Connect with us



Picture taken on May 3, 2022 shows a general view of Slovakia’s largest mineral oil refinery Slovnaft in Bratislava, Slovakia. (Photo by JOE KLAMAR / AFP)

Joe Klamar | Afp | Getty Images

The Group of 7 nations are in talks to cap Russian oil at $65 and $70 a barrel — but analysts say it likely won’t have a significant impact on Moscow’s oil revenues even if it’s approved.

Prices at those levels are close to what Asian markets are currently paying Russia, which are at a “big discount,” said Wood Mackenzie’s vice president of gas and LNG research, Massimo Di Odoardo.

“Those levels of discounts are certainly in line with what the discounts already are in the market … It’s something that doesn’t seem, as it is placed, like it’s going to have any effect [on Moscow] whatsoever if the price is so high.”

Russia has threatened to it will not supply oil to countries setting and endorsing the price cap.

“Given Russian oil (Urals) is trading at $60‑65/bbl, the proposed price cap is already compliant under prevailing market conditions,” said Vivek Dhar, Director of Mining and Energy Commodities research from Commonwealth Bank of Australia.

In a note on Thursday, he said that current Russian oil shipments face minimal disruption from the European Union denying shipping and insurance services.

He agreed that the discussed price cap won’t make much of a dent or deter Moscow in its war against Ukraine.

“Russia’s seaborne oil exports have increased to China, India and Turkey at the expense of advanced economies following the Ukraine war,” he added.

The oil embargo should not have a huge impact, says Wood Mackenzie

In fact, he said the price cap discussed was higher than markets were expecting.

“Oil prices finished lower overnight after the EU discussed a price cap on Russian oil between $US65‑70/bbl, a higher price range than markets expected and at levels that will reduce the risk of disruptions of EU sanctions on Russian oil shipments,” Dhar said.

There was similar skepticism over the EU’s proposed cap on natural gas prices. Several EU member states locked horns over the effectiveness of capping prices at 275 euros per megawatt hour, with some saying it’s not realistic to keep gas prices at such high levels for so long.

The bloc is seeking to stop gas prices from soaring sky-high as consumers are already struggling with rising cost-of-living.

G-7 policymakers have a tough balancing act to tread.

It seems to me like [the G-7] will err on the side of caution — setting it high rather than low to avoid worsening the inflationary spiral.

Pavel Molchanov

Energy analyst at Raymond James

If prices are set too high, they will be meaningless and risk having no impact on Russia — but if the price cap is too low, it could lead to a physical reduction in the supply of Russian oil onto the global market, said Raymond James’ energy analyst Pavel Molchanov.

A lower price cap “means more inflation, more consumer unhappiness, and more monetary tightening,” Molchanov pointed out.

“It seems to me like [the G-7] will err on the side of caution — setting it high rather than low to avoid worsening the inflationary spiral.”

Last week, official data showed U.K. inflation jumped to a 41-year high of 11.1% in October, higher than expected, as energy prices, among other factors, continued to squeeze households and businesses.

Downside risks to current forecasts

If EU members agree to the proposed cap, Dhar expects the price of oil to fall below $95 per barrel for the last quarter of 2022.

Oil prices were fractionally higher on Friday afternoon Asia time. Brent crude futures inched higher by 0.35% to stand at $85.64 per barrel, while U.S. West Texas Intermediate futures climbed 0.55% to $78.37 per barrel.

“Our price forecast assumes EU sanctions accompanied by a price cap on Russian oil will result in enough supply disruption to offset ongoing global growth concerns.”

Read more about energy from CNBC Pro

The European bloc has imposed multiple rounds of sanctions against Russia since since Moscow began its unprovoked war on neighboring Ukraine in late February.

Earlier this week, Goldman Sachs lowered its oil price forecast by $10 to $100 per barrel for the fourth quarter of 2022, citing rising Covid concerns in China and lack of clarity over the Group of Seven nations’ plan to cap Russian oil prices.

Continue Reading


California-based startup unveils 58 MPH electric jet ski on hydrofoils




California-based startup unveils 58 MPH electric jet ski on hydrofoils

It’s an exciting time for personal watercraft enthusiasts that want to swap a roaring engine for the instantaneous (and silent) power of electric motors. The latest electric jet ski making a splash is the Valo Hyperfoil.

Technically speaking, it’s not actually a jet ski, nor is it making that much of a splash. “Jet Ski” is a brand name owned by Kawasaki, and the Valo Hyperfoil isn’t really making a splash because it’s actually flying above the waves on hydrofoils.

But whatever you call it and whichever hydro-based pun you shoehorn into an electric watercraft article, the Valo Hyperfoil is certainly an impressive machine.

Unveiled today by California-based startup Boundary Layer Technologies, the Valo Hyperfoil is one of the most advanced personal electric watercraft we’ve ever seen.

Not only is it quite powerful, packing in a 108 hp (80 kW) motor, but it can reach a maximum speed of 50 knots (58 mph or 93 km/h).

And it will do so while flying a full 2 feet (60 cm) above the surface of the water.

As founder and CEO of Boundary Layer Technologies Ed Kearny explained in a statement provided to Electrek:

“Valo will be a complete revolution to personal watercraft. The first Jetski was on the market 50 years ago this year, and it’s time for a major upgrade. Valo will be fast, agile, and tremendously exhilarating, all while being near silent and leaving zero wake. It will be like flying a stunt plane but on water. We see this a completely new form of water based mobility”

The secret to the flying nature of the Valo is its hydrofoils, which function like a set of airplane wings under water.

They lift the watercraft out of the dense water, helping it to save energy by flying through the air. That makes the ride smoother, faster and more efficient. It also means that the Valo can get by with fewer of those heavy and expensive batteries.

The company has spent the last four years developing hydrofoil technology for commercial purposes, such as passenger ferries and container ships. Now the company is hoping to apply that technology to the recreational market with a personal electric watercraft.

As Kearny continued:

“We are passionate about bringing foiling technology and its huge benefits to ships big and small. We simply shifted from ‘big first’, to ‘fast first’.  What we love about Valo is how fast we can get to market. We are bringing all the technology we were developing for massive container ships and ferries and using it to deliver one hell of a recreational product.”

Hydrofoiling boats have been made famous by the Swedish company Candela, who is already building and delivering electric speedboats with impressive hydrofoiling performance. The company is also working on passenger ferries and water taxis for commercial use, but hasn’t shown off a personal electric watercraft like the Valo.

Other companies like Taiga have leveraged their electric snowmobile technology to demonstrate personal electric watercraft. But their planing hulls will have a hard time matching the efficiency of hydrofoils like those displayed on the Valo.

Boundary Layer Technologies expects to have a small number of limited edition Founders Edition Valos by the summer of 2023 Full production vehicles aren’t expected to hit the water before 2024. The anticipated price for the production vehicles is $59,000, though we don’t yet know what price tag those first run Founders Edition vehicles will carry.

Until then, we can at least look at these pretty renders.

valo jet skit

FTC: We use income earning auto affiliate links. More.

Continue Reading


Quick Charge Podcast: November 30, 2022




Quick Charge Podcast: November 30, 2022

Listen to a recap of the top stories of the day from Electrek. Quick Charge is available now on Apple PodcastsSpotifyTuneIn and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded Monday through Thursday and again on Saturday. Subscribe to our podcast in Apple Podcast or your favorite podcast player to guarantee new episodes are delivered as soon as they’re available.

Stories we discuss in this episode (with links):

Subscribe to the Electrek Daily Channel on Youtube so you never miss a day of news

Follow Mikey:

Twitter @Mikey_Electric

Listen & Subscribe:

Share your thoughts!

Drop us a line at You can also rate us in Apple Podcasts or recommend us in Overcast to help more people discover the show!

FTC: We use income earning auto affiliate links. More.

Continue Reading


Hitachi Energy debuts wireless grid tech that prevents wildfires




Hitachi Energy debuts wireless grid tech that prevents wildfires

Hitachi Energy just launched wireless Spark Prevention Unit indicators that help prevent wildfires by enabling remote monitoring.

According to the US Department of Energy, approximately 10% of wildfire ignitions are sparked by faults on electrical infrastructure or electric equipment failure. Hitachi Energy’s new Wireless SPU Indicators allow utilities to monitor the grid remotely, in real time, with automated visual inspection rounds.

The SPU monitors the current and thermal load of surge arresters – which protect equipment from surges in the power system – installed in wildfire risk areas.

If there’s a thermal overload in the grid, the SPU interrupts the current flow and disconnects the surge arrester, thus preventing any arcing – which is when a circuit becomes overloaded and overheats – sparking, or ejection of hot particles that could potentially start a wildfire.

Hitachi Energy’s new Wireless SPU Indicator

A visual indicator on the SPU lets the utility field crew know that it needs to be replaced. Hundreds of thousands of SPUs installed in some of the world’s most wildfire-prone areas, such as in the United States and Australia, have had a real impact in preventing wildfires. Being able to monitor them remotely is only going to improve wildfire prevention.

Read more: How the US can achieve resilient power grids and support EV deployment

Photo: Pok Rie on

UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.

FTC: We use income earning auto affiliate links. More.


Michelle Lewis

Michelle Lewis is a writer and editor on Electrek and an editor on DroneDJ, 9to5Mac, and 9to5Google. She lives in White River Junction, Vermont. She has previously worked for Fast Company, the Guardian, News Deeply, Time, and others. Message Michelle on Twitter or at Check out her personal blog.

Michelle Lewis’s favorite gear

Continue Reading