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.”
“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.
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“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.
President Trump has nominated Jonathan Morrison to lead the National Highway Traffic Safety Administration (NHTSA). Morrison has previously criticized and tussled with Tesla in his previous role at NHTSA.
Morrison is now Trump’s nominee to head the National Highway Traffic Safety Administration, which is in charge of regulating the auto industry in the US.
The attorney was the agency’s Chief Counsel during Trump’s first term, and he had a few disputes with Tesla during that time.
The lawyers also subpoenaed Tesla to get data about a specific crash in 2019.
Next week, Morrison is expected to have his confirmation hearing in the Senate and could take up his role shortly after.
The nomination is significant in the context of the current feud between Tesla CEO Elon Musk and President Trump.
Musk has been criticizing Trump and his allies over their recently passed budget and tax bill, which is expected to significantly increase the federal government’s debt and eliminate virtually all subsidies to electric vehicles and renewable energy, potentially harming Tesla.
Trump has warned Musk that he could go directly after his companies and NHTSA would be the top vehicle for that when it comes to Tesla.
Most NHTSA probes into Tesla have resulted in slaps on the wrist at best, but this FSD probe involves several fatal crashes, and even though it started under the Biden administration, it could potentially ramp up under Trump, especially amid his feud with Musk.
On the one hand, it’s disheartening to see the US reach this point, where feuds between billionaires and elected officials are settled through regulatory agencies. Still, at the same time, Musk did buy the election for Trump, so he created this situation in the first place, and there are serious concerns about how safe FSD is.
At the very least, I would hope that NHTSA will start to force Tesla to release all its FSD crash and disengagement data.
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You might remember the GEM as a quirky little electric microcar that’s been cruising through campuses, resorts, and planned communities for years. But now, it’s taking on a more serious job – saving lives. Waev Inc., the maker behind the long-running GEM electric vehicle line, has just unveiled the GEM Ambulance, a purpose-built, all-electric, street-legal low-speed vehicle (LSV) designed specifically for emergency medical services.
While it might not replace a full-size ambulance on high-speed highways, this new electric responder is tailor-made for the dense environments where conventional ambulances often struggle: college campuses, sporting events, entertainment venues, airports, and more. With a top speed of 25 mph, it’s built for maneuverability, safety, and zero-emission performance in pedestrian-heavy areas.
“The GEM Ambulance fills a critical gap in medical response – delivering the ideal balance of agility and safety EMS teams need in crowded settings,” said Byron Dudley, Vice President at Waev Inc.
The new GEM Ambulance is built on the same proven electric platform that has powered GEM vehicles for over 25 years. It’s a highly refined LSV that combines practical engineering with professional-grade EMS functionality. In partnership with emergency equipment supplier QTAC, Waev integrated a skid-mounted EMS system that includes secure patient transport, attendant seating, optional oxygen and IV mounts, and rugged PolyTough™ construction designed to handle demanding conditions.
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Unlike golf carts or UTV-based setups that have been DIYed into emergency vehicles, the GEM Ambulance offers a more stable, comfortable, and professional platform. The EMS skid is positioned between the wheels for better weight distribution, and the vehicle’s low deck height and rear step-up provide easy access for patients and personnel alike.
The GEM Ambulance doesn’t skimp on emergency essentials either. It’s equipped with a 360-degree red emergency lighting system, an SAE Class 1-compliant siren with multiple sound patterns, a public address system, turn signals, LED headlights and taillights, and even a pedestrian noise emitter for quiet zones. A backup camera and full 360° sightlines give drivers added confidence when navigating tight environments.
And since it’s 100% electric, there’s no tailpipe emissions to worry about when operating indoors or in crowded spaces. Maintenance is minimal thanks to GEM’s maintenance-free batteries, regenerative braking, and corrosion-resistant aluminum frame. There’s even a seven-year warranty on the lithium-ion battery option.
The biggest surprise might be the price. According to Waev, the GEM Ambulance can cost up to 80% less than a traditional ambulance and 50% less than electric trucks or UTV-based alternatives. Plus, with operating costs of just $0.03 per mile, it promises long-term savings with no fuel, no fluids, and no downtime from engine servicing.
With applications ranging from college campuses and amusement parks to military installations and warehouse sites, the GEM Ambulance could be a game-changer for localized EMS response. It’s available now through GEM’s nationwide dealer network and can also be purchased through government contracts like Sourcewell, Texas BuyBoard, and GSA procurement channels.
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The Kia EV5 is officially heading to North America in early 2026, paving the way for a potential US launch. If so, it could go head-to-head with the Tesla Model Y.
Is Kia launching the EV5 in the US?
On Tuesday, Kia unveiled the new EV5, a global version of its electric SUV that has been sold in China since 2023.
Starting at around $20,000 (149,800 yuan), the EV5 is leading Kia’s comeback in China. It’s also a top-selling EV in Australia, where it’s exported from Kia’s Chinese joint venture, Yueda Kia.
The global version will be made in Korea with a few slight upgrades. For one, it’s powered by an 81.4 kWh nickel-manganese-cobalt (NMC) battery pack, rather than the BYD LFP Blade battery used in the version sold in China.
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In Europe, the EV5 will be initially available in two variants: a baseline model and a GT-Line model. Both are powered by front-wheel drive (FWD) with up to 215 hp (160 kW) and 218 lb-ft (295 Nm) of torque.
Kia EV5 baseline trim (Source: Kia)
The global version is 4,610 mm long, 1,875 mm wide, and 1,675 mm tall, or a bit smaller than the Tesla Model Y. It’s about the size of the Hyundai IONIQ 5.
Inside, you’ll find a setup similar to the EV9 and EV3, featuring Kia’s new ccNC (connected car Navigation Cockpit) infotainment system. The setup features a 12.3″ instrument cluster and a 12.3″ infotainment display in a panoramic format. There’s also an added 5.3″ climate control screen.
Kia EV5 GT-Line interior (Source: Kia)
During the launch event, Kia said the “rollout begins” in Korea and Europe in the second half of 2025, adding North American sales will start in early 2026.
Does that include the US? I wouldn’t get my hopes up. In January, Kia announced the EV5 will be “exclusive to the Canadian market in North America.” It will begin arriving at dealerships in 2026.
Kia EV5 GT-Line (Source: Kia)
However, it might make sense. The EV5 for North America will have a built-in NACS port, unlocking access to Tesla Superchargers. It will be available in both AWD and FWD powertrains. Two battery sizes will be offered, 60.3 kWh and 81.4 kWh, offering a range of up to 310 miles (500 km).
Kia EV5 GT-Line interior (Source: Kia)
With sales of the EV6 and EV9 slipping nearly 50% each through the first half of the year in the US, the EV5 could complement the two.
Electrek’s Take
Although it’s still unlikely, the EV5 could serve as a potential electric alternative to the Sportage, Kia’s top-selling vehicle in the US.
Through June, Kia has sold over 87,000 Sportage models in the US. In comparison, it’s only sold 4,938 EV9s and 5,875 EV6 models.
Kia is launching the EV4, its first electric sedan, in the US early next year. However, a smaller compact electric SUV may be an even better fit.
It already builds the EV9 and EV6 in Georgia, so it could produce the EV5 in the US to avoid extra tariff costs. Or, it could even potentially be built at Hyundai’s new EV plant in Georgia. However, nothing is confirmed.
Would you buy the Kia EV5 in the US? Prices would likely start at around $50,000. Drop us a comment below and let us know your thoughts.
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