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Oil prices are expected to increase in the second half of 2023, according to the International Energy Forum.

Christopher Furlong | Getty Images News | Getty Images

Oil prices are set to rise in the second half of the year as supply struggles to meet demand, according to the Secretary General of the International Energy Forum. 

Oil demand bounced back to pre-Covid levels quickly, “but supply is having a tougher time in catching up,” said Joseph McMonigle, secretary general of the International Energy Forum, adding that the only factor moderating prices right now is the fear of a looming recession. 

“So, for the second half of this year, we’re going to have serious problems with supply keeping up, and as a result, you’re going to see prices respond to that,” McMonigle told CNBC on the sidelines of a meeting of energy ministers from the group of the 20 leading industrial economies (G20) in Goa, India, on Saturday. 

McMonigle attributes the push in oil prices to increasing demand from China — the world’s largest importer of crude oil — and India. 

“India and China combined will make up 2 million barrels a day of demand pick-up in the second half of this year,” the Secretary General said. 

Asked if oil prices could once again spike to $100 a barrel, he noted that prices are already at $80 per barrel and could potentially go higher from here. 

“We’re going to see much more steep decreases in inventory, which will be a signal to the market that demand is definitely picking up. So you’re going to see prices respond to that,” McMonigle said. 

However, McMonigle is confident that the Organization of the Petroleum Exporting Countries and its allies — collectively known as OPEC+ — will take action and increase supply, if the world eventually succumbs to a “big supply-demand imbalance.”

“They’re being very careful on demand. They want to see evidence that demand is picking up, and will be responsive to changes in the market.” 

 Brent crude futures with September expiry last settled at $81.07 per barrel on the Friday close, while West Texas Intermediate crude with September delivery ended the trading day at $76.83. 

No room for complacency 

McMonigle also spoke about the liquified natural gas market, crediting the stability in Europe’s energy market to a warmer-than-expected winter in 2022. 

“The weather was probably the luckiest thing to have happened,” he said, but warned that “it’s not just this winter, [but] the next couple of winters” that could be rocky.

Global policymakers cannot turn complacent just because LNG prices have fallen, and more investment in renewable energy is needed to ensure the lights continue to stay on, he said.

The LNG-fueled container ship “Containerships Borealis” of the shipping company Borealis moored in the port at HHLA’s Burchardkai terminal.

Picture Alliance | Picture Alliance | Getty Images

Once “whispered” about, energy security has now become the main focus of summits such as the G20, McMonigle signaled.

“We definitely have to keep pursuing the energy transition, and all options have to be on the table,” he highlighted, adding that prices and volatility in the energy markets has to be closely watched. 

“I’m worried that if the public starts to connect high prices and volatility in energy markets to climate policies or the energy transition, we’re going to lose public support,” he said. 

“We’re going to be asking the public to do a lot of difficult and challenging things in order to enable the energy transition. We need to keep them on board.”

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JackRabbit’s new solar charging kit keeps your e-bike topped up from the sun

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JackRabbit's new solar charging kit keeps your e-bike topped up from the sun

JackRabbit, the maker of pint-sized electric microbikes, is back with a new product designed to quickly recharge their batteries from pure, uncut photons mainlined into an e-bike directly from the sun. In true independent charging form, the Solar Charging Kit from JackRabbit keeps riders rolling even when there’s not a convenient AC outlet in sight.

Unveiled this week, the Solar Charging Kit consists of a single folding solar panel and a tiny voltage converter that is configured to output 42.0V, which is the exact voltage required by JackRabbit’s little e-bike batteries. There’s also an added USB-A and a USB-C charging port for powering other devices in addition to charging JackRabbit batteries.

“This Solar Charging Kit plugs directly into your bike,” explained the company, “letting you recharge without needing an outlet, but with a speed comparable to the charger that comes with the OG/OG2 (42V, 2A).”

That would mean the panel outputs around 80W of solar power, which the company says can recharge its batteries in just three hours. That fairly quick recharging speed is helped by the fact that JackRabbit’s batteries are a mere 151 Wh, or around a third of the size of most e-bike batteries.

If that sounds small, then you’re right – it is. But JackRabbit is all about going micro, offering barely 25 lb rideables that are easy to store and bring on adventures, even when they aren’t actually being ridden.

With small batteries that fit under the 160Wh limit for many airlines in the US, the batteries can be quickly charged and taken to the widest number of locations. And for riders that want to go further than a single 10-mile (16-km) battery will allow, extra batteries are small enough to fit a pants pocket. The company also offers much larger Rangebuster batteries, though they won’t pass by TSA and make it onto an airplane in your personal item.

It sounds like the Solar Chargking Kit should be able to charge up JackRabbit’s large RangeBuster batteries, though likely in more than three hours.

The $349 Solar Charging Kit is a bit pricier than building something similar yourself, but it’s also safer and more convenient than hacking together your own battery charger since it’s designed to work with JackRabbit’s batteries right out of the box.

Technically it’s only inteded for JackRabbit’s micro e-bikes (themselves technically seated scooters, even if they look and feel more like a typical bike), but it’d probably work for just about any 36V e-bike that requires 42.0V to charge.

This isn’t the first time we’ve seen solar charging kits for electric bikes, and it’s a trend that is certainly appreciated by outdoors and camping enthusiasts, festival goers, or anyone who finds themself and their bike spending extended periods in the great, sunny outdoors.

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Polestar hopes to steal Tesla sales, CATL revenue dips, and feeding the orcas

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Polestar hopes to steal Tesla sales, CATL revenue dips, and feeding the orcas

On today’s episode of Quick Charge, Polestar hopes to steal customers from Tesla now that Elon is involved in politics, CATL revenue dips for the first time ever, and a whole new way to feed the orcas drops down under.

As above, Polestar is hoping Elon’s descent into politics spells opportunity for the struggling Swedish/Chinese performance brand, CATL has big news in Europe, and Scooter Doll shows off a new electric submarine that’s so expensive, they won’t even tell us the price.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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Solar overtakes coal in the EU, and gas declines for 5th year running

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Solar overtakes coal in the EU, and gas declines for 5th year running

Solar generated 11% of EU electricity in 2024, overtaking coal which fell below 10% for the first time, according to the European Electricity Review published today by think tank Ember.

EU gas generation declined for the fifth year in a row, and total fossil generation fell to a historic low.

“Fossil fuels are losing their grip on EU energy,” said Dr Chris Rosslowe, senior analyst and lead author of the report. “At the start of the European Green Deal in 2019, few thought the EU’s energy transition could be where it is today; wind and solar are pushing coal to the margins and forcing gas into structural decline.”

The European Electricity Review published today by global energy think tank Ember provides the first comprehensive overview of the EU power system in 2024. It analyzes full-year electricity generation and demand data for 2024 in all EU-27 countries to understand the region’s progress in transitioning from fossil fuels to clean electricity.

Wind and solar continue their meteoric rise in the EU

The EU power sector is undergoing a deep transformation spurred on by the European Green Deal. Solar generation (11%) overtook coal (10%) for the first time in 2024, as wind (17%) generated more electricity than gas (16%) for the second year in a row.

Strong solar growth, combined with a recovery of hydropower, pushed the share of renewables to nearly half of EU power generation (47%). Fossil fuels generated 29% of the EU’s electricity in 2024. In 2019, before the Green Deal, fossil fuels provided 39% of EU electricity, while renewables provided 34%.

Solar is growing in every EU country and more than half now have either no coal power or a share below 5% in their power mix. Coal has fallen from being the EU’s third-largest power source in 2019 to the sixth-largest in 2024, bringing the end into sight for the dirtiest fossil fuel. EU gas generation also declined for the fifth year in a row (-6%) despite a very small rebound in power demand (+1%). 

The EU is reaping the benefits of reduced fossil fuel dependency

The surge in wind and solar generation has reduced the EU’s reliance on imported fossil fuels and its exposure to volatile prices since the energy crisis. Ember’s analysis found that without new wind and solar capacity added over the last five years, the EU would have imported an additional 92 billion cubic meters of fossil gas and 55 million tonnes of coal, costing €59 billion. 

“While the EU’s electricity transition has moved faster than anyone expected in the last five years, further progress cannot be taken for granted,” continued Rosslowe. “Delivery needs to be accelerated particularly in the wind sector, which has faced unique challenges and a widening delivery gap. Between now and 2030, annual wind additions need to more than double compared to 2024 levels. However, the achievements of the past five years should instil confidence that, with continued drive and commitment, challenges can be overcome and a more secure energy future be achieved.” 

Walburga Hemetsberger, CEO of SolarPower Europe said: “This milestone is about more than just climate action; it is a cornerstone of European energy security and industrial competitiveness. Renewables are steadily pushing fossil fuels to the margins, with solar leading the way. We now need more flexibility to kick-in, making sure the energy system is adapting to new realities: more storage and more smart electrification in heating, transport and industries.”

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


If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you 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 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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