Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023.
Joe Klamar | Afp | Getty Images
The influential Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday made no changes to its planned oil production cuts for this year, as coalition chair Saudi Arabia announced further voluntary declines.
OPEC+ also announced in a statement that it will limit combined oil production to 40.463 million barrels per day over January-December 2024.
Previously, the alliance agreed to a 2 million barrels-per-day decline in October. Some OPEC+ members also announced some voluntary drops of just over 1.6 million barrels per day in April. Russia’s Deputy Prime Minister Alexander Novak said Sunday that all voluntary cuts, which were initially set to expire after 2023, will now be extended until the end of 2024, in comments reported by Reuters.
Saudi Arabia’s energy ministry said Riyadh will implement an additional voluntary one-month 1 million-barrel-per-day cut starting this July, which can be extended. This will bring the kingdom’s total voluntary declines to 1.5 million barrels per day over the period, reining in its production to 9 million barrels.
The move of the 23-country alliance follows contentious talks that dragged well into the night on Saturday, as well as a more-than four-hour Sunday meeting of the alliance’s Joint Ministerial Monitoring Committee, which recommends, but does not implement, policy.
At stake for OPEC+ is a battle to reconcile an outlook of tighter supply in the second half of the year, current macro-economic and inflationary concerns, and intergroup diplomacy.
Ahead of the meeting, Saudi oil minister Prince Abdulaziz bin Salman in late May warned oil market speculators to “watch out,” in a comment widely read as heralding another supply cut.
It remains to be seen if the 2024 reduction in output will offer long-term support to current oil futures prices when markets open on Monday, following months of pressure from global financial turmoil since the start of the year.
Brent futures most recently settled at $76.13 per barrel on Friday, with several OPEC+ delegates noting the deepening divide between prices and supply-demand fundamentals.
Back to bases
The producers’ alliance also agreed to review baselines — the starting level from which producers cut their output during OPEC+ agreements, usually by a similar percentage — for 2025, following a study of countries’ output capacities by oil analysts IHS, Wood Mackenzie and Rystad Energy.
A higher baseline translates into a higher output ceiling. Critically, baselines are often reused in new iterations of OPEC+ agreements and their review and later adjustment are often contentious, meaning they could bind producers longer term.
OPEC heavyweight UAE has been long vying for an upward revision to its baseline, receiving part of such a concession in July 2021.
Other producers of the alliance, such as Angola and Nigeria, have meanwhile long fallen short of lifting their output to their assigned OPEC+ quotas amid sabotage, depleting capacity and underinvestment — but potential changes to their baselines to reflect these realities were not formally broached before because of the sensitivity of these discussions, delegates told CNBC.
Instead, Tesla now plans to operate its own small internal fleet of vehicles with dedicated software optimized for a geo-fenced area of Austin and supported by “plenty of teleoperation.”
In comparison, Waymo tested its system, which was already in operation driverless in other cities, for 6 months with safety drivers and 6 months without safety drivers before launching its service in Austin earlier this year.
As of today, it is now the case. Tesla has been added to the list in the “testing phase”:
Waymo is still the only company listed as being in the “deployment” phase.
It’s unclear if the website is lagging behind the test programs or if Tesla has only now officially started its self-driving testing in the city.
In the past, Tesla has managed to get around self-driving test reporting by claiming that its system is a level ADAS system and not actual “self-driving” – leaving the person in the driver’s seat responsible for the vehicle at all times.
Tesla vehicles with drivers in the driver’s seat and manufacturer plates have been spotted driving around Austin for the past few months.
It was recently reported that Tesla was aiming to launch its commercial autonomous ride-hailing service in Austin on June 12, but it was still a moving target.
Without achieving the deployment phase, Tesla is not going to be able to accept paid rides from customers like Waymo.
Musk has committed several times to launching the service by the end of June.
Electrek’s Take
Again, I’m hoping that Tesla has managed to improve FSD for the geo-fenced location significantly and that it will limit the speed, as the current public version of FSD barely achieves 500 miles between critical disengagements.
Removing the driver could result in some serious accidents.
Teleoperation will also help, but any kind of delay could also be dangerous. It is worrisome.
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The Oshkosh-built Striker Volterra electric ARFF vehicle (Aircraft Rescue and Fire Fighter) packs advanced battery technology and multiple power options to deliver consistent emergency response performance no matter how long it needs to be in action.
Oshkosh has been manufacturing ARFF vehicles since it first launched the MB-5 for use by the US Navy back in 1968, and they’ve been pushing the envelope of disaster response performance ever since. The company’s latest ARFF, the electric-drive Striker Volterra shown here, features a slanted body with front bumper designed for maneuvering through the ditches and rough terrain they might encounter on a damaged runway. It’s also big — but it’s big for a purpose. Because ARFF vehicles don’t have to navigate the confines of city streets, they can be built bigger, carry more water, more rescue equipment, and more personnel than conventional fire trucks.
But that’s not why you’re reading about this on Electrek. You’re here to read about the Striker Volterra’s advanced battery tech, electric drive motors, and duty cycle-extending genset that effectively makes it a big EREV. More sympathetic I could not be, but — alas! — OshKosh hasn’t officially revealed those specs.
That said, it’s probably safe to assume they’re pretty similar to those used on the big Pierce fire fighting chassis developed for the Gilbert, Arizona fire department, which uses (you guessed it) an OshKosh-developed battery pack, electric drive system, and onboard diesel generator that can provide power to the electric system. That vehicle packs a 244 kWh battery pack good for up to six hours of operation on battery power alone.
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The OshKosk electric Striker Volterra ARFF shown here is a Class 5 6×6 “rapid response” model capable of hauling up to 4,000 gallons of water (over 16 and a half tons, if you’re curious) and “firefighting foam” across an airport at speeds of up to 50 mph, which is positively moving for a machine this size. Plus, it supports zero-emission pumping, surpassing the NFPA required 2-hour continuous pump operation without using diesel.
Again, OshKosh hasn’t shared power and performance specs, but has confirmed that its electric drive Striker Volterra is 28% quicker to 50 mph than its Scania diesel-powered siblings, and that truck packs 550 hp and more than 1,750 ft‑lb torque. So — yeah. It’s got some juice.
Other key benefits, according to OshKosh, include a 75% reduction in total carbon footprint when compared to a conventional internal combustion engine ARFF vehicle based on the manufacturer’s estimated duty cycle, the eliminated need for long diesel idling times, and the ability to run on full-electric when entering, leaving and idling in the fire station, significantly reducing firefighter’s exposure to harmful emissions.
With the relatively short distances driven and extreme loads involved, airports present a nearly ideal use case for battery-electric vehicles in general, and their immediate off-the-line torque, improved efficiency, and ability to operate much more quietly than diesels (facilitating communications) could make all the difference in an emergency situation where lives are quite literally on the line.
Or, as OshKosk puts it: As airports continue to prioritize sustainability and operational efficiency, the Striker Volterra electric ARFF stands out as a forward-thinking solution that meets today’s demands while preparing for tomorrow’s challenges.
It’s a bit pitchy, but I couldn’t agree more.
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Thanks to a new $10,000 bonus offer introduced this month, the cheapest Lexus you can currently lease is now the 2025 electric RZ. Is it worth checking out?
The cheapest Lexus you can lease is the 2025 RZ
Lexus slashed over $10,000 off the price of the 2025 RZ compared to the 2024MY by introducing a new entry-level 300e FWD trim.
Following the launch of a new promotion this June, Lexus is offering up to $11,500 off 2025 RZ models. The RZ is now the cheapest Lexus vehicle you can lease, starting at $399 for 36 months. With $1,999 due at signing, you’ll end up with an effective monthly cost of $455. Not too bad for a nearly $45,000 luxury electric SUV.
The offer is for the 2025 Lexus RZ 300e FWD with an MSRP of $44,314. In comparison, the 2025 Lexus UX 300h FWD Hybrid, with an MSRP of $39,615, is listed at $349 for 36 months.
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With $3,999 due at signing, the monthly effective cost is $460, or $5 more than the RZ. If you’re looking for a higher trim, the RZ 450e is available with up to $11,500 in lease cash.
2025 Lexus RZ 450e Luxury (Source: Lexus)
The entry-level 2025 Lexus RZ 300e FWD model offers a range of up to 266 miles, while the AWD 450e variants achieve a range of up to 220 miles.
Inside, the electric SUV features a standard 14″ infotainment system with wireless Apple CarPlay and Android Auto support. With 37.52″ of rear legroom, the electric SUV has nearly as much second row space as a Ford Explorer (39″).
2025 Lexus RZ interior (Source: Lexus)
Although it’s a good deal compared to other Lexus vehicles, other luxury electric SUVs from Acura, Cadillac, and Genesis may still offer better value.
Acura is currently offering nearly $30,000 in lease cash on 2024 ZDX models in select states, with leases starting as low as $299 per month for 24 months. With $2,999 due at signing, the effective monthly rate is only $423. The ZDX offers up to 313 miles of range and more rear legroom (39.4″).
Cadillac’s new entry-level electric SUV, the 2025 Optiq, with an MSRP of $54,390, is listed for lease at just $409 for 24 months. However, it does include a $4,909 due at signing, resulting in an effective monthly rate of $614. The Optiq has up to 302 miles of range and 37.8″ of rear legroom.
2025 Lexus RZ model
Starting Price*
EPA-estimated Driving Range
RZ 450e AWD
$48,675
220 miles
RZ 450e Premium AWD w/ 18″ Wheel
$52,875
220 miles
RZ 450e Premium AWD w/ 20″ Wheel
$54,115
196 miles
RZ 450e Luxury AWD
$58,605
220 miles
RZ 300e FWD
$43,975
266 miles
RZ 300e Premium FWD w/ 18″ Wheel
$48,175
266 miles
RZ 300e Premium FWD w/ 20″ Wheel
$49,415
224 miles
RZ 300e Luxury FWD
$53,905
266 miles
2025 Lexus RZ electric SUV prices and range (*Includes Delivery, Processing, and Handling fee of $1,175)
Meanwhile, you can snag a 2025 Genesis GV60 (MSRP of $52,350) for $349 for 24 months right now. With $5,999 due at signing, the effective rate is $598.
The new Lexus promotion follows Toyota, which introduced up to $19,000 in savings on its electric SUV, the bZ4X, earlier this month. Both are making room for updated models that will arrive soon.
Looking for your next luxury electric SUV? We can help you find deals in your area. Check out our links below to see what’s available.
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