Connect with us

Published

on

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.

Continue Reading

Environment

Ford ‘can’t walk away from EVs’ or it risks falling even further behind China

Published

on

By

Ford 'can't walk away from EVs' or it risks falling even further behind China

Ford’s CEO Jim Farley admitted he was humbled after tearing down the first Tesla and Chinese EVs. If it wants to compete globally, Ford can’t walk away from EVs altogether, so it’s planning to shake things up.

Ford can’t walk away from EVs, or it will lose to China

After taking apart a Tesla Model 3 and several electric vehicles from China for the first time, Farley said he was “very humbled” during a new episode of the Office Hours: Business Edition podcast.

The “shocking” revelation is what pushed Ford to overhaul its EV program. Ford is shifting its focus to smaller, more affordable EVs, which require smaller batteries and fewer materials.

Ford is promising its next-generation electric vehicles will be significantly more efficient and advanced than the current Mustang Mach-E and F-150 Lightning. Farley told host Monica Langley that the Mach-E had about 1.6 km of electrical wiring, which led to a larger battery.

Advertisement – scroll for more content

Ford’s CEO has warned several times now that Chinese EV makers pose an “existential threat” to Western brands, including itself.

Ford-walk-away-EVs
Xiaomi SU7 (Source: Xiaomi)

After flying a Xiaomi SU7 from Shanghai to Chicago last year and driving it around for a few months, Farley even said he didn’t want to give it up.

“EVs are exploding in China,” Ford’s CEO said on the podcast, adding the Chinese government had its “foot on the economic scale” to promote electric vehicles.

Ford-walk-away-EVs
Xiaomi SU7 production (Source: Xiaomi)

Although the US is facing headwinds with the $7,500 federal tax credit now expired and the Trump administration shifting policies, Farley admitted, “We can’t walk away from EVs, not just for the US, but if we want to be a global company, I’m not going to just cede that to the Chinese.”

Ford, like most automakers, is bracing for slower EV sales over the next few months. Farley said on the company’s third-quarter earnings call that he expects electric vehicles to account for just 5% of the US market in the near term.

Ford-F-150-Lightning-production
The 2026 Ford F-150 Lightning STX (Source: Ford)

The “EV market in the US is totally different than we thought,” Farley explained during the podcast, adding buyers are looking for more affordable options rather than the “$70-80,000” EV.

To stay competitive, Ford is betting on its new low-cost EV platform, the Ford Universal EV Platform, which the company says will help unlock more affordable electric cars.

Ford-walk-away-EVs
CEO Jim Farley presents the Ford Universal EV Platform in Kentucky (Source: Ford)

The first vehicle Ford plans to launch on the platform is a midsize electric pickup, starting at around $30,000. It’s expected to arrive in 2027. Ford will use lower-cost LFP batteries licensed from China’s CATL. They will be manufactured at Ford’s new plant in Michigan.

According to Lisa Drake, Ford’s vice president of tech platform programs and EV systems, the company intends to match the cost structure of leading Chinese brands.

In the meantime, Ford has paused production of its current electric pickup, the F-150 Lightning. A new report from The Wall Street Journal claims it’s now considering scrapping the EV pickup altogether.

Source: Business Insider

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

Continue Reading

Environment

Mercedes gives first look at the GLB EV interior and it’s loaded with massive screens [Images]

Published

on

By

Mercedes gives first look at the GLB EV interior and it's loaded with massive screens [Images]

The Mercedes GLB EV will be here in less than a month. With its debut just around the corner, Mercedes offered a first look at the new GLB EV’s interior, and yes, it’s loaded with massive screens.

First look at the new Mercedes GLB EV interior

Mercedes is putting the new electric GLB through the paces at the Mercedes Technology Center (MTC) in Singlefingen, Germany, ahead of its world premiere on December 8.

The testing is conducted in wind tunnels that range in temperature from -40 to 104 degrees Fahrenheit. Meanwhile, snow cannons shoot various types of snow while high-powered fans generate winds up to 124 mph, simulating fierce blizzard conditions.

Although it’s covered in snow, you can still see that the new EV version maintains a similar boxy design to the current gas-powered GLB.

Advertisement – scroll for more content

If you look a little closer, it appears to have a larger grille design, like the new GLC EV, which Mercedes said “redefines” the face of the brand.

Mercedes also unveiled the new GLB EV’s interior for the first time, which looks pretty similar to the GLC’s. The optional floating MBUX Superscreen is the highlight, extending the entire width of the dash.

Mercedes-GLB-EV-first-look
The new Mercedes GLB EV during cold-weather testing (Source: Mercedes-Benz)

It also features Mercedes’ new multifunction steering wheel, which reintroduces a rocker switch for the cruise control.

Another new feature is the concave door handle design, which features a floating center panel that opens a storage space. The center console has a similar design, offering an optional wireless charging cradle and cup holders.

Mercedes-GLB-EV-interior-first-look
The interior of the new Mercedes GLB EV (Source: Mercedes-Benz)

Mercedes said the new SUV offers “noticeably more headroom for first and second row occupants” compared to its predecessor. It will offer standard seating for five, with the option to add a third row for seven.

According to Mercedes, the new GLB takes “interior climate comfort” to the next level. For example, the climate control heats up twice as fast as its predecessor during a 20-minute drive at 19 degrees Fahrenheit. Mercedes said that since it only requires half the energy of the current GLB, it helps maximize range.

We will learn more about the Mercedes GLB EV on December 8. Check back soon for updates.

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

Continue Reading

Environment

Segway early Black Friday takes hundreds off EVs from $150, exclusive $1,082 savings on refurbished Anker SOLIX units, Jackery, more

Published

on

By

Segway early Black Friday takes hundreds off EVs from 0, exclusive ,082 savings on refurbished Anker SOLIX units, Jackery, more

If you didn’t know, today is Singles’ Day, and as such, our Green Deals edition has some great opportunities to celebrate and treat yourself with, starting at Segway’s early Black Friday Sale with up to 30% discounts on several e-scooters and e-bikes starting from $150. We also secured exclusive deals with up to $1,082 savings on nine refurbished Anker SOLIX power stations and solar panels, like the renewed F3800 Portable Power Station at a new $1,597 low. There’s also the new Jackery Explorer 240D Portable Power Station back at its $139 low, as well as a new Worx Intellicut mower low, DEWALT’s 6-tool combo kit at an annual low, and our Singles’ Day roundup bringing up the rear. And don’t forget about the hangover deals that are collected together at the bottom of the page, like yesterday’s full Anker SOLIX early Black Friday Sale lineup, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Save hundreds in early Black Friday/Singles’ Day savings on Segway EVs to upgrade your commute, starting from $150

Segway has officially kicked off its early Black Friday Sale that will also coincide with Singles’ Day, giving lone riders a great opportunity at hundreds in savings on the brand’s select lineup of e-scooters and accessories. One such notable deal is the E2 Pro Electric Scooter that is dropping to $379.99 shipped, and also matching at Amazon. While it carries a $600 MSRP direct from the brand’s website, you’ll more often find it posted up at $500 in full over at Amazon, with most of the discounts we’ve seen over 2025 having kept costs above $400, save for the few drops to $330 we saw earlier in the year. During these early holiday promotions, you can score it at the second-best price we have tracked, giving you $120 off the going rate and $220 off the MSRP. Head below to browse the full lineup of Segway’s early Black Friday deals.

A great commuter for folks who don’t want to shell out too much money, but still want one of the more premium brands supporting them through travels around town, the Segway E2 Pro electric scooter has you covered for up to 21.7 miles on a single charge, thanks to the 275Wh battery. That battery runs the 750W motor and rear-wheel drive system, with enough power to handle up to 18% inclines while giving you top speeds of 15.5 MPH.

Advertisement – scroll for more content

One notable inclusion here is the Apple Find My integration for greater security, allowing you to keep track of your scooter and hunt it down in case of theft, which has been needed for such models that utilize push-button starts without keys. Your riding experience will also benefit from the front and rear turn signals, anti-skid traction control, 10-inch air-leakage-proof tubeless tires, 2.8-inch integrated LED dashboard for setting adjustments, and more.

Segway’s full early Black Friday Sale lineup:

  • C2 Lite eKickScooter for kids: $150 (Reg. $180) | matched at Amazon
    • 9.9 MPH for up to 5.9 miles
  • C2 eKickScooter for kids: $160 (Reg. $200) | matched at Amazon
    • 9.9 MPH for up to 6.8 miles
  • C2 Pro eKickScooter for kids: $230 (Reg. $280) | matched at Amazon
    • 12.4 MPH for up to 9.3 miles
  • E2 Plus II Electric Scooter: $280 (Reg. $350) | matched at Amazon
    • 15.5 MPH for up to 16 miles
  • E2 Pro Electric Scooter: $380 (Reg. $500) | matched at Amazon
    • 15.5 MPH for up to 21.7 miles
    • Apple Find My, more
  • MAX G30LP Electric Scooter: $500 (Reg. $600) | matched at Amazon
    • 18 MPH for up to 25 miles
  • MAX G30P Electric Scooter: $550 (Reg. $1,000) | not available at Amazon
    • 18 MPH for up to 40 miles
  • Max G2 Electric Scooter: $700 (Reg. $1,000) | matched at Amazon
    • 22 MPH for up to 43 miles
    • Traction Control System, Apple Find My, more
  • GoKart Kit2: $800 (Reg. $999) | matched at Amazon
    • Requires a compatible Segway Ninebot S, S2, or S MAX
  • F3 Electric Scooter: $850 (Reg. $1,000) | matched at Amazon
    • 20 MPH for up to 44 miles
    • Traction Control System, Apple Find My, auto proximity locking, more
  • ZT3 Pro All-Terrain Electric Scooter: $1,000 (Reg. $1,200) | matched at Amazon
    • 24.9 MPH for up to 43.5 miles
    • Traction Control System, Apple Find My, auto proximity locking, more
  • MAX G3 Electric Scooter: $1,200 (Reg. $1,300) | matched at Amazon
    • 28 MPH for up to 50 miles
    • Traction Control System, Apple Find My, auto proximity locking, more
  • Xafari Electric Bike: $1,800 (Reg. $2,400)
    • 20 MPH for up to 88 miles
    • Traction Control System, Apple Find My, auto proximity locking, and much more
  • Xyber Electric Bike: $2,900 (Reg. $3,300)
    • 35 MPH for up to 112 miles
    • Traction Control System, Apple Find My, auto proximity locking, and much more

Segway’s early Black Friday accessory deals:

You can browse Segway’s early Black Friday lineup on the main landing page here, too.

Anker's SOLIX F3800 plus power station in kitchen with various appliances

Score up to $1,082 in exclusive savings on nine refurbished Anker SOLIX units at new lows starting from $112

We’ve secured a collection of nine exclusive deals on refurbished Anker SOLIX power stations and solar panels from Welbots, which provide up to $1,082 in total savings and even give our readers some new low prices on these units. The largest of these deals is on the Anker SOLIX F3800 Portable Power Station down at $1,597.07 shipped, after using the exclusive code 9TO5RBANK6 for an additional 6% savings. The deal on this renewed unit starts with a drop from $2,679 to $1,699, and the exclusive code cuts another $102 off the tag. Last month, we secured similar deals that only took costs down to $1,709, with that rate beaten here by the combined 40% markdown that lands it lower than ever to the best new price we have tracked.

You can learn more about this power station, as well as the full lineup of refurbished units, by checking out our original coverage of these nine exclusive deals here.

person riding bike with Jackery's Explorer 240D power station hanging from shoulder on strap

Jackery’s new Explorer 240D 256Wh compact power station returns to $139 low for Singles’ Day, more from $176

By way of its official Amazon storefront, Jackery is offering its new Explorer 240D Portable Power Station at $138.99 shipped, beating out the brand’s direct website pricing by $70. This new model hit the market at the tail end of September with a full $209 price tag, with its initial launch deals to this rate holding on through Prime Day, before keeping above $149 with discounts in the time since. Today’s deal brings you another opportunity to jump on it at the best price we have tracked, saving you $70 in the process. You’ll also find a few bundle options available at discounted rates, too, like the station with a 40W mini solar panel at its lowest rate of $217.54 shipped.

If you want to learn more about this new power station, or browse its bundle offers, be sure to check out our original coverage of these deals here.

man mowing lawn with Worx 40V 14-inch Cordless Intellicut lawn mower

Worx’s 40V 14-inch cordless mower with adaptable Intellicut feature at new $129 low for Singles’ Day

Amazon is now offering the best price yet on the Worx 40V 14-inch 2-in-1 Cordless intellicut Lawn Mower with two 4.0Ah batteries for $129 shipped during Singles’ Day, which has been going strong for us for 2.5 years now, and currently beats out the brand’s direct website pricing by $61. It may carry a $300 MSRP direct from Worx, but at Amazon we’ve been seeing it down at $220 and more recently $199 for long stretches, with discounts having taken things as low as $165 this year. While this deal continues, you’re looking at a total $171 off the MSRP that lands it lower than ever for the best price we have tracked in its history, making it quite the Singles’ Day steal for homeowners and renters who need a means to keep their lawns maintained without running up a significant bill.

If you want to learn more about this budget-friendly mower, be sure to check out our original coverage of this deal here.

DEWALT's 20V MAX Cordless 6-tool combo kit for singles' day

Amazon is offering the DEWALT 20V MAX Cordless 6-Tool Combo Kit with two 5.0Ah batteries at $729 shipped, which matches the price we’re seeing from Home Depot. It’s coming down from $1,049 here, and beats out all the discounts we’ve seen during 2025 from Amazon, which mostly kept costs above $815, except for the one-time and short-lived drop to $799. While we have seen it only beaten by the $649 low in the past, you’re still looking at the best price of the last few years, with $320 cut from the tag for the second-best overall price that we have tracked at Amazon.

If you want to learn more about what you’re getting in this kit, be sure to check out our original coverage of this deal here.

Best Fall EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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

Continue Reading

Trending