OPEC and its oil-producing allies agreed Wednesday to their largest cut to daily crude output since the early days of the Covid-19 pandemic, a decision the Club took steps to prepare for earlier this week by paring our energy exposure. The Organization of Petroleum Exporting Countries and a group of partner producers led by Russia, together known as OPEC+, said they are cutting oil output targets by 2 million barrels per day. The move is seen as an attempt to reverse a steep slide in crude prices since early June, when prices topped $120 per barrel before tumbling more than 30%. Oil rose over 1% on the heels of the announcement, adding to strong gains at the start the week. Club holdings Halliburton (HAL), Pioneer Natural Resources (PXD), Devon Energy (DVN) and Coterra Energy (CTRA) also were in the green. The details Officially, OPEC+ is cutting production by 2 million barrels a day starting in November, from their August production target of 43.856 million barrels a day. However, analysts say, the actual number of barrels coming offline could ultimately be less than the headline figure given that many OPEC+ members have already been producing below their targets. Francisco Blanch, head of global commodities at Bank of America, addressed the potential discrepancy in a CNBC interview Wednesday . “I think one of the big questions is, are we really going to get a 2 million barrel a day real cut or is it going to be a 2 million barrel a day nominal cut that is, essentially, readjusted by the fact OPEC itself is producing 3 million barrels a day under their actual quotas?” Blanch explained. “I think if you reallocate those countries that are underproducing and they don’t actually cut, you’ll get, probably, more like [a] 1 million, 1.2 million barrels a day actual cut,” he added. The cartel’s decision to lower production is not a complete surprise to markets, but the expected magnitude ratcheted up in recent days. For example, last week, some analysts had been warning of a reduction between 500,000 and 1 million barrels per day, well below the headline cut OPEC+ delivered Wednesday. In the days leading up to the decision, energy markets started to price in OPEC+’s looming production adjustment. Brent crude, the global oil benchmark, rose nearly 7% over the first two days of the week. West Texas Intermediate, the U.S. oil benchmark, climbed more than 8% combined on Monday and Tuesday. After the OPEC+ announcement Wednesday, Brent was trading around $93 a barrel, while WTI was hovering above $87 a barrel. The Club’s positioning The Club’s energy exposure is all about protecting our portfolio from inflation, while collecting sizable dividend payouts along the way. In general terms, elevated oil prices are good for energy stocks and a headwind for the broader market. Owning stocks like Pioneer Natural Resources, Devon Energy, Coterra Energy and Halliburton has been a way to hedge against that dynamic. With oil supply already tight, OPEC+’s decision to slash production further is all about shoring up crude prices. Fears of a recession denting oil demand — combined with other factors like a strong U.S. dollar —contributed to crude prices tumbling during the summer months. We stuck to our investment discipline in the run-up to the OPEC+ meeting, as expectations for the cut pushed up oil prices. We trimmed 25 shares of Pioneer Natural Resources on Monday, redeploying cash from that sale into Estee Lauder (EL), and sold 100 shares of Devon Energy on Tuesday. We made those two sales of PXD and DVN into outsized strength — just as we trimmed our energy exposure when the sector was outperforming the overall market in late August and early September. After allowing our energy position to grow too large in early June, when oil was around $120 per barrel, we’ve been committed to our discipline in periods of outperformance. (Jim Cramer’s Charitable Trust is long PXD, DVN, CTRA and HAL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
The OPEC logo on a sign at the group’s headquarters in Vienna, Austria.
Bloomberg | Bloomberg | Getty Images
OPEC and its oil-producing allies agreed Wednesday to their largest cut to daily crude output since the early days of the Covid-19 pandemic, a decision the Club took steps to prepare for earlier this week by paring our energy exposure.
Hyundai officially launched the new IONIQ 6 N in its home market this week. The IONIQ 6 N, Hyundai’s first electric sports sedan, packs a monstrous 650 horsepower, yet Hyundai insists it’s not all about the performance.
Hyundai’s first EV sports sedan hits Korea: The IONIQ 6 N
After unveiling the IONIQ 6 N at the Goodwood Festival of Speed in July, Hyundai promised the electric sports car “redefines the EV driving experience” with new vehicle control software, fun features, and plenty of power.
The IONIQ 6 N is Hyundai’s first EV sports sedan and second electric vehicle to receive the “N” treatment. Hyundai’s first, the IONIQ 5 N, has been one of the most awarded high-performance electric SUVs since its debut in 2023.
With the addition of the new IONIQ 6, Hyundai said its N brand is “once again redefining the boundaries of high-performance electrification.”
Advertisement – scroll for more content
Hyundai launched the IONIQ 6 N sports sedan in Korea on October 1, with prices starting at just 79.9 million won. That’s about $57,000 and doesn’t include government subsidies.
The Hyundai IONIQ 6 N launches in South Korea (Source: Hyundai)
Drawing power from a dual-motor AWD powertrain, Hyundai’s EV sports sedan delivers up to 609 horsepower (448 kW) and 740 Nm of torque.
However, if you really want to feel the power, there’s an added N Grin Boost function that bumps the output to 650 horsepower (478 kW) and 770 Nm of torque, enabling a 0 to 62 mph (0 to 100 km/h) sprint in just 3.2 seconds.
The interior of the Hyundai IONIQ 6 N (Source: Hyundai)
The IONIQ 6 N features an 84 kWh battery, good for 291 miles (469 km) WLTP range, but Hyundai fine-tuned it to optimize efficiency, power output, and temperature control.
With a new electronically controlled suspension (ECS), front Hydro G bushings, and rear dual-layer type bushings, the EV sports car offers “precise body control.” Like the IONIQ 5 N, Hyundai has added performance features such as N e-Shift, which simulates the sensation of shifting gears, and the N Active Sound + system, which replicates the sounds of a gas-powered engine.
The interior of the Hyundai IONIQ 6 N (Source: Hyundai)
Although it packs a punch, Hyundai said the electric sports sedan is designed for both the track and as a daily driver.
“Hyundai Motor Company’s first high-performance sedan EV, the IONIQ 6 N, offers a comfortable ride during everyday driving and predictable performance,” a company official said.
Hyundai IONIQ 6 N (Source: Hyundai)
At 4,935 mm long, 1,940 mm wide, and 1,495 mm tall, the IONIQ 6 N is about the size of the Porsche Taycan, but it’s about half the cost.
Following its home market, Hyundai will launch the IONIQ 6 N in Europe by the end of the year and in the US in early 2026. We will learn prices closer to launch, but given the IONIQ 5 N starts at $66,200, it’s expected to arrive at a slightly lower price.
Hyundai announced the 2026 IONIQ 5 will start at under $35,000 in the US after cutting prices across all trims. It also plans to continue offering the $7,500 federal tax credit on 2025 models. The IONIQ 6 could be next in line.
FTC: We use income earning auto affiliate links.More.
The $7,500 tax credit may be gone, but that isn’t stopping BMW. The Ultimate Deal Machine is rolling into the Brave New World of EVs this October with a $7,500 purchase credit off MSRP across the board (and that’s just the beginning).
The sitting administration killed off the $7,500 Federal EV tax credit abruptly after September 30th, leading many casual industry watchers to proclaim that the age of the great EV deal was over. And, while many argued that view was too cynical, it turns out it wasn’t too cynical enough with OEMs like Ford and GM turning to tricky accounting and others like Hyundai simply cutting prices to keep demand for its EVs high.
German performance brand BMW is also getting in the mix, offering a “$7,500 purchase credit off MSRP” across its electric and electrified vehicle lineup. And, while it may sound like a 1:1 sort of replacement for the Federal tax credit, there’s a few significant reasons to believe that this deal might actually be better than the one that went away.
Everyone gets the money
Electric vehicle offers; via BMW website.
The EV tax credit was (advertised as) a great tool to help people overcome the higher up-front cost of EVs, but vehicles with starting price tags over $80,000 and income caps at $150,000 for individual filers meant that many Americans who were interested in a new EV were never benefitting to begin with. At the same time, Americans who didn’t have a $7,500 tax burden may have wondered how or if the tax credit would work for them.
If that take isn’t quite cynical enough, consider this: the rebate probably convinced more OEMs to artificially jack up the prices of their US-bound EVs by $7,500 (give or take) than it did to reduce any supposed barriers to entry.
If you drive an electric vehicle, make charging at home fast, safe, and convenient with a Level 2 charger installed by Qmerit.As the nation’s most trusted EV charger installation network, Qmerit connects you with licensed, background-checked electricians who specialize in EV charging. You’ll get a quick online estimate, upfront pricing, and installation backed by Qmerit’s nationwide quality guarantee. Their pros follow the highest safety standards so you can plug in at home with total peace of mind.
Urban Arrow, a Dutch brand best known for its front-loading cargo box bikes (or bakfiets), has just expanded into new territory with the launch of the Urban Arrow Breeze, the company’s first-ever longtail electric cargo bike. In addition to bringing a new form factor to the brand, it also offers a more affordable price.
Long recognized for their high-quality electric family and commercial cargo bikes that feature massive front boxes, Urban Arrow is now jumping into the more compact and versatile longtail category, putting them head-to-head with several of the biggest longtail cargo bike competitors. And true to form, they’re not cutting corners, just complications.
Longtail cargo bikes are generally more streamlined to produce due to simpler steering and more conventional frames, allowing the Breeze to look and feel more like a typical urban bike, while still offering plenty of cargo goodness.
The Breeze is designed to carry serious loads without taking up as much space. With a wheelbase comparable to a standard city bike, the Breeze can still handle up to two child seats on the rear rack while keeping a nimble footprint. Total carrying capacity tops out at 200 kg (440 lb), and the rear rack is fully MIK-compatible, allowing for fast, tool-free swaps of baskets, bags, and child seats. Both the front and rear racks are included with the bike.
Advertisement – scroll for more content
Powering the Breeze is the Bosch Cargo Line motor, a popular choice among heavy-hauling e-bikes thanks to its torque-rich, low-speed performance. Riders can choose from 400 Wh up to 800 Wh of battery capacity via the online configurator. The front end features a beefy Suntour Mobie 34 suspension fork, and the bike rolls on 26” wheels with wide tires for extra comfort and stability.
Priced at €5,499 in Europe, the Breeze undercuts Urban Arrow’s other pricier models, yet still offers family vehicle performance. The model also comes standard with a double kickstand for easy loading, and Urban Arrow is offering a wide range of accessories at launch, including everything from panniers and cushions to protective side rails.
Available now in black or green, the Urban Arrow Breeze marks a significant step for a brand that helped define the modern e-cargo bike, and now looks ready to expand its offering by showing what an Urban Arrow longtail can do.
FTC: We use income earning auto affiliate links.More.