Connect with us

Published

on

close video OPEC’s oil cut surprise a slap in the face to Biden: Flynn

Payne Capital Management President Ryan Payne, Geltrude & Company founder Dan Geltrude and Price Futures Group senior market analyst Phil Flynn react to OPEC announcing oil output cuts on “The Claman Countdown.”

Member countries of OPEC and their allies are considering further cuts to oil production that could send oil prices soaring.

The group, known as OPEC+ to include allies such as Russia, will meet Sunday to discuss another round of cuts to production for member countries, this time as much as 1 million barrels per day, sources told Reuters.

The cuts would come on top of existing cuts of 2 million barrels per day and voluntary cuts of 1.6 million barrels per day that were announced in April, three sources told the outlet.

BIDEN ADMINISTRATION HOLDS FIRST ONSHORE OIL AND GAS LEASE SALE IN 11 MONTHS AFTER REPEATED DELAYS

OPEC is considering an additional round of production cuts. (Reuters/Ramzi Boudina/File / Reuters Photos)

"We are discussing the full package [of changes to the deal]," one of the sources said.

That April announcement contributed to a spike in oil prices of about $9 per barrel to more than $87, though those prices quickly fell to $76 amid growing concerns about the global economy.

Members of OPEC+ and allies led by Russia are responsible for pumping about 40% of the world's crude oil, with their decisions having a dramatic effect on global prices.

The cuts would come on top of existing cuts of 2 million barrels per day and voluntary cuts of 1.6 million barrels per day that were announced in April. (iStock / iStock)

JUDGE PRESIDING OVER BIG OIL CLIMATE CHANGE LAWSUIT REVEALS CONNECTION TO PLAINTIFF'S ECO LAWYERS

The cuts have drawn criticism from the Biden administration and Western countries, arguing that OPEC policies have sent energy prices soaring and that they have taken the side of Russia amid its ongoing invasion of Ukraine. Meanwhile, OPEC+ countries say Western money-printing over the last decade is driving inflation and forcing measures to protect their most valuable export.

OPEC+ countries say Western money-printing over the last decade is driving inflation and forcing measures to protect their most valuable export. (AP Photo/Lisa Leutner/File / AP Newsroom)

CLICK HERE TO GET THE FOX NEWS APP 

Many Western countries have responded to the invasion by sanctioning Russia and scaling back or stopping purchases of Russian oil. But some Asian countries, including China and India, have refused to join the sanctions and have been Russia's largest energy customers.

Continue Reading

Environment

GM’s interesting electric motorcycle patent fuels two-wheeler speculation

Published

on

By

GM's interesting electric motorcycle patent fuels two-wheeler speculation

General Motors may be better known for its lineup of full-size trucks and SUVs, but a recently published patent shows the legacy automaker has at least considered something much smaller and nimbler: an electric motorcycle.

The patent, which surfaced earlier this year in a report by Visordown, outlines a lightweight, scrambler-style electric two-wheeler that has set off a fresh wave of speculation about GM’s potential interest in electric motorcycles or micromobility.

The design in the patent filing shows a slim electric motorcycle with a flat bench seat, upright handlebars, and dual-sport tires, suggesting a utility-forward ride meant for light off-road or potentially even mixed urban use (if it were homologated for street use).

The rear hub motor and what appears to be a central battery housing point to a simple, low-maintenance drivetrain, potentially aimed at the commuter or recreational rider market.

Advertisement – scroll for more content

The overall look is somewhere between a moped and a small electric dirt bike, reminiscent of models like the Sur Ron Light Bee or Talaria Sting, though slightly more street-looking with less of a focus on pure dirt.

While the patent doesn’t include performance specs or firm production plans, it’s the clearest signal yet that GM is at least experimenting with the idea of higher-powered two-wheeled EVs. And there is some precedent. GM previously dipped a toe into the micromobility waters with the Ariv electric bicycle project, and more recently partnered with Recon Power Bikes to release a Hummer-branded fat tire e-bike.

Both efforts showed that GM sees value in offering electric alternatives beyond the traditional four-wheel format, even if the Ariv program quietly ended after a short run.

gm ARĪV ebike
GM previously experimented with an in-house electric bicycle known as the ARĪV, though it was killed off soon after

Whether this patent leads to a full-fledged GM electric motorcycle remains to be seen. It’s entirely possible the design is a concept or technology demo with no intention of hitting the market. But there are other possibilities too. GM could develop a motorcycle under one of its existing sub-brands, create a new division specifically for electric powersports, or partner with an existing two-wheeler manufacturer to license or co-develop the platform.

The timing wouldn’t be far-fetched. Despite bumpy roads in the larger flagship electric motorcycle market, lightweight electric motorcycles are booming, with companies like Ryvid targeting urban riders looking for clean, compact alternatives to traditional gasoline-powered bikes.

At the same time, a growing number of younger consumers are bypassing car ownership entirely, instead looking toward e-bikes, scooters, and low-speed electric motorcycles for daily transport. A small, stylish, and affordable GM electric motorcycle could hit that sweet spot.

Of course, turning a patent drawing into a real-world vehicle is a big leap, and GM’s own e-bike history is a reminder that two-wheeled projects can be short-lived. Still, it’s hard to ignore the symbolism of this move: even one of America’s largest automakers is exploring what personal electric transportation looks like when you cut the vehicle in half. GM might not be ready to ditch its trucks, but it clearly hasn’t ruled out hopping on a bike.

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

Continue Reading

Politics

Signal trading ‘school’ and fake exchange rob investor of $860K: Lawsuit

Published

on

By

Signal trading ‘school’ and fake exchange rob investor of 0K: Lawsuit

Signal trading ‘school’ and fake exchange rob investor of 0K: Lawsuit

A Florida man says a Denver-based crypto trading school and a fake exchange tricked him into handing over $860,000 through phony trade signals.

Continue Reading

UK

‘Stability in Middle East is priority,’ says Starmer – as world reacts to strikes

Published

on

By

'Stability in Middle East is priority,' says Starmer - as world reacts to strikes

Sir Keir Starmer has said stability in the Middle East is “a priority” following US strikes on Iran’s nuclear facilities, as the world has reacted to the attack.

The prime minister also called on Iran to “return to the negotiating table” to “reach a diplomatic solution to end this crisis”.

Follow latest: Iran considering ‘all options’ after US strikes

Please use Chrome browser for a more accessible video player

US strikes on Iran explained

In a statement, Sir Keir said: “Iran’s nuclear programme is a grave threat to international security.

“Iran can never be allowed to develop a nuclear weapon, and the US has taken action to alleviate that threat.

“The situation in the Middle East remains volatile and stability in the region is a priority.

“We call on Iran to return to the negotiating table and reach a diplomatic solution to end this crisis.”

The UK was not involved in the strikes but was informed about them in advance by the US, Business Minister Jonathan Reynolds told Sky News’ Sunday Morning with Trevor Phillips.

Sir Keir and Foreign Secretary David Lammy had been pushing for a diplomatic solution. On Thursday, the prime minister warned of a “real risk of escalation” in the conflict.

Please use Chrome browser for a more accessible video player

Trump: Iran strikes ‘spectacular success’

The US struck three sites in Iran early on Sunday morning, with Donald Trump boasting the country’s key nuclear sites were “completely and fully obliterated” in an address to the nation from the White House and warned there could be further strikes if Iran retaliates.

Read more:
What we know so far about US strikes
What happens next is largely in Iran’s control

Please use Chrome browser for a more accessible video player

‘Trump’s bold decision will change history’

Netanyahu praises Trump

Israel‘s Prime Minister Benjamin Netanyahu praised Mr Trump for the strikes, saying: “Your bold decision to target Iran’s nuclear facilities with the awesome and righteous might of the United States will change history…

“History will record that President Trump acted to deny the world’s most dangerous regime the world’s most dangerous weapons.”

UN secretary-general ‘gravely alarmed’ by US attack

But UN secretary general Antonio Guterres said he was “gravely alarmed by the use of force” by the US against Iran.

“This is a dangerous escalation in a region already on the edge – and a direct threat to international peace and security. There is a growing risk that this conflict could rapidly get out of control – with catastrophic consequences for civilians, the region, and the world.”

Follow The World
Follow The World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

European Union foreign policy chief Kaja Kallas urged all sides to step back and return to the negotiating table. “Iran must not be allowed to develop a nuclear weapon,” she said in a post on X.

“I urge all sides to step back, return to the negotiating table and prevent further escalation,” she said, adding that EU foreign ministers will discuss the situation tomorrow.

Cuba's President Miguel Diaz-Canel. Pic: Reuters
Image:
Cuba’s President Miguel Diaz-Canel. Pic: Reuters

How the world reacted to the strikes

Cuba’s President Miguel Diaz-Canel said on X: “We strongly condemn the US bombing of Iran’s nuclear facilities, which constitutes a dangerous escalation of the conflict in the Middle East.

“The aggression seriously violates the UN Charter and international law and plunges humanity into a crisis with irreversible consequences.”

Venezuela’s foreign minister Yvan Gil said his country’s government “condemns US military aggression” and “demands an immediate cessation of hostilities”.

In a statement, an Australian government spokesperson said Iran’s nuclear and ballistic missile programme “has been a threat to international peace and security”.

Japan's Prime Minister Shigeru Isiba. Pic: Reuters
Image:
Japan’s Prime Minister Shigeru Isiba. Pic: Reuters

Japan’s Prime Minister Shigeru Ishiba said it is “crucial that there be a quick de-escalation of the conflict”.

Italy’s foreign minister Antonio Tajani said after the attack that his country’s government hopes “a de-escalation can begin and Iran can sit down at the negotiating table”.

The US attack came after more than a week of strikes by Israel, which have significantly degraded Iran’s air defences and offensive missile capabilities, and damaged its nuclear enrichment facilities.

Israel’s strikes on Iran have killed at least 865 people and wounded 3,396 others, according to the Washington-based group Human Rights Activists. The group said of those killed, 365 were civilians and 215 were security force personnel.

Continue Reading

Trending