OPEC+ committee recommends no change in oil output policy at virtual meeting
The logo of the OPEC is pictured at the OPEC headquarters on October 4, 2022.
Joe Klamar | Afp | Getty Images
A technical committee of the influential OPEC+ oil producers’ coalition has made no recommendation to change the group’s existing production policy in its latest meeting, according to three delegates.
The OPEC+ Joint Ministerial Monitoring Committee, which tracks the alliance’s compliance with its output quota, convened digitally on Wednesday. The second OPEC+ technical group, the Joint Technical Committee that studies market fundamentals, canceled a virtual meeting originally scheduled for Jan. 31, according to a delegate.
Neither committee can outright decide OPEC+ production policy, but the JMMC can recommend plans for the review of coalition ministers.
The JMMC will next meet on April 3, one delegate said. The three delegates preferred to remain anonymous because they are not authorized to speak publicly on the matter.
“The JMMC reaffirmed their commitment to the DoC which extends to the end of 2023 as agreed in the 33rd OPEC and Non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022, and urged all participating countries to achieve full conformity,” an OPEC+ communique said. The DoC refers to the Declaration of Cooperation, or the OPEC+ accord.
Three OPEC delegates had signaled to CNBC that the group would likely echo a ministerial December decision to roll over the production policy agreed in October. Under that provision, the group would nominally lower their production output quotas by 2 million barrels per day. Delivered cuts would sit below this figure, as actual production has long lagged output targets because of dwindling capacity, underinvestment and Western sanctions.
Questions had risen whether prospective increases in Chinese demand — the world’s largest crude oil importer, which is now softening the strict Covid-19 restrictions that lidded its purchases throughout most of last year — could push the producers’ alliance to raise their output.
“Global oil demand is set to rise by 1.9 mb/d in 2023, to a record 101.7 mb/d, with nearly half the gain from China following the lifting of its Covid restrictions,” Paris-based energy watchdog the International Energy Agency said in its latest monthly Oil Market Report, released on Jan. 18. OPEC+ countries must closely watch the development of Beijing’s demand, two delegates confirmed.
OPEC+ producers are also following the demand impact of firm inflation rates — with the European Central Bank, Bank of England and the U.S. Federal Reserve set to decide their monetary policy this week — as well as access to sanctions-constricted Russian oil supplies. The IEA estimates that Russia’s crude oil production eased from 9.8 million barrels per day in November to 9.77 million barrels per day in December, after EU sanctions implemented on Dec. 5 interdicted seaborne imports of Moscow’s crude oil supplies. A second set of measures will replicate the ban on oil products imports and take effect on Feb. 5.
Non-G7 countries may continue to benefit from Western financial and shipping services to take delivery of Russian crude oil, provided they make their purchases under a specified price level, now set at $60 per barrel. The plan was designed by the G-7 to retain supply into the global markets, while simultaneously diminishing Russian President Vladimir Putin’s war coffers to sponsor Moscow’s full-scale invasion of Ukraine. Russia has so far not signaled any intention to request an exemption from its production quota and continues as OPEC+ co-chair alongside Saudi Arabia, two delegates said.
OPEC+ has long taken a cautious approach in its decision-making, as it contends with market supply-demand fundamentals, pressure from international consumers to help ease the burden on households, and the need to incentivize further investment into spare capacity.
“I don’t think it is enough investment to bring additional capacity that will be needed to supply the market,” Saudi state-controlled Aramco CEO Amin Nasser told CNBC’s Hadley Gamble on Jan. 18. “It will not mitigate a situation where the demand is growing and offsetting the decline. You need additional investment elsewhere, globally, to meet global demand.”
A dozen Tesla vehicles burned at a store in Toulouse, France. Arson is suspected amid global protests and vandalism attacks against Tesla and Elon Musk.
Last night, a dozen Tesla vehicles burned down at Tesla’s retail and service location in Plaisance-du-Touch near Toulouse, France.
Firefighters arrived on the scene at around 4 a.m. and contained the fire to the vehicles. Eight of them were completely destroyed, and four were greatly damaged. The damages are estimated at over 700,000 euros.
According to the local news (translated from French), the police suspected arson as a hole was found in a fence, and threats had been made over the last few weeks. The Tesla location remained closed all day.
Tesla is currently being protested by anti-fascist groups around the world, especially in the US, where many are targeting Tesla to protest against Elon Musk’s involvement in the US government.
In France, there were a few protests planned, but some extremist groups are calling for widespread arson against Tesla stores:
I won’t share the link to the article since it gives step-by-step instructions on how to burn down Tesla stores without getting caught, but the manifesto explains that they are going after Tesla as a “symbol of capitalism,” although they also list a dozen other reasons including the fact that they think it’s “doable and cheap.”
Electrek’s Take
This is getting nuts. It’s not only dangerous, but it’s also not super effective in achieving the goal they claim to want to achieve.
Have they never heard of insurance? Tesla is having issues selling cars right now. You are burning unsold inventory that they can then claim to their insurance.
Sure, it disrupts their operations for a short period of time, but it’s not worth it.
Their manifesto does say to avoid violence and not to target vehicles owned by individuals – though it doesn’t sound like a strict rule for them, but I think these people are likely going to end up in jail for having achieved nothing.
The protests and boycotts are going strong. You don’t need to burn cars to make yourself heard.
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Environment
Ford F-150 Lightning sales have been falling for months: What’s going on with the EV pickup?
Is Ford’s electric pickup in trouble? Sales have been down for months, and February showed no relief. What’s going on with the Ford F-150 Lightning?
Ford F-150 Lightning sales drop again in February 2025
Ford’s US sales dropped by 9% last month. Although electrified vehicles, including EVs and hybrids, both notched double-digit growth, sales of Ford’s gas-powered (ICE) models, which accounted for over 85% of deliveries, fell nearly 13%.
Hybrids saw higher demand with sales up 27.5% to 15,357, while EV sales increased 15% to 7,326. The Mustang Mach-E was a bright spot with 3,312 models sold in February, up 13% from the prior year.
With 6,841 Mach-Es sold through the first three months of 2025, Ford’s electric crossover SUV remains a top-selling EV in the US.
Ford’s electric pickup didn’t fare as well. F-150 Lightning Sales were down nearly 15% last month with only 2,199 units sold. Through March, Ford has sold 15% fewer Lightning models than it did at this time last year.
Sales of the electric pickup have been slipping for months now. In the final three months of 2024, F-150 Lightning sales were down 10%.
The Lightning, alongside Rivian’s R1T, are no longer the only electric pickups on the market. Ford is facing new competition with the Tesla Cybertruck, Chevy Silverado EV, and GMC Sierra EV, arriving.
According to Cox Automotive, the Tesla Cybertruck slipped past the Lightning to become the fifth best-selling EV in the US last year with nearly 39,000 units sold. Ford’s Lightning was sixth with just over 33,500 models sold.
Ford extended its “Power Promise” promo earlier this year to boost demand, giving EV buyers a Level 2 home charger and other benefits, but Lightning sales are still down.
The American automaker cut Lightning production at its Rouge Electric Vehicle Center last year, citing slower-than-expected demand. A new report from Automotive News claims Ford is now ending a pilot program to stock and distribute EVs through regional hubs after it failed to catch on. It was designed to speed up deliveries.
Although Ford plans to launch a smaller midsize electric pickup, it won’t arrive until at least two more years. With new competition, like the Ram 1500 REV and Volkswagen Scout pickup, hitting the market over the next few years, Ford may find it even harder to attract buyers.
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Costco’s Auto Program recently introduced some new member-only incentives, and the 2025 Volvo EX90 BEV is now on its list.
Volvo is offering Costco Executive Members $2,000 off the 2025 EX90. Costco Gold Star and Business members are eligible for $1,500 off. The incentives are available on all versions of the Volvo EX90 for members who purchase or lease from February 24 to April 30, 2025. It’s the only non-GM EV that’s that’s eligible for an incentive through the EV program.
The offer is compatible with A-Plan pricing for employees, as well as Affinity Pricing for teachers and first responders. Costco members will have had to have been members as of February 23 and be the primary members on the Costco account to qualify.
However, CarsDirect gave the heads up on how buyers can get up to $10,000 off the EX90’s MSRP. As we stated, if you’re a Costco Executive Member, that’s $2,000 off. Then, add the $7,500 EV Lease Allowance and a $500 loyalty discount on leases if you currently own or lease a Volvo or have owned or leased a Volvo within the past six months.
With the destination fee included, the base EX90 MSRP starts at $81,290, so that brings it down to $71,290, a more than 12% discount, a pretty good deal.
The 2025 AWD Volvo EX90, which can seat seven passengers comfortably, has a range of up to 310 miles and is NACS-compatible. It has a 510 hp engine, 110 kWh battery capacity, and can go from 0-60 mph in 4.7 seconds.
Read more: Review: Volvo EX90 is a smooth AWD 7-seat luxury kid-hauler
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