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.
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.
Tesla releases stealth update with new features
Tesla has released a new software update to its fleet and while the release notes remain unchanged, there are a few exciting features that were stealth updated.
The automaker has started to push its 2023.11.4.2 software update.
The update’s release notes are the same as the previous update, but Tesla often updates or adds features without discussing them.
That’s the case with this new update, according to Green, a well-known Tesla hacker who often discovers new features inside Tesla’s code.
He reported that the latest update includes several stealth changes:
Like most premium vehicles today, Tesla has an automatic wiper system that automatically matches the speed of the wipers to the intensity of the rain or snow.
However, unlike most other automakers, Tesla doesn’t use a rain sensor for its system.
Instead, the automaker is using its Autopilot cameras to feed its computer vision neural net to determine the speed for the wipers.
It has been deployed in Tesla vehicles since 2018, but many owners have been complaining that it is not as accurate as other systems using rain sensors.
Tesla’s solution was an update called ‘Deep Rain’ that used a new neural net to power the feature. It came out in 2019, but it was a marginal improvement.
Now Green reports that owners can shut it down if they don’t like it.
Another important stealth update for safety in this new software update is the ability for automatic emergency braking (AEB) to brake for vehicles cutting into your lane. Previously, it would try to avoid things with steering, but AEB was reserved to prevent or reduce the impact for something blocking your way.
For FSD Beta users, the update also now reduces suspensions, which occur after misuse, like not paying attention to the road when using, to one week instead to two weeks.
America’s first US-built electric mini-truck begins street-legal homologation
The AYRO Vanish has grabbed headlines over the past year as it rolls ever closer to production at AYRO’s Texas factory. Now the electric mini-truck’s final step ahead of manufacturing has begun as the Vanish starts street-legal homologation.
The AYRO Vanish is an electric utility vehicle that is designed to fit into the low-speed vehicle (LSV) federal designation. The mini-truck uses a lightweight architecture to limit the entire vehicle weight and maximize the allowable payload.
The Vanish boasts a payload of up to 1,200 lb (544 kg), which is fairly close to many standard-sized pickup trucks. For comparison, a 2023 Ford F-150’s payload capacity starts at 1,310 lb (594 kg). The company also indicated that it plans to produce a non-street legal variant that will have a higher payload capacity of 1,800 pounds (816 kg). That model would be applicable to work sites, campuses and other areas where use on public roads is not required.
Unlike standard pickup trucks, the Vanish offers highly adaptable configurations. Optional rear cargo configurations including food boxes, flat beds, utility beds with three-sided tailgates, and van boxes for secure storage all point to potential commercial applications for the vehicle.
And those future commercial customers could be getting their hands on the Vanish’s steering wheel sooner rather than later. Heading for homologation testing means that the company is now closer than ever to putting those various designs on the road.
As AYRO CEO Tom Wittenschlaeger explained:
“Now that we’ve completed our internal testing, it’s time to ensure that the award-winning Vanish meets requirements of our national governing bodies. Once we’ve completed this process and receive final approval, we can begin delivering vehicles to our customers and dealers.”
In order for any road-worthy vehicle to be considered for sale, the vehicle must go through homologation to ensure it is safe and complies with government regulations.
LSVs have reduced regulatory hurdles, but there are still many safety requirements and design considerations to be addressed. The vehicles must meet regulations for the construction, design, durability, and performance requirements as outlined by federal governing bodies. In the US, this process is governed by the National Highway Traffic Safety Administration (NHTSA).
This complex process of homologation allows for vehicles to be officially classified by date and category as well as have official and certifiable technical information and specifications. The Vanish is completing homologation for both the United States and Canada, for which testing includes the Federal Motor Vehicle Safety Standards (FMVSS) 500, Canada Motor Vehicle Safety Standards (CMVSS) 500 and California Air Resources Board (C.A.R.B.).
In parallel with its homologation phase, AYRO is now planning to begin Low Rate Initial Production (LRIP) by early June to begin building the first 50 Vanish units that will be used as demo models for signed dealers.
The company plans to enter full-scale production upon the successful completion of its first 50 units.
As AYRO’s senior vice president of programs added:
“Our team has worked diligently to prepare for this day. This is one of the final steps in our product development process. Concurrently with homologation, we plan to begin LRIP and immediately following begin delivering vehicles to our customers and dealers.”
The AYRO Vanish opened for orders earlier this month, launching at a starting price of $33,990. While that price is more expensive than several other imported electric mini-trucks, the Vanish’s modular design (and soon-to-be street legal status) is a key differentiator.
AYRO’s vice president of Dealer Sales, Terry Kahl, previously explained the advantages of a modular platform:
With swappable bed configurations, we believe dealers can find a use case for the Vanish with almost any of their existing clientele. We have indications of interest from a rapidly growing number of dealers and now incoming dealers can find added value in that AYRO is accepting their pre-orders even before they join our dealer network. It should be an absolute win-win for our existing and onboarding dealers as well as future dealers.
WAU Project Cyber teased as ‘revolutionary’ high performance electric bike
We see new e-bike launches practically every week here at Electrek, but we rarely seem something quite so… futuristic looking as the upcoming WAU model currently being teased. The UK-based electric bike company is dripping out imagines of its upcoming Project Cyber, which looks like something between a high performance electric bicycle and a light electric motorcycle.
It’s not uncommon for e-bike companies to expand into the moped or light motorbike space. We watched it happen with SONDORS when the company unveiled the Metacycle, SUPER73 with the C1X, and several other smaller e-bike companies.
And while we don’t yet know how the Project Cyber e-bike will be classified, it’s certainly looking like it could be headed in a similarly aggressive direction.
WAU is best known for its long range, urban-oriented electric bikes with enclosed frames and iconic seat stay tail lights that also serve as highly visible turn signals.
It’s a welcome, distinguished design that sets itself apart from many of the other cookie cutter e-bikes we’ve seen over the last few years.
And it appears that WAU may be sticking with some of the same design language for its upcoming Project Cyber, based on the first few teaser images.
The company has been dripping out images and information in a Facebook group set up for sharing details about the upcoming e-bike.
One of the more revealing pieces of information includes a set of design drawings from early in the project. Multiple concepts can be seen, including some with and without bicycle pedals.
The inclusion of bicycle pedals would lend credence to this being a high performance e-bike, while a lack of pedals would put the two-wheeler into light motorbike territority.
WAU seems to be investing heavily in the bike’s technology, though it isn’t quite clear yet what that could mean in terms of features. Many new e-bikes have started to feature advanced connectivity features closer to that of electric cars, including telemetrics and remote operations. A teaser on the company’s site seems to imply that built-in GPS tracking may be included on the WAU Cyber e-bike.
The company is still playing it close to the vest with most details, but suggests that the new model could “revolutionize the industry.”
As WAU explained in the Facebook group description, “Get ready to be blown away by the most stylish pedelec the world has ever seen. Our state-of-the-art technology and design are set to revolutionize the industry, and we are thrilled to have you join us on this journey.”
The company also released several images showing a prototype frame being welded together, seen below.
We don’t yet know what else the WAU Cyber will hold in store for us, but with the reveal expected to come soon, we shouldn’t have to wait for long.
What do you think WAU will unveil as part of Project Cyber? Share your thoughts and guesses in the comment section below.
We’ll be sure to update as soon as we have more information on the upcoming e-bike.
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