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Oil rigs on platforms in Gaoyu Lake in east China’s Jiangsu province Friday, Sept. 17, 2021.

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Oil and gas will continue to be leading sources of energy for decades to come on the back of a lagging energy transition, major industry players said at the Energy Asia conference held in Malaysia’s capital Kuala Lumpur this week.

“We think the biggest realization that should come out of this conference … is oil and gas are needed for decades to come,” said John Hess, CEO of U.S. oil company Hess Corporation.

“Energy transition is going to take a lot longer, it’s going to cost a lot more money and need new technologies that don’t even exist today,” he continued.

When it comes to clean energy, the world needs to invest $4 trillion a year — and it’s nowhere close, Hess said.

According to the International Energy Agency, global investment in clean energy is set to rise to $1.7 trillion in 2023.

The demand projections for [India] are such that we are forced to put up new refineries.

A.S. Sahney

Executive Director of Indian Oil Corporation

Hess said oil and gas are key to the world’s economic competitiveness, as well as an affordable and secure energy transition.

The oil market will be more constructive in the second half of the year, with production going up to 1.2 million barrels a day in 2027, he predicted. He noted that the biggest challenge the world has is the underinvestment in the industry.

“The world is facing a structural deficit in energy supply, in oil and gas, in clean energy,” he said.

Likewise, at the the conference’s opening address, OPEC’s Secretary General projected global oil demand will rise to 110 million barrels a day by 2045. The growth comes on the back of rapid urbanization over the next few years, Haitham Al Ghais said.

John Hess, chief executive officer of Hess Corp., speaks during the Energy Asia Summit, in Kuala Lumpur, Malaysia.

Bloomberg | Bloomberg | Getty Images

In an e-mail exchange Tuesday, the largest U.S. oil producer ExxonMobil reiterated the same.

The company expects oil to remain the largest primary source of energy for at least two more decades given its vital place in the commercial transportation and chemical industry.

“Liquids are projected to remain the world’s leading energy source in 2050, even as demand growth slows beyond 2025,” Erin McGrath, ExxonMobil’s public and government affairs senior advisor, told CNBC.

“Overall, demand for liquids is expected to rise by about 15 million barrels per day by 2050. Almost all the growth will come from the emerging markets of Asia, Africa, the Middle East and Latin America.”

Main drivers?

Asia will continue to spur the demand for oil and gas, as the region’s growth is set to overtake the U.S. and Europe by the end of the year.

“This is the region where the growth in energy demand will be, and more to come,” S&P Global’s Vice Chairman Dan Yergin said at the energy conference. He said Southeast Asia’s population alone is 50% greater than the European Union’s.

Growth in LNG markets last year were driven by China, India, Korea, Japan and Vietnam, the chairman of French petroleum energy company TotalEnergies said.

“The demand is in Asia. The demand is here, you have 5 billion people moving population, [asking] for a better way of life. And so this is where we must look to the future,” said Patrick Pouyanne, CEO of TotalEnergies.

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Likewise for oil, one of India’s largest oil companies has increased refining capacities.

“We are probably one of the few companies, one of the few countries who are going to increase refining capacities in the next three to four years by 20%,” said A.S. Sahney from Indian Oil Corporation at a separate panel discussion.

“That shows our belief in [the] continuance of fuel,” the executive director said, acknowledging that energy transition is here to stay.

“But at the same time, the demand projections for the country are such that we are forced to put up new refineries,” he continued.

According to the IEA, India is expected to see the largest increase in energy demand of any country —demand is forecast to rise more than 3% when it becomes the world’s most populous country by 2025.

Saudi Arabia’s state-owned oil giant Aramco is also banking on hopes that China and India will drive oil demand growth of more than 2 million barrels per day, at least for the rest of this year.

Once the broader global economy starts to recover, the industry’s supply demand balances could tighten, said CEO Amin Nasser during his speech at the summit.

Oil demand an ‘ancient story’

Commodities trading firm Vitol is less bullish, predicting that demand for crude will peak in 2030 — two years later than the IEA’s forecast.

“We got it peaking in about 2030 and a gradual decline out to 2040 … And then [a] rapid decline thereafter as the EV fleet and energy transition takes over,” Vitol CEO, Russell Hardy, said during a panel discussion.

While the industry faces good fundamentals in the next few months, Russia’s continued oil production and sputtering Chinese growth complicate forecasts of where prices will go.

Read more about energy from CNBC Pro

“The supply side is slightly overblown, particularly [in] Russia where there were quite a lot of expectations for production loss as a result of the difficulty of getting oil to market because of the sanctions,” Hardy said.

“Because of the global economic malaise at the moment, Chinese recovery is stalling a little bit,” he continued, pointing out that China’s demand for oil has not been as strong as expected.

He observed that Europe and the U.S. have one and a half million barrels a day less demand today compared to 2019 as more consumers are pushed toward renewable sources in Europe and Asia.

“So the demand is an ancient story.”

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Rivian (RIVN) plans to roll out hands-free driving this year, eyes-free system in 2026

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Rivian (RIVN) plans to roll out hands-free driving this year, eyes-free system in 2026

Rivian (RIVN) plans to launch a new Advanced Driver Assistance System (ADAS) this year to enable hands-free driving. The new feature is expected to be similar to Tesla’s Full-Self Driving (FSD). In 2026, Rivian will up the ante with an “eyes-free” system.

Rivian plans hands-free driving in 2025, eyes-free in 2026

At the new Rivian Space opening in San Francisco on Thursday, CEO RJ Scaringe revealed a few exciting developments to look forward to.

According to the folks at RivianForums, Scaringe said during the event that the company plans to launch a hands-free ADAS feature in 2025. Next year, Rivian will follow it up with an “eyes-free” system.

The big question is, will current Rivian R1S and R1T owners gain access? It could depend on whether you drive a Gen 1 or Gen 2 model. All Rivian models built through 2024 are considered Gen 1, while models 2025 and newer are Gen 2.

Rivian introduced the second-generation R1S and R1T last summer. They were “completely reengineered” with hundreds of hardware improvements, fully redesigned software, and more.

The upgrades include its new in-house autonomy system, Rivian Autonomy Platform. It’s powered by 11 cameras, five radars, and predictive AI.

Rivian-hands-free-driving
Rivian R1T (left) and R1S (right) electric vehicles (Source: Rivian)

Rivian said the new platform is “10 times more powerful” than the old system. It also features 360-degree visibility with 8X the number of camera pixels than the previous models. Gen 2 models already include features like Blind Spot Monitoring and Highway Assist.

With the premium version, drivers gain access to Lane Change, while Rivian said Enhanced Highway Assist and other features were coming soon.

Rivian-hands-free-driving
Rivian R2 electric SUV (Source: Rivian)

Although all Rivian R1S and R1T EVs include OTA updates, some features may require additional hardware or software not included on Gen 1 models.

Rivian hands-free and attention-free autonomous highway driving will be available on the upcoming R2 model. The smaller electric SUV is due out in the first half of 2026, starting at around $45,000.

Electrek’s Take

As a Tesla Model 3 driver, I can tell you that Full-Self Driving (FSD) is fun and can be helpful at times. I’ve used it on longer trips, like through the Blue Ridge Mountains, and it makes driving or sitting in the car a little more enjoyable.

Although the system still requires you to pay attention, it enables the vehicle to drive itself almost anywhere with “minimal driver intervention.”

The new Actually Smart Summon feature is one of my favorites. Through the Tesla app, you can summon your vehicle to come to you in a parking lot. The vehicle will then move around other cars, people, and objects to find you.

Other functions, like Navigate on Autopilot, will take over while the vehicle is on the highway, changing lanes (with turn signals) and braking or accelerating as needed.

For Rivian owners, it would be like an upgraded system from Highway and Lane Change Assist. The “eyes-free” system coming next year will likely have a few regulatory hurdles to pass before it rolls out, so it should be interesting to see what that will consist of. Check back for more info soon. We’ll keep you updated with the latest.

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The world’s largest solar + storage project will deliver power 24/7

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The world's largest solar + storage project will deliver power 24/7

The United Arab Emirates is building the world’s largest solar and battery storage project that will dispatch clean energy 24/7.

Emirati Renewable energy company Masdar (Abu Dhabi Future Energy Company) and Emirates Water and Electricity Company (EWEC) are developing the trailblazing solar and battery storage project. Once it’s online, will become the largest combined solar and battery energy storage system (BESS) in the world.

Located in Abu Dhabi, the project will feature a 5.2 GW solar PV plant coupled with a 19 gigawatt-hour (GWh) BESS.

His Excellency Dr. Sultan Al Jaber, minister of industry and advanced technology and chairman of Masdar, said:

For decades, the biggest barrier facing renewable energy has been intermittency – to be able to source uninterrupted clean power day and night.

In collaboration with EWEC and our partners, we will develop a renewable energy facility capable of providing clean energy round the clock.

For the first time ever, this will transform renewable energy into a world-leading 1 GW of reliable baseload energy every day on an unprecedented scale – a first step that could become a giant leap for the world.

Masdar announced China’s JA Solar and Jinko Solar, two of the world’s largest solar panel suppliers, and Chinese battery and BESS giant CATL as preferred suppliers. JA Solar and Jinko Solar will supply 2.6 GW of solar panels each. India’s Larsen & Toubro and POWERCHINA have been selected as preferred engineering, procurement, and construction contractors.

Masdar says the project will create 10,000 jobs and doesn’t yet indicate a projected completion date.

Read more: China installed a record capacity of solar and wind in 2024 – in numbers


To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Trump signs executive order promoting crypto, paving way for digital asset stockpile

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Trump signs executive order promoting crypto, paving way for digital asset stockpile

U.S. President Donald Trump holds a signed executive order on cryptocurrencies in the Oval Office of the White House in Washington on Jan. 23, 2025.

Kevin Lamarque | Reuters

President Donald Trump signed an executive order on Thursday to promote the advancement of cryptocurrencies in the U.S. and to work toward potentially developing a national digital asset stockpile.

Venture capitalist David Sacks, who Trump tapped as his crypto and artificial intelligence czar, joined Trump in the Oval Office for the signing of the order.

“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the order states.

Trump, who was a crypto critic in his first administration, changed his tune on the campaign trail and attracted hefty contributions from the industry after a tumultuous four years under then-President Joe Biden. Crypto investors, companies and executives accounted for almost half of corporate donations in the 2024 election cycle, with some contributing tens of millions of dollars to help Trump win a second term in office.

Most of the order focuses on establishing technology and rules around crypto and its development in the U.S. One of the critical pieces is the creation of a working group to consider a national digital asset stockpile, “potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement effort.”

Historically, the U.S. Marshals Service has auctioned off seized bitcoin, along with other cryptocurrencies such as ether and litecoin. Trump promised on the campaign trail that if he returned to the White House, he would ensure the federal government never sells off its bitcoin holdings, though Thursday’s order does not mention bitcoin.

“If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” he said in July in a keynote at the Bitcoin Conference in Nashville, Tennessee.

The order goes on to outline other key priorities for the digital asset industry, including protecting individuals and private sector companies that use blockchain networks from “persecution.” The document spells out certain protections for developers and miners, noting that they should be able to freely “develop and deploy software” as well as “participate in mining and validating,” a nod to the technicians securing the bitcoin network.

The president has also pledged to defend the rights of those who choose to self-custody their digital assets. That means they do not rely on a centralized entity such as Coinbase to hold their tokens and instead use personal crypto wallets, which are sometimes outside the reach of the Internal Revenue Service. 

The order emphasizes promoting the sovereignty of the U.S. dollar by supporting the growth of legitimate, dollar-backed stablecoins globally.

Bitcoin surges past $100,000 as Trump reportedly plans to unveil new crypto policies

Since his victory in November, Trump has focused on appointing government leaders who support the cryptocurrency sector.

Paul Atkins has been nominated to chair the Securities and Exchange Commission. Atkins, a former SEC commissioner, is known for advocating market-friendly policies and opposing heavy-handed regulation. If confirmed, he will succeed Gary Gensler, whose aggressive enforcement of crypto regulations made him a divisive figure in the industry.

Earlier this week, the SEC announced the formation of a new “crypto task force,” to be led by Commissioner Hester Peirce. Dubbed “Crypto Mom” for her outspoken support of digital currencies, Peirce has long championed a regulatory framework that fosters innovation rather than hindering it.

Scott Bessent, a pro-crypto hedge fund manager, is Trump’s pick to lead the Treasury Department. Bessent attended the Crypto Ball on Friday in Washington, an event that brought together lawmakers, cabinet appointees and industry leaders and underscored the administration’s plan to make the U.S. a global leader in digital asset innovation.

Sacks told the crowd at the packed Mellon Auditorium on Friday night that “the war on crypto is over.”

“This is just the beginning of America reclaiming its position as the world’s innovation leader,” Sacks said.

Don’t miss these cryptocurrency insights from CNBC Pro:

Trump's latest round of executive orders; crypto work group and national digital asset stockpile

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