a 1960s postcard – just brought into the modern era with lithium batteries and a brushless hub motor.
I had my first experience on one of these scooters back in 2021, when I reviewed the then-new model here on Electrek. I instantly fell in love with it and even got one for my dad. It now lives at his place and I think he gets just as much joy from looking at it in his garage as riding it.
You can see my review video below.
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The performance is solidly moped-class, which is exactly what it’s designed for. A 2,400W rear hub motor pushes the Monterey up to a claimed 30 mph or 48 km/h (I found it really topped out at closer to 32 mph or 51 km/h), making it perfect for city streets, beach towns, and lower-speed suburban routes.
A 60V, roughly 1.6 kWh removable battery offers around 30–40 miles (48-64 km) of real-world range, depending on how aggressively you twist the throttle. It’s commuter-ready, grocery-run-ready, and campus-ready right out of the crate.
It’s also remarkably approachable. At around 181 pounds (82 kg), the Monterey is light for a sit-down scooter, making it easy to maneuver and park. There’s a small storage cubby, LED lighting, and the usual simple twist-and-go operation. And it comes with full support from CSC, a company that keeps a massive warehouse stocked with components and spare parts.
My sister has a CSC SG250 (I’m still trying to convert her to electric) and has gotten great support from them in the past, including from their mechanics walking her through carburetor questions over the phone. So I know from personal experience that CSC is a great company that stands behind its bikes.
But the real story here is the price. Scooters in this class typically hover between $2,500 and $4,500, and electric retro-style models often jump well above that.
At $1,699, the Monterey is one of the least expensive street-legal electric scooters available from a reputable US distributor, especially one that actually stocks parts and provides phone support.
If you’ve been curious about swapping a few car errands for something electric – or you just want a fun, vintage-styled runabout for getting around town – this is one of the best deals of the year.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss a big Tesla Robotaxi setback, the new Mercedes-Benz CLA EV, Bollinger is over, and more.
Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. Sales end on Dec. 8th for its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit CarbonRaffle.org/Electrek to learn more.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
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After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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