Two tankers were heading to Russia on Monday expecting to be filled with Russian crude as a price cap on its oil exports from a coalition of Western countries went into affect.
On Friday, the European Union agreed to cap Russian seaborne oil prices at $60 a barrel, aiming to limit Moscow’s revenues and curb its ability to finance its invasion of Ukraine.
Russian President Vladimir Putin and high-ranking Kremlin officials have repeatedly said that they will not supply oil to countries that implement the price cap.
In comments published on Telegram following the cap being agreed upon, Russia’s embassy in the United States criticized what it said was the “reshaping” of free market principles and reiterated that its oil would continue to be in demand despite the measures.
But while Russia is moving forward on its vow to not sell its oil to countries that implement the price cap, it is not being deterred in finding buyers for its oil. The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it has to be sold for less than the price cap.
Trade intelligence firm VesselsValue, which tracks the trade of Russian oil, told CNBC that there has been a substantial decrease in Russian crude as European imports with alternative markets instead being sought out.
“This is expected to carry on into December as the strong sanctions begin,” said Peter William, trade product manager at VesselsValue. “Russia has potentially found substitute markets for their crude with both India and China increasing seaborne imports from Russia.”
Jacques Rousseau, managing director of global oil and gas at ClearView Energy Partners, told CNBC there is a disconnect between the U.S. Energy Information Administration and OPEC Russian oil production forecasts.
“When comparing 4Q 2022 to 1Q 2023, the EIA projects a decrease of ~1.35 MM bbl/d vs. OPEC’s forecast of a ~0.85 MM bbl/d decline,” said Rousseau. “The magnitude of the quarter-on-quarter Russian oil production decline could be the difference between a global balance shortfall or surplus in 1Q 2023, and whether or not OPEC+ needs to reduce its production targets again.”
MarineTraffic is seeing two empty tankers heading to Russia.
One is the tankers is Minerva Marina, sailing under the Maltese Flag.
The other is the Moskovsky Prospect, sailing under the Liberian Flag, and came directly from Bombay, India.
Vessel traffic and tanker gridlock
AIS data which tracks vessel traffic is showing a number of tankers in the Black Sea, mainly crude and chemical tankers from Russia which are in transit and have listed various locations as their destinations, including India, the UAE, and China, according to a MarineTraffic spokesperson.
Meanwhile, tanker gridlock is building as a result of Turkey demanding tankers have proof of insurance to travel through Istanbul in the Bosphorus Strait.
Diesel exports from Russia to Europe have up ticked slightly between October and November. The sanctions on Russian diesel exports begin on February 5, 2023.
“This is likely due to supply issues and the start of the European winter, ” William said. “There was a drop in exports due to the start of the Russia-Ukraine conflict, which also coincided with the European transition into spring.”
U.S. liquified narural gas to the EU has fluctuated from a high of 11.48 million cubic meters in April to a low of 7.34 million in September 2022, according to VesselsValue.
“The decrease in USA demand after the winter season may have contributed to the increased exports in April and as other countries look to stock up,” William said.
Andrew Lipow, CEO of Lipow Oil Associates, told CNBC when Russia decided earlier this year to cut off natural gas supplies to parts of Europe, the U.S. stepped in to fill the shortfall.
“The trend will continue as Europe builds more LNG import infrastructure and the USA constructs new natural gas pipelines and LNG export terminals to accommodate increased production,” Lipow said.
French infrastructure specialists Proviridis have partnered with EVSE manufacturer Kempower to deliver a novel, underground charging solution for electric semi trucks designed to easily integrate into existing truck depots.
By installing its high-powered charging cabinets underground and integrating the charging cables into a solid metal pipe, Kempower and Proviridis have been able to make room for high-powered charging points in an existing truck depot that didn’t have enough space to install either conventional EVSE or overhead “drop lines.”
For the pilot, the metal pipe is painted in a striking yellow color to make it easier to see while maneuvering the lot, and keeping the dispensers themselves more protected than conventional concrete bollards. The 600 kW power cabinet is positioned a few yards away – a typical space-saving Kempower solution – and connected to the charge points by underground cable.
Proviridis believes their solution provides enough of a competitive advantage that fleet buyers looking to electrify will be eager to give it a try.
“The product is durable across a wide spectrum of temperatures and conditions, requires minimal ventilation, and can cater for a wide range of customer needs,” explains Olivier Verdu, Technical Director at Proviridis. “These are features which perfectly place the Kempower solution for this type of charging configuration in a logistics environment.”
In honor of Black Friday and Cyber Monday, eBike specialist Buzz Bicycles is offering an exclusive discount for Electrek readers on its Centris Class 2 Folding Bike.
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Buzz Bicycles is back with an exclusive new deal
Buzz Bicycles has been a mainstay on Electrek for a few years now, as we have covered several of its electric bikes, which suit riders of all skill levels and help them “Buzz through life.” Buzz is an omnichannel eBike brand that prioritizes direct-to-consumerism and has found success in its mission to deliver ultimate transportation solutions at an excellent value for its growing base of eBike enthusiasts.
The company strives to deliver riders a “Wow moment,” which is usually brought on as they feel the pedal assist function kick in. This feature delivers all you need to conquer hills and longer rides while enjoying new adventures with friends.
The Buzz team has utilized decades of industry experience into its portfolio of eBikes, all conceived and designed in Dayton, Ohio. The company, which operates under the United Wheels umbrella alongside brands like Huffy Bicycles, Niner Bikes, and Batch Bicycles, has adopted an ethos that the freedom of riding should be fun and accessible for everyone, no matter what adventure lies ahead.
By leveraging the global presence of its parent company, Buzz Bicycles can make good on its promise to deliver affordable eBikes that are comfortable, powerful, and safe, much like the Centris Folding eBike, which is as versatile and compact as it is fun. The exclusive deal Buzz Bicycles is offering on the Centris makes it even more fun. You can take advantage of it below.
But first, you’ll want to learn about the capabilities of this foldable eBike to truly understand its value, as well as what accessories are available to level up your purchase.
The Buzz Centris is an easy to ride foldable eBike for all
The Buzz Centris is a Class 2 Folding eBike built for comfort and convenience no matter where you take it. At full size, the Centris’ step-through frame offers a low step-over height of just 16 inches, perfect for riders of all sizes, enabling easy transitions from ground to saddle for its riders.
When you’re not riding, the Centris from Buzz Bicycles folds neatly to 34 inches in length and 22 inches in height, making it easy to store at home or to carry in a vehicle on the way to your next ride. Furthermore, the assembled bike only weighs 68 pounds, making it easy to transport.
You can easily navigate tougher terrain on the Centris thanks to the eBike’s 20″ x 4″ knobby tires and front suspension. The bike is powered by a 48V, 500-watt-hour (Wh) battery pack that can propel it to a top speed of 20 mph for an all-electric range of up to 40 miles on a single charge.
Additionally, this folding model from Buzz Bicycles comes equipped with both a front and rear rack, offering versatile cargo-carrying options so you can customize your ride with a variety of Buzz accessories.
Like all Buzz eBikes, the Centris is tested and deemed compliant with the UL2849 standard. This standard covers the entire electric bicycle system, including the motor, battery, controller, and charger, offering the highest safety standards for added peace of mind.
The Centris Class 2 folding bike from Buzz is available in two colors: Gloss White or Matte Black. This $1,199 eBike is currently reduced to $899 – and you can score an additional $200 off with this exclusive promo, but only for a limited time.
With the purchase of any Buzz eBike, including the Centris, you are guaranteed the following:
10-year limited warranty (lightweight aluminum frame protected for full 10 years)
2-year limited warranty (electrical components covered by 2-year warranty for peace of mind)
6-month limited warranty (additional bike components protected by a 6-month warranty)
Are you interested in the Centris from Buzz Bicycles? You’ve come to the right place. Starting today, while supplies last, you can take advantage of an additional $200 off the sale price by using promo code “ELECTREK200.“ That’s a $500 discount in total!
We highly recommend perusing Buzz’s entire lineup of products. They are designed for commuters and casual riders, with technology and features that help you quickly feel comfortable riding. If you are new to the world of E-transportation, Buzz Bicycles is the brand for you.
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With up to 500 km (310 miles) of all-electric range, the new Mercedes eActros 600 electric semi truck was designed for long-haul trucking – and now, it’s officially in production at the company’s Wörth plant in Bavaria.
“The start of series production of our eActros 600 is a further proof of our ambition to transform the industry,” offers Karin Rådström, CEO of Daimler Truck. “With a range of 500 kilometers on a single battery charge, our eActros 600 is addressing the long-haul segment in Europe which is responsible for two-thirds of CO2 emissions from heavy road freight. Our battery-electric long-haul truck will therefore make a real difference.”
In addition to the 600’s additional range, the newest eActros marks another milestone by becoming the first electric Mercedes semi to be manufactured on a single line (the eActros 300/400 and eEconic leave their standard production lines to have their electric drive components installed at Mercedes’ Future Truck Center in Wörth).
“With the start of series production of the eActros 600, we are expanding our Wörth product portfolio with an important vehicle for the future,” says Andreas Bachhofer, Head of the Wörth site and Production at Mercedes-Benz Trucks. “Construction of this first battery-electric truck made in Wörth will be fully integrated into the existing assembly hall, flexibly alongside the manufacturing of combustion-engine trucks. This means that we are ideally positioned for the production of larger quantities. Our production team is well prepared for the successive ramp-up over the coming months.”
The new electric semi truck features a 600+ kWh battery (hence, eActros 600) that sends power to a new, highly efficient electric drive axle developed in-house by Mercedes-Benz, good enough to “be able to travel significantly more than 1,000 kilometers per day. This is made possible by intermediate charging during the legally prescribed driver breaks – even without megawatt-charging.”