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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.

Oil market will start tightening, Energy Aspects' Amrita Sen says

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.

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CATL unveils new EV battery that charges as fast as pumping gas

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CATL unveils new EV battery that charges as fast as pumping gas

China’s Contemporary Amperex Technology Co., Limited (CATL) has unveiled its latest battery cell technologies, which charge as quickly as filling up a gas tank while potentially lowering costs without compromise.

CATL has quickly become the world’s largest battery manufacturer by a wide margin. It is one of, if not the biggest, force for advancing electric transportation.

A big part of CATL’s success is due to its advancements in lithium-iron phosphate battery cells, also known as LFP. LFP cells are cheaper than nickel-rich batteries, but they used to have much lower energy density.

The Chinese battery manufacturers managed to close the gap somewhat while maintaining lower costs, resulting in LFP cells becoming popular for entry-level EVs.

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Now, CATL is looking to do the same with sodium-ion batteries.

Like LFP cells, sodium-ion battery cells have the potential to be cheaper than more common Li-ion cells, but they also offer potential for superior performance, particularly in terms of faster charging and longer lifecycles.

CATL has unveiled today Naxtra, its new sodium-ion battery cells, and it claimed some truly impressive specs.

The new cell reportedly achieves an energy density of 175 Wh per kg (385 Wh per lb), on par with the higher-end of LFP battery cells.

The new cells also offer potential for significant safety improvements.

CATL shared several intense stress tests, including drilling into a cell and even cutting it in half without any thermal event:

The next-gen sodium cells could help further lower the cost of electric vehicles without compromising performance, and while increasing safety.

On top of the new Naxtra cell, CATL has also unveiled its next-gen Shenxing LFP battery cells.

Its charge rate is truly impressive. CATL shared several examples of cars charging at around 1,000 kW and maintaining over 500 kW at over 50% state of charge:

The new cell is being described as capable of adding 300 miles (482 km) of range in about 5 minutes – depending on the EV model.

That’s virtually as quick as filling up a tank of gas.

CATL says that the Shenxing will be in 67 electric vehicle models by the end of the year.

The next-gen cell was unveiled after BYD, CATL’s biggest competitor, also unveiled its latest technology, capable of charging electric vehicles at extremely high speeds.

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New York adds $30 million more to its EV rebate pot

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New York adds  million more to its EV rebate pot

New York State has announced an extra $30 million for point-of-sale rebates to lease or buy more than 60 new EV models.

The rebates are available to consumers through New York’s Drive Clean Rebate program, which offers a point-of-sale rebate off the manufacturer’s suggested retail price (MSRP) of an EV at participating car dealerships in New York State.

The rebate is available in all 62 counties, with the highest rebate of $2,000 available for EVs with a greater-than-200-mile range. (For a 40- to 199-mile range, the rebate is $1,000.) The New York State Energy Research and Development Authority (NYSERDA) runs the program.

NYSERDA President and CEO Doreen M. Harris said, “Converting to EVs reduces the total cost of vehicle ownership through lower fuel and vehicle maintenance costs, and NYSERDA is proud to help provide New Yorkers with more purchasing power through these rebates.”

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The Drive Clean Rebate program has issued over 190,000 rebates to consumers since 2017, contributing to the more than 280,000 EVs on the road in New York State. 

NYSERDA also boosted its EV charging incentives. Through the Charge Ready NY 2.0 program, the state is boosting the cash available for Level 2 charger installations at apartment buildings, workplaces, and hotels from $2,000 to $3,000 per port. And if the chargers go into disadvantaged communities, that amount jumps to $4,000 per port.

New York has racked up over 17,000 public EV chargers, making it second only to California for charger count. On top of that, there are more than 4,000 semi-public stations tucked into workplaces and multifamily buildings across the state.

Read more: New York awards $60M to Revel to install 267 DC fast chargers


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ArcBest Freight and logistics company deploys 14 electric terminal tractors

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ArcBest Freight and logistics company deploys 14 electric terminal tractors

LTL carrier ArcBest Freight (ABF) announced plans to add five new Orange EV electric terminal tractors to its existing ZEV fleet, bringing its total deployment of these battery electric HDEVs to 14 … with even more to come.

LTL stands for “Less than Truck Load,” and basically means that, since whatever you’re shipping won’t take up a full container, you can share the costs of shipping with other customers with goods going the same way. You save a little more money and the shipper makes a little more money, making it a rare win-win scenario in the shipping space. And that’s important, because LTL containers amount to a massive 15% of total US shipping.

ABF has been putting Orange EV yard dogs to work in their LTL traffic terminals since their initial deployment of four trucks in June 2022. The company added five more a few years later, and just purchased five more — further underscoring their confidence in the benefits of transitioning their fleet to electric power.

“The Orange EV terminal trucks meet our operational requirements and expectations for safe, reliable, and affordable service and performance,” explains Matthew Godfrey, ABF Freight president. “We’re committed to responsible environmental management, and our investment in EVs aligns with our continuous efforts to enhance efficiency while maintaining exceptional service standards.”

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ABF joins other large logistics companies like YMX and DHL in deploying the Orange EV terminal trucks, which have logged hundreds of thousands of hours of service for their customers.

Electrek’s Take

Over at The Heavy Equipment Podcast, we had a chance to talk to Orange EV founder Kurt Neutgens ahead of last year’s ACT Expo for clean trucking. On the show (embedded, above), Kurt explained how his experience at Ford helped inform his design ideology, and that the Orange EV was designed to be cost competitive with diesel options, even without subsidies.

Give it a listen, then let us know what you think of the big yard dogs in the comments.

SOURCE | IMAGES: Orange EV; via PR Newswire.

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