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The Johan Sverdrup oil field in the North Sea

Carina Johansen | AFP | Getty Images

Goldman Sachs analysts slashed their oil price forecast by almost 10% on the back of whey they see as increasing supply and slower demand for crude.

According to a report released late Sunday, the investment bank lowered its Brent outlook for December to $86 a barrel, down from $95 a barrel. In the same report, Goldman also revised down its WTI forecast for December from $89 per barrel to $81.

The revised projection marks Goldman’s third downward revision in six months, and comes in spite of last week’s announcement that OPEC kingpin Saudi Arabia is cutting production by another million barrels per day, effective July. Overall, the oil cartel made no changes to its planned oil production cuts for the rest of the year.

“Significant supply beats from Iran and Russia have driven speculative positioning to near record-lows,” Goldman analysts led by the bank’s Global Head of Commodities Research Jeffrey Currie said in the research report.

Russia’s oil production has remained resilient even in the face of Western sanctions, with Deputy Energy Minister Pavel Sorokin in April ascertaining that Moscow’s oil production will remain stable until 2025, according to the Neftegazovaya Vertikal magazine.

Oil market is working against uncertainties, Saudi energy minister says

“After an initial sharp 1.5 million barrels per day drop, Russian supply has nearly fully recovered despite the decision by many companies to stop buying Russian barrels,” Goldman’s economists said.

The bank made upward revisions for oil supply forecasts coming from nations facing sanctions, with “2024 upgrades for Russia, Iran, and Venezuela of 0.4/0.35/0.05 mb/d, respectively.”

While reports of an interim nuclear deal between the U.S. and Iran have been described as false, market watchers have previously estimated that a successful agreement could see at least an additional million barrels a day in crude exports.

“Hope of a U.S.-Iran deal within grasp is one thing. But guarantee of a quick and unencumbered passage of such a complex, layered deal is quite another,” Mizuho’s Vishnu Varathan said in a daily research note.

Goldman is of the view that the additional cuts implemented by Saudi Arabia are unlikely to result in a price spike, even as the kingdom’s output will see a decline to 9 million barrels per day from around 10 million barrels in May.

“The extra Saudi cut and our expectation that OPEC+ will extend half of its April voluntary cut in 2024 will likely only partly offset these bearish shocks,” the report continued.

International benchmark Brent crude futures traded at $73.99 a barrel, down 1.07%, on Monday morning, while U.S. West Texas Intermediate futures stood at $69.43, dipping 1.05%.

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DHL picks Mercedes eSprinter as it expands its electric van fleet

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DHL picks Mercedes eSprinter as it expands its electric van fleet

DHL Express has more than 10,000 eSprinter vans in its global delivery fleet, but none of those have been deployed in North America – until now, that is! The company recently added 45 new Mercedes eSprinter panel vans, and they’ve got plans for plenty more!

While Mercedes offers its eSprinters with a promised 206 mile estimated range, DHL says it’s consistently seen them exceed 240 miles in stop-and-go delivery duty, making them the longest-range battery electric vehicles in DHL’s US fleet.

This extended capacity makes them ideally suited for urban logistics while expanding their potential use in longer delivery routes. The eSprinter vans also offer the same massive cargo capacity as their diesel-powered brothers, making them efficient last-mile delivery solutions that don’t compromise on payload or operational reliability.

And, of course, the eSprinter will do all of that without the noise, vibration, and harmful carbon emissions of diesel.

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“Electrifying our fleet is one of the most visible and impactful ways we are moving toward a more sustainable future,” explains Greg Hewitt, CEO of DHL Express, US. “The Mercedes-Benz eSprinter brings an extended range and proven cargo capabilities that allow us to serve our customers with zero emissions, while also advancing our global goal of more sustainable logistics. These vehicles not only strengthen our operations in major US cities but also set the stage for future electric fleet growth across the Americas.”

The 45 eSprinters will see deployment in Chicago, Indiana, and Pittsburg, and will act as a first step DHL’s global Sustainability Roadmap, which will see the company electrify 66% of its last-mile US delivery fleet (and some of its long-haul fleet operations) by 2030.

Electrek’s Take


DHL reaches 50 electric truck milestone with Orange EV, plans to double down
Orange EV; via DHL.

In addition to these 45 vans, DHL is electrifying its European and Asian delivery fleets, ramping up its sustainable aviation fuel use, and even exploring electric semis, eVTOL and hybrid aircraft deliveries, and more.

In short, they’re doing the right thing – or seem to be, anyway. Whether or not that commitment to decarbonization will win them more American customers remains to be seen.

SOURCE | IMAGES: DHL, via PR Newswire.


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Enphase debuts a new US off-grid solar and battery system

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Enphase debuts a new US off-grid solar and battery system

Enphase Energy just launched a new off-grid system that lets homeowners power their homes without a utility connection – even for extended periods. The California-based Enphase says the off-grid setup delivers a seamless way to live independently from the grid while still using solar, batteries, and a standby AC generator.

A full off-grid setup

The new system combines Enphase’s IQ Battery 5P with embedded grid-forming microinverters, IQ8 Series Microinverters with Sunlight JumpStart, and a third-party standby AC generator. The components work together to supply power to a home and automatically manage energy sources to maximize efficiency and reliability.

If the batteries are drained and the generator runs out of fuel, the Sunlight JumpStart feature can automatically recharge the batteries the next morning once the sun comes up.

The IQ Battery 5P delivers 3.84 kVA of power per 5 kWh of capacity, and systems can be scaled up to 40 kWh and 15.4 kVA. That’s enough power to start big household appliances like HVAC systems or water pumps. The IQ System Controller 3G provides the backbone, managing solar, batteries, and generator inputs to deliver up to 46 kVA of off-grid power.

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Smarter control and connectivity

Each system connects to the cloud through Enphase’s IQ Combiner 5C HDK, which bundles solar interconnection, communications, and metering into one box. For homes without reliable broadband, the built-in 4G LTE Cat 4 modem keeps the system online for monitoring, firmware updates, and remote support.

Homeowners can manage everything from the Enphase App – from solar generation and battery status to generator integration and load control.

Why it matters

As grid outages become more common and homeowners look for ways to gain energy independence, off-grid systems like this are becoming more appealing.

“With the launch of our off-grid solution, we are giving homeowners a reliable path to complete energy independence,” said Nitish Mathur, Enphase’s SVP of customer experience. Enphase says over 100 homes are already operating entirely off-grid using its technology. The company plans to expand availability beyond the US in 2026.

Read more: Battery boom: 5.6 GW of US energy storage added in Q2


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Global offshore wind surges ahead as Trump sinks US progress

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Global offshore wind surges ahead as Trump sinks US progress

Global offshore wind targets are still strong enough to triple global capacity by 2030, despite the US’s offshore wind stagnation under Trump. A new analysis from energy think tank Ember and the Global Offshore Wind Alliance (GOWA) shows that the rest of the world is charging forward, underscoring confidence in offshore wind as a cornerstone of future clean energy systems.

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