Saudi energy minister says latest Riyadh-Moscow oil cuts showed unity with Russia
Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud speaks during a panel discussion at the 10th Arab-China Business Conference in Riyadh, on June 11, 2023.
Fayez Nureldine | Afp | Getty Images
The latest round of voluntary crude oil output cuts evidence the cooperation between heavyweight producers and allies Russia and Saudi Arabia, the kingdom’s Energy Minister Prince Abdulaziz bin Salman said on Wednesday.
On Monday, Saudi Arabia said it would extend the 1-million-barrel-per-day production cut it had initially flagged for July into August, while Russia announced a 500,000 barrel-per-day decline in exports next month.
This adds to the just over 1.66 million-barrels-per-day of voluntary drops that some members of the Organization of the Petroleum Exporting Countries and its allies — known as OPEC+ — had first declared in April, then agreed to stretch until the end of 2024 during the coalition’s ministerial meeting of June.
Unlike alliance-wide OPEC+ policy decisions, voluntary production declines do not require unanimous approval and need not be implemented by all group members.
Addressing the latest Riyadh-Moscow drops agreed for August at an OPEC+ seminar in Vienna Wednesday, Prince Abdulaziz said: “In the last move this week, yes, we are all continuing with our voluntary cut, but again, part of what we have had done with our colleagues from Russia was also to mitigate the cynical side of spectators about what was going on with Saudi Arabia and Russia.”
Some questions had surfaced over the extent to which Russia will be honoring its voluntary crude production decline pledges, given ongoing opacity over its refinery consumption and seaborne exports — which are no longer accepted in Europe since December and have been rerouted to Asia. The Russian administration has suspended publishing official statistics for oil, natural gas and gas condensate production until April 2024, according to Russian state news agency Tass.
Implementing a cut on exports, rather than on output, will allow market participants who rely on independent third-party tracking data to verify the extent to which Russia stands by its commitments.
“It was a voluntary cut that was not imposed on them … including delivering, that they will do it from their exports, because it is more meaningful,” Abdulaziz said Wednesday.
In a previous June interview with CNBC’s Dan Murphy, the Saudi energy minister had said that OPEC+ can “absolutely” trust Russia.
“But I always like [the] President [Ronald] Reagan line, ‘Trust but verify,'” he said at the time, stressing the instrumental role of independent sources in assessing production. The OPEC+ group takes guidance from seven independent so-called secondary sources, when investigating the compliance of individual country members with their output commitments.
An OPEC+ delegate, who could only speak on condition of anonymity because of the sensitive nature of the discussions, told CNBC that OPEC+ relations between Moscow and Riyadh appeared good.
Brent prices have so far lingered just above the $75 per barrel threshold, drawing scant support from the voluntary decline announcements, amid a broader focus on demand and macroeconomic concerns over a potential global recession. Brent futures with September expiry were trading at $76.06 per barrel at 12:57 p.m. Vienna time, down 19 cents per barrel from the previous settlement price.
Abdulaziz stressed the producers’ alliance will continue to closely support the market.
“I will tweak what [former European Central Bank President Mario] Draghi was saying, we will do whatever is necessary. Not whatever it takes, whatever is necessary,” he said Wednesday.
With new models rolling out from General Motors, Porsche, Honda, and several others, US EV sales increased by over 10% in the first three months of 2025. Nearly 300,000 EVs were sold in the first quarter of 2025. These were the top-selling models.
New EVs drive US sales growth in Q1 2025
Electric vehicle sales showed mixed results in the first quarter. Although Tesla is the center of attention as it continues to lose market share, several new EV models made an impressive debut.
With over 30,000 EVs sold in the first quarter, more than double the number sold last year, GM surpassed Ford and Hyundai Motor, placing second behind Tesla. GM’s Chevy is now the fastest-growing EV brand in the US, with the new electric Equinox, Blazer, and Silverado arriving.
GM sold 10,329 Chevy Equinox, 6,187 Blazer, and another 2,383 Silverado EVs in Q1. Thanks to its partnership with GM, Honda had an impressive sales quarter, selling over 14,000 EVs, including its luxury Acura brand.
The Prologue SUV remained one of the top-sellers with 9,561 units sold in the first quarter, while the Acura ZDX added another 4,813.
According to Cox Automotive, Honda led EV sales growth for new entrants in Q1, followed by Acura, Jeep, and Dodge.
Jeep sold 2,595 Wagoneer S models during the quarter, its first electric SUV sold in the US. Dodge, another Stellantis-owned brand, sold 1,947 Charger EVs, or what it calls the world’s first electric muscle car.
Although Chevy’s Equinox EV made a statement in Q1, Ford’s Mustang Mach-E remained the top-selling non-Tesla with 11,607 models sold.
| Rank | EV model | Q1 2025 sales |
| 1 | Tesla Model Y | 64,051 |
| 2 | Tesla Model 3 | 52,520 |
| 3 | Ford Mustang Mach-E | 11,607 |
| 4 | Chevrolet Equinox EV | 10,329 |
| 5 | Honda Prologue | 9,561 |
| 6 | Hyundai IONIQ 5 | 8,611 |
| 7 | Volkswagen ID.4 | 7,663 |
| 8 | Ford F-150 Lightning | 7,187 |
| 9 | BMW i4 | 7,125 |
| 10 | Tesla Cybertruck | 6,406 |
After introducing the upgraded 2025 IONIQ 5 (which now has even more range and an NACS charging port), Hyundai sold 8,611 electric SUVs in Q1, an increase of 26% from last year.
Porsche had the highest EV sales volume growth after launching the electric Macan. With 3,339 units added, the Macan EV made up for Porsche Taycan sales falling 18% to just 1,019.
As Cox Automotive Analyst Stephanie Valdez Streaty noted, “The year certainly started strong, but the road ahead will be anything but smooth.”
Trump ending federal incentives and introducing new tariffs will “pose a monumental challenge for many automakers,” according to Valdez Streaty. Despite several new models arriving and significant incentives being offered (at least for now), the rest of 2025 “will likely be a volatile one for EV sales in the US.”
Ready to score some savings while they are still here? We can help you get started. You can use our links below to find deals on the top-selling EVs in your area.
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![Electric concrete pump truck can drive 30 miles, pump 65 cubic yards [video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/04/putzmeister_electric-pump.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
Based on a capable Volvo FM Electric 8×4 chassis, Putzmeister revealed one of the world’s largest all electric concrete pump trucks at the bauma equipment expo in Munich, Germany this week. The zero-emission concrete pumper can up to 50 km and pump approximately 50 cubic meters of concrete on a single charge.
50 km (a little over 30 miles) and 50 cubic meters (about 65 cubic yards) may not seem like impressive numbers, but consider this: a single cubic yard of concrete weighs a little over 4,000 lbs. (2 tons). A bit of simple math later, and you’ve got a quiet, vibration-free machine blasting (65 cu. yds ×4,100 lbs./yd = 266,500 lbs.) of construction material nearly 140 feet (42 meters) in the air.
That’s over 130 tons of construction material moved a really long way, and that’s (of course) without the use of diesel or gas.
“Volvo Trucks is the innovator when it comes to new technologies in combination with electric trucks. After presenting electric concrete mixers and heavy applications for mining, we are proud to show yet another world-class innovation for the construction segment here at bauma,” says Christoph Fitz, Head of Sales at Volvo Trucks in Germany. “With this electric pump truck, customers can have a zero-exhaust emission solution, low-noise operation and an efficient process thanks to the work-while-charging capacity.”
The Volvo FM Electric-based concrete pump is motivated by a pair of electric motors developing a continuous 330 kW (442 hp) of output through the company’s proprietary I-Shift gearbox. The truck’s four battery packs add up to 360 kWh of capacity, which can DC fast charge at speeds up to 250 kW or operate continuously (pumping even more material) with grid power or PU500 remote power connection.
Electrek’s Take
There will surely be a few nay-sayers who’ll try to cite the relatively short-sounding range of trucks like this, or the 100-ton Tadano mobile electric crane, but the range is typically more than enough to operate in urban environments and motivate the asset across even the largest job sites. Additionally, the ability to plug in to grid power and operate 24/7 makes all of that quieter, safer, cleaner … and moot.
SOURCES | IMAGES: Putzmeister; Volvo Trucks.
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes an analysis of how the Trump tariffs will affect e-bike pricing in the US, USB-C chargeable e-bikes launched by Ampler, Specialized e-bike recall, Juiced Bikes revived as a brand, kayak camping with the JackRabbit XG Pro, Walkcar’s new device that does the walking for you, and more.
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