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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.

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Hyundai’s new Kona Electric is even cheaper to lease than the gas-powered model at $169/mo

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Hyundai's new Kona Electric is even cheaper to lease than the gas-powered model at 9/mo

The newly designed Hyundai Kona Electric is better in every way, with more range, faster charging, and a bold new style. Hyundai’s new 2024 Kona Electric is even cheaper to lease than the gas-powered model, starting at $169 per month.

Hyundai Kona Electric cheaper to lease than gas model

Hyundai revealed the 2024 Kona Electric at the NY Auto Show last April with a sleek new “EV-derived” design.

You can instantly see the upgrades with a modern style closer to its IONIQ 5 and 6 dedicated EVs. The inside is nearly 6″ longer, with an additional 3″ legroom in the second row. A flat floor design creates more head and shoulder space than the previous model.

Hyundai included its next-gen dual 12.3″ infotainment system with a faster, more intelligent user face. It also comes with Android Auto and Apple CarPlay as standard.

The 2024 Kona EV features a slightly bigger battery with faster charging and up to 261 miles range. Starting under $33,000, the 2024 Kona Electric is already one of the most affordable EVs in the US.

Hyundai-Kona-electric-cheaper
2024 Hyundai Kona electric (Source: Hyundai)

2024 Kona EV prices

It’s available in three trims: SE, SEL, and Limited. The base SE model includes a 48.6 kWh battery for up to 200 miles range. The SEL and Limited feature a 64.8 kWh battery, good for up to 261 miles range.


2024 Hyundai Kona electric trim
Starting Price
(not including a $1,335 delivery fee)
SE $32,675
SEL $36,675
Limited $41,045
2024 Hyundai Kona electric starting price by trim

With an up to $7,500 featured cash offer, you can lease the 2024 Hyundai Kona Electric SE for as low as $169 per month.

The deal is for 24 months, with $1,999 due at signing. It also includes the $7,500 EV Lease Bonus for a net capitalized cost of $25,370.

If you’re looking for the higher-range SEL trim, it can be leased for as little as $199 per month. That’s also for 24 months, with $1,579 due at signing. With the EV credit, the net capitalized cost is $29,419.

However, you may have to act fast. Hyundai’s website shows the deal ends in five days on April 30, 2024.

Are you ready to drive off in your new Hyundai Kona Electric at some of the lowest prices yet? We can help you get started. You can use our link to find deals on the 2024 Hyundai Kona Electric near you today.

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Podcast: Tesla earnings, Model 3 Performance, Mercedes-Benz electric G-Class, and more

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Podcast: Tesla earnings, Model 3 Performance, Mercedes-Benz electric G-Class, and more

On the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss all the news coming out of Tesla’s earnings, Model 3 Performance, Mercedes-Benz electric G-Class, and more.

Sponsored by SplitVolt: The Splitvolt Splitter Switch automatically shares power from your existing 240V dryer socket with your Level 2 EV charger. Learn more here.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

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.

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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Rivian starts shipping NACS adapters for Tesla’s Supercharger network

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Rivian starts shipping NACS adapters for Tesla's Supercharger network

Rivian has promised free NACS adapters will be sent out to its owners, and it’s starting that process now.

Rivian officially got access to Tesla’s Supercharger network last month, but in order to use it, non-Tesla cars need an adapter. Most other EVs come with a CCS plug, but Tesla’s plug is now called NACS, after it opened its charge standard in 2022.

Third party adapters have been available, but several of the automakers that have announced they’re switching to NACS have committed to sending out adapters to owners as soon as they’re available. We saw the Rivian adapter design leaked in February.

So far, Ford and Rivian have Supercharger access, with GM, Polestar and Volvo coming this spring, and others coming later. Tesla previously announced that GM would get access in February, so we imagine that is coming imminently (we heard reports on social media today that GM adapters are now available, but GM communications told us that those reports are not accurate, and that they will be available “later this year”).

In February, Ford did start sending out adapters, becoming the first automaker to do so. This is fitting, given that Ford was the first domino that led to basically the entire industry adopting NACS.

However, delivery of Ford adapters has been a little slow, with delivery estimates being pushed back by Ford.

Now, Rivian is becoming the second automaker to send out adapters.

Rivian owners have started to receive emails from the automaker asking for their shipping address, according to a thread on rivianforums.com. The original poster has a low VIN number, as do some other forum users who got the email, so we imagine they might be high on the list, with other owners with higher VINs getting their emails soon.

The email states:

Hi there,

Good news! Your complimentary NACS DC adapter is ready to be shipped. Please follow the link below to let us know your preferred delivery address within 60 days of receiving this email.

Please Note: Unfortunately, we cannot support shipping to PO Boxes or any addresses that are outside the United States or Canada at this time.

So – if you’re a Rivian owner, keep your eyes on your email, because it sounds like adapter shipping is imminent (and make sure you’ve responded to the April 4 email to opt-in to receiving the adapter).

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