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The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria.

Ramzi Boudina | Reuters

The United Arab Emirates does not intend to leave the influential OPEC oil alliance at this time, two senior officials with knowledge of the matter told CNBC, after a recent report signaled internal talks over such a departure.

The sources spoke on condition of anonymity as they are not allowed to publicly discuss the topic. The UAE oil ministry and Adnoc, the state-owned oil company of the United Arab Emirates, did not immediately respond to CNBC requests for comment.

On March 3, the Wall Street Journal reported that rising political disagreements between OPEC+ chair Saudi Arabia and the UAE have once more sparked questions over the latter’s future in the producers’ coalition.

Such a departure would remove the cooperation of the third-largest producer of the OPEC subgroup and hint at further disunity within the alliance after the recent exits of Ecuador and Qatar — at a time when oil prices remain trapped between limited global spare capacity and potential demand increases from a reopening China.

The Brent contract with May expiry was trading at $84.76 per barrel at 1 p.m. London time, down by $1.07 per barrel from the previous close price. The front-month Nymex WTI contract was at $78.72 per barrel, lower by 96 cents per barrel from the previous settlement price.

Abu Dhabi has historically been a staunch ally of Saudi Arabia in OPEC dynamics and, alongside Kuwait and Riyadh, shaped the informal Gulf trifecta that has occasionally stepped in to assist group policies with additional, voluntary production cuts. Beyond oil strategy, the close ties between Saudi Arabia and the UAE have started to show some strain, as the two countries have diverging aims in the conflict in Yemen and vie for foreign investment.

The UAE abides by the UN sanctions list, the country's economy minister says

Oil divisions first emerged in the summer of 2021, a year into a spartan Saudi-led production strategy to drastically lower OPEC+ output in response to the Covid-19 demand shock for transport fuels. OPEC+ decisions require unanimous endorsement, and the UAE at the time exercised its veto to hold up a group meeting until it earned a concession that it — alongside Russia, Kuwait, Saudi Arabia and Iraq — should receive a higher production “baseline.” Baselines are the reference level that determine the starting point for a country’s pro-rata contribution to OPEC+ collective cuts or increases. The higher the baseline, the higher the level to which an OPEC+ member country may produce without violating its commitments.

Individual members’ bids to increase their OPEC+ quotas have largely died down in recent months, as underinvestment, sanctions, sabotage and infrastructural collapse saw the quotas of several countries surpass their production capacity. The UAE is one of a handful of OPEC+ members that has remaining spare capacity and is working to bolster it. Paris-based watchdog, the International Energy Agency, found that the Emirates’ most recently produced 3.23 million barrels per day in February, well below its country’s IEA-assessed sustainable capacity of 4.12 million barrels per day. Abu Dhabi is working to hike its spare capacity to 5 million barrels per day by 2027.

The tense discussions of 2021 sparked questions of potential pressure that the state-owned Abu Dhabi National Oil Company could be exercising on the oil ministry to reduce oil cuts that rein in national revenues. Three sources indicated to CNBC that there is currently no friction between Adnoc and the ministry over the UAE’s ongoing participation in OPEC+. The two organizations are fully aligned, one of the sources said.  

Goldman's Jeff Currie: Our Q4 target for oil is $100 a barrel

Striking a balance between the profit priorities of national oil companies and the OPEC+ loyalties of oil ministries often epitomizes the challenge that OPEC+ member countries face to choose between short and long-term gains. The coordination between the two entities is seamless in some countries: Saudi Arabia’s state-controlled Aramco typically awaits the conclusion of OPEC+ meetings before releasing its official formula prices to customers at the start of the month.

Adnoc is in a cycle of growing and diversifying the reach of its business. The company is expected to float 5% of its Adnoc Gas business in a highly anticipated public offering and begin trading on March 13. Adnoc is also looking to open a full-fledged Geneva office for its trading subsidiary on an uncertain timeline.

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Hyundai’s super-efficient Ioniq 6 updated with sportier look, ‘N’ model coming soon

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Hyundai's super-efficient Ioniq 6 updated with sportier look, 'N' model coming soon

Hyundai has unveiled the design refresh of its Ioniq 6 sedan, and announced that it will become a family of cars rather than a single model, with an N Line trim and upcoming N performance model, much like its sister car the Ioniq 5.

Hyundai has been doing great with its EVs lately, hitting sales records and getting great reviews.

Much of that focus has been on the Ioniq 5, an attractive crossover SUV with lots of capability at a good price – and a bonkers N performance version which has been breaking different kinds of records.

The Ioniq 6, conversely, hasn’t attracted quite as much attention, even though it has some records of its own (it’s the most efficient vehicle in the US… for under $70k).

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Between its admittedly odd looks – much more aerodynamic and rounded than the comparatively blocky 5 – and it fitting into the less-popular (but better) sedan form factor, it just hasn’t captured as much imagination as the 5.

It has also fallen somewhat behind. The Ioniq 5 got a big update this year, including a native NACS port, the first non-Tesla mass market vehicle to hit the road with one of these included (and it even charges faster than a Tesla does on home turf). The 6, however, is still sitting on its original design from when it first started production/shipping in 2022/23.

But that’s about to change, as Hyundai is giving the model some love with a design update and some hints at new things to come.

We’ve seen spy shots of these design updates before, but now Hyundai is showing them to everyone at the Seoul Mobility Show.

Hyundai showed two models today, the standard Ioniq 6 and the “N Line,” an upgraded trim level with some interior and exterior changes to look a little more sporty. Hyundai has used similar nomenclature for its other models, and that carries over here.

Both have a redesigned front end, making it look more aggressive than the prior bulbous and aerodynamic shape, and narrower headlights.

The N Line looks even more aggressive than the standard model, though, with an even more aggressive front and rear end.

Hyundai says that the redesign will also include interior enhancements for “a more comfortable, intuitive experience,” with a redesigned steering wheel, larger climate control display, upgraded materials and redesigned center console with more physical controls.

Beyond this, the refresh was light on details – intentionally, with a full unveil of specs and changes coming later. We can imagine a lot of the improvements on the 2025 Ioniq 5 will be carried over, such as a native NACS port for example, and potentially a slightly larger or faster-charging battery.

We had also previously heard hints that an N version (yes, “N” and “N Line” are different, no, we don’t know why they used these confusing names) of the Ioniq 6 is coming, and Hyundai reiterated those hints today – even giving us a glimpse of the car in the background of one of its shots.

Now THIS one looks quite aggressive, with a bigger double wing and potentially some changes to the diffuser (it’s hard to tell from the shot, as the N Line also has a modified diffuser).

The ioniq 5N has earned rave reviews from enthusiasts for its bonkers driving dynamics and comparatively reasonable price for a true performance vehicle. But it’s still an SUV format, and frankly, an SUV will never be a sportscar no matter how many horsepower you put into it (I will die on this hill).

The 6, however, with its sedan shape and footprint, could make for a much more compelling sports package once it’s all put together. So we’re very excited to see what Hyundai can do if they apply the same magic they put into the 5 into a new 6N. Looking forward to July.


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1,500 new Colorado homes will come with geothermal heat pumps

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1,500 new Colorado homes will come with geothermal heat pumps

Over the next two years, homebuilder Lennar is outfitting more than 1,500 new Colorado homes with Dandelion Energy’s geothermal systems in one of the largest residential geothermal rollouts in the US.

The big draw for homeowners is lower energy bills and cleaner heating and cooling. Dandelion claims Lennar homeowners with geothermal systems will collectively save around $30 million over the next 20 years compared to using air-source heat pumps. Geothermal heat pumps don’t need outdoor AC units or conventional heating systems, either.

Geothermal systems use the sustained temperature of the ground to heat or cool a home. A ground loop system absorbs heat energy (BTUs) from the earth so that it can be transferred to a heat pump and efficiently converted into warmth for a home. Dandelion says its ground loop systems are built to last for over 50 years and should require no maintenance.

Dandelion’s geothermal system uses a vertical ground closed-loop system that is installed using well-boring equipment and trenched back into the house to connect to a heat pump. The pipes circulate a mixture of water and propylene glycol, a food-grade antifreeze, that absorbs the ground’s temperature. A ground source heat pump circulates the liquid through the ground loops and it exchanges its heat energy in the heat pump with liquid refrigerant. The refrigerant is converted to vapor, compressed to increase its temperature, then passed through a heat exchanger to transfer heat to the air, which is circulated through a home’s HVAC ductwork.

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Daniel Yates, Dandelion Energy’s CEO, called the partnership with Lennar a “new benchmark for affordable, energy-efficient, and high-quality home heating and cooling.” By streamlining its installation process, Dandelion is making geothermal systems simpler and cheaper for homebuilders and homeowners to adopt.

This collaboration is happening at a time when Colorado is pushing hard to meet its clean energy targets. Governor Jared Polis is excited about the move, calling it a win for Coloradans’ wallets, air quality, and the state’s leadership on geothermal energy. Will Toor, executive director of the Colorado Energy Office, said that “ensuring affordable access to geothermal heating and cooling is essential to achieve net-zero emissions by 2050, and we’re excited to be part of such a huge effort to bring this technology to so many new Colorado homes.”

And it’s not just about cutting emissions – geothermal heat pumps help reduce peak electric demand. Analysis from the Department of Energy found that widespread adoption of these systems could save the US from needing 24,500 miles of new transmission lines. That’s like crossing the continental US eight times.

Colorado is making this transition a lot more attractive through state tax credits and Xcel Energy’s rebate programs. These incentives slash upfront costs for builders like Lennar, making geothermal installations more financially viable. The utility’s Clean Heat Plan and electrification strategy are working to keep energy bills low while meeting climate goals.

Read more: This will be the first geothermal energy storage system on the Texas grid


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Polestar 2 removed from Polestar’s US website alongside tariff announcement

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Polestar 2 removed from Polestar's US website alongside tariff announcement

Polestar has removed the Polestar 2 from its US website header in an early sign of how new tariffs will restrict choice and competition for American consumers, thus increasing prices.

The Polestar 2 is Polestar’s first full EV – the original Polestar 1 was a limited-edition plug-in hybrid.

It started production in 2020 in Luqiao, Zhejiang, China, where Polestar and Volvo’s parent corporation, Geely, was founded.

And there’s the rub: while Polestar’s newer EV, the 3 (which we just drove the new single motor version of last week), is built in South Carolina, the 2 is not.

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Unfortunately, that interacts with some news that has been getting a lot of play lately: tariffs.

The US has been gradually getting stupider and stupider on the issue of tariffs, apparently determined to increase prices for Americans and decrease the competitiveness of American manufacturing in a time of change for the auto industry.

It is widely acknowledged (by anyone who has given it a few seconds of thought) that tariffs increase prices and that trade barriers tend to reduce competition, leading to less innovation.

It started with 25% tariffs on various products from China, implemented in the 2018-2020 timeframe. Then, in 2024, President Biden implemented a 100% tariff on Chinese EVs, effectively stopping their sale in the US. These tariffs included some exceptions and credits based on Volvo’s other US manufacturing, which Polestar had used to keep the most expensive versions of the 2 on sale in the US, while restricting the lower-priced versions from sale. Nevertheless, they were a bad idea.

Now, in yet another step to make America less competitive and inflate the prices of goods more for Americans, we got more tariff announcements today from a senile ex-reality TV host who wandered into the White House rose garden (which he does not belong in). These tariffs do not include the same exceptions as the previously-announced Biden tariffs.

Apparently this has all been enough for Polestar, as even in advance of today’s tariff announcements, the company suddenly removed its Polestar 2 from its website header today.

The change can be seen at polestar.com/us, where only the Polestar 3 and 4 are listed in the header area. On other sites, like the company’s Norwegian website or British website, the car is still there. The Polestar 2 page is still up on the US website, but it isn’t linked to elsewhere on the site (we’ll see how long it stays up).

We reached out to Polestar for comment, but didn’t hear anything back before publication. We’ll update if we do.

It makes sense that the Polestar 2 would still be for sale elsewhere, as it only started production in 2020. Most car models are available for at least 7 years, so this is an earlier exit than expected.

So it’s likely that all of the tariff news is what had an effect in killing the Polestar 2.

Then again, this is also just the second day of a new fiscal quarter. Perhaps the timing offers Polestar an opportunity to make a clean break – especially now that the lower-priced version of its Polestar 3 is available.

Despite the lower $67.5k base price of the new Polestar 3 variant, that represents a big increase in price for the brand, which had sold the base model Polestar 2 for around $50k originally, before all of these tariffs.

Update: Polestar got back to us with comment, but understandably, it doesn’t say much:

Polestar is a three-car company and Polestar 2 is available for customers now. There are a select number of Polestar 2s in stock at retailers that can be found on Polestar.com, but Polestar 3 and Polestar 4 will be the priority in the North American market.

Electrek’s Take

This isn’t the first car that America has been deprived of due to tariffs. The Volvo EX30, one of our most anticipated vehicles, and Electrek’s Vehicle of the Year for 2024, had its American availability pushed back due to tariffs.

Volvo decided to build the car in Belgium and export it to the US, but now that new tariffs apply to the EU as well, maybe that low-priced, awesome, fast, small EV will instead stay in Europe instead of being shipped overseas.

This shows how mercurial tariff fiats from an ignoramus are bad for manufacturing, as they mean that companies can’t make plans – and if they can’t make plans, eventually, they’ll probably just write the country making the random decisions out of their plans so they don’t have to deal with the nonsense.

And we’ve heard this from every businessperson or manufacturer representative we’ve talked to at any level of the automotive industry. Nobody thinks any of this is a good idea, because it objectively is not. All it does is make business harder, make the US less trustworthy, make things more expensive, and overall just harm America.

Yet another way that Americans are getting screwed by this stupid nonsense. 49% of you voted for inflation, and 100% of Americans are now getting it. Happy Inflation Day, everyone.


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