Saudi energy minister says oil supply cuts are not about ‘jacking up prices,’ as Brent hovers at $95 a barrel
Prince Abdulaziz bin Salman at the World Petroleum Congress in Calgary, Canada, on Sept. 18, 2023.
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Saudi Arabia’s energy minister said Riyadh and Moscow’s decision to extend crude oil supply cuts is not about “jacking up prices,” as Brent futures hover near $95 a barrel and analysts predict further rises into triple digits.
“We can reduce more, or we can increase, that has been a subject that we want to make sure that the messaging is clear, that it’s not about, again, this jacking up prices,” Saudi Energy Minister Prince Abdulaziz bin Salman said Monday at the World Petroleum Congress in Calgary.
“It’s about … making the decision at the right time, when we have the data, and when we have the clarity that would make us in much more of a comfort zone to take that decision.”
Some members of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are implementing 1.66 million barrels per day of combined voluntary declines — which falls outside of unanimously agreed OPEC+ policies — until the end of 2024. Topping this, Saudi Arabia and Russia announced they will apply respective voluntary declines of 1 million barrels per day of production and 300,000 barrels per day of exports until the end of the year.
Saudi Arabia is the world’s largest seaborne oil exporter and relies on hydrocarbon revenues to support so-called giga-projects designed to diversify its economy.
Shrugging off the inertia of the first half of the year, oil prices have gained ground amid supply cut announcements in recent months, as the market braces for a potential volume deficit in the latter part of 2023. Ice Brent crude futures with November delivery were trading at $95.00 per barrel at 9:19 a.m. London time Tuesday, up 57 cents per barrel from the Monday close price. Front-month October Nymex WTI futures were at $92.65 per barrel, up $1.17 per barrel from the Monday settlement. The increases have rallied some analysts around speculation of a short-term return to oil prices at $100 per barrel.
Asked on the possibility of hitting that threshold, Chevron CEO Mike Wirth on Monday admitted oil prices could cross into triple digits in a Bloomberg TV interview.
“Sure looks like it. We’re certainly moving in that direction. The momentum, you know, supply is tightening, inventories are drawing, these things happen, gradually you can see it building. And so I think, you know, the trends would suggest we’re certainly on our way, we’re getting close,” he said, acknowledging an impact on the world economy. “I think the underlying drivers to the economy in the U.S. and frankly globally remain pretty healthy. I think it’s a drag on the economy, but one that thus far, I think the economy has been able to tolerate.”
Energy prices have repeatedly underpinned higher inflation in the months since the war in Ukraine and Europe’s gradual loss of access to sanctioned Russian seaborne oil supplies.
Peak feud
Abdulaziz once more struck out at Paris-based watchdog the International Energy Agency, whose Executive Director Fatih Birol last week said in a Financial Times op-ed that “the IEA was wary of such premature calls, but our latest projections show that the growth of electric vehicles around the world, especially in China, means oil demand is on course to peak before 2030.”
“None of the things that they were warning about has happened. And name me any time that their forecasts were as accurate as one would have hoped for. But, you know, they’ve moved now from being forecasters and assessors of market to one of political advocacy,” Abdulaziz said Monday.
The IEA did not immediately respond to a CNBC request for comment.
Amin Nasser, CEO of Saudi state-controlled oil giant Aramco, likewise on Monday said that the notion of peak oil demand is “wilting under scrutiny,” noting “many shortcomings in the current transition approach that can no longer be ignored” and stressing that carbon capture “can no longer be the bridesmaid of transition.”
The comments come two months ahead of a pivotal session of the United Nations climate change conference, which is set to controversially convene on the territory of major oil producer the United Arab Emirates, starting on Nov. 30.
Climate change positioning has been a key hurdle of the increasingly fraught relationship between Saudi Arabia and the IEA — in a landmark 2021 report, the energy watchdog argued for no investment in new fossil fuel supply projects, if the world is to stave off an incoming climate crisis. Riyadh meanwhile champions a dual approach to decarbonization with simultaneous investment in oil and gas and renewables, in a bid to avoid an energy deficit.
U.S. stance
Higher prices at the pump have historically put pressure on the administration of U.S. President Joe Biden, which in October last year waged an intense war of words over the OPEC+ production strategy that levied accusations of coercion against Riyadh.
But Washington has stayed comparatively silent over the latest OPEC+ reductions, even as Biden mounts his campaign for re-election next year. The U.S. must balance domestic interests against foreign policy objectives to normalize relations between Israel and Saudi Arabia, while Riyadh has increasingly slipped Washington’s influence after resuming ties with Iran in China-brokered diplomacy earlier this year and earning an invitation to the China and Russia-backed emerging economies group BRICS in August.
In a further blow to the U.S., Saudi Arabia remains tightly bound to Western-sanctioned OPEC+ heavyweight producer Russia. Most recently, the Kremlin said Russian President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman spoke by phone on Sept. 6 and “noted that specific agreements on reducing oil production, combined with voluntary obligations to limit raw materials deliveries, made it possible to stabilize the global energy market.”
After its electric vehicle sales more than doubled in the first quarter, GM claims it’s now the “#1 EV seller” in Canada. With a full lineup of 13 all-electric vehicles, GM sold more EVs than Tesla in Canada.
GM tops Tesla to become the #1 EV seller in Canada in Q1
GM’s electric vehicle sales in Canada surged by 252% in the first three months of 2025, with new Chevy and Cadillac models driving growth.
The Chevy Equinox EV led the way with 1,892 units sold, followed by the Silverado EV with 894 units. Cadillac’s new entry-level OPTIQ had a strong showing, with 615 models sold, nearly matching the 720 units sold of its first EV, the LYRIQ.
Even the GMC Hummer EV Pickup and SUV saw more demand, with sales up 232% (186) and 88% (252), respectively.
Combined, the automaker sold a total of 5,750 EVs in Q1. According to GM, this was enough to top Tesla to become “the #1 EV seller in Canada.”
GM Canada recently posted on social media, saying, “We claimed the top spot as Canada’s #1 EV seller!” The news comes as registration data show that Tesla registered just 524 vehicles in Quebec in Q1, down 87% from the same period last year.
The steep decline in sales comes after the Quebec government paused federal EV incentives from February to April 1st. Canada also paused its iZEV rebate program in January, which offered up to $5,000 on the purchase or lease of an EV. Like the US federal EV Tax credit, it was designed to be used at the point of sale to help lower prices.
GM also registered significantly fewer Equinox and Blazer EVs in Quebec during the quarter. Despite higher year-over-year (YOY) sales, GM’s electric vehicle (EV) sales were down considerably from the over 15,000 in Q4 2024.
The American automaker will continue to expand its lineup with the launch of the new Cadillac Escalade IQL, Lyriq-V, and Visiq.
By the end of the year, we also expect to get our first look at the next-gen Chevy Bolt EV with deliveries starting in 2026.
Electrek’s Take
GM is building momentum with new models rolling out, which now cover nearly every segment. In the US, GM surpassed Ford and Hyundai Motor, including Kia, to become the second-largest seller of EVs last year.
Chevy is now the fastest-growing EV brand in the US. The new electric Equinox, or “America’s most affordable 315+ miles range EV,” as GM calls it, is quickly becoming a top seller. The Blazer and Silverado EVs are also gaining traction.
Cadillac reported its best first quarter since 2008, with retail sales increasing by 21%. After delivering the first models in Q1, the entry-level OPTIQ is off to an impressive start with 1,716 units sold.
GM will top off its US electric vehicle lineup with the next-gen 2026 Chevy Bolt EV due out later this year or in early 2026.
Source: GM Authority, GM Canada
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Environment
ComEd extends electrification plan in Illinois, committing a fresh $168M toward EV charger and purchase incentives
ComEd confirmed that the Illinois Commerce Commission (ICC) has approved its second Beneficial Electrification Plan. This plan builds upon an existing investment and will commit an additional $168 million over three years to support its Illinois ComEd customers who purchase or lease an EV or install a charger.
Commonwealth Edison, known more commonly as “ComEd,” is a 118-year-old company that currently operates as a subsidiary of Exelon. ComEd is hands-down the largest energy provider in Illinois and has made considerable contributions to EV adoption in the Land of Lincoln.
In 2023, ComEd proposed its first Beneficial Electrification (BE) Plan, which was approved under the guidance of the Climate and Equitable Jobs Act (CEJA) signed by Illinois Governor J.B. Pritzker in 2021. ComEd’s first BE Plan comprised a $231 million investment between 2023 and 2025.
Since February 2024, the energy company has used those funds to help Illinois residents purchase and install nearly 5,000 public and private EV charging ports (Level 2 and DCFC) and incentivize the purchases or leases of almost 1,000 new and pre-owned electric fleet vehicles. During this period, Illinois said it saw EV registrations grow nearly four times faster than the US as a whole.
ComEd has committed another $168 million with BE Plan 2 to keep the momentum in Illinois EV adoption going, offering incentives through 2028.
ComEd commits to EV incentives in Illinois through 2028
According to a release from ComEd, the Illinois Commerce Commission (ICC) has approved its second BE Plan, enabling the energy company to invest approximately $168 million more in EV incentives in Illinois from 2026 to 2028.
As mentioned above, BE Plan 2 builds upon ComEd’s original $268 million investment, which expires at the end of the year. It will help residential and commercial customers transition to EVs. Per ComEd president and CEO, Gil C. Quiniones:
The shift to EVs is a major milestone on the road to Illinois’ clean energy future, and it is part of a broader effort to electrify more of our region’s energy system. Through the expansion of our Beneficial Electrification programs, ComEd is helping to reduce carbon emissions, improve air quality, and enable all communities to enjoy the benefits and opportunities that flow from the global energy transformation.
Per ComEd, here’s how the $168 million in fresh funding will be broken down across EV incentive programs for Illinois customers:
- $11 million toward the Residential EV Charger and Installation Program: Offers rebates of up to $2,500 per household to support the purchase and installation of residential Level 2 electric vehicle chargers.
- $82 million toward the Business and Public Sector EV Purchase Program: Offers rebates for the purchase or lease of new or pre-owned fleet EVs of all weight classes.
- $44 million toward the Business and Public Sector Make-Ready Program: Rebates for costs associated with making sites ready for public or private Level 2 of DC Fast Charging equipment.
- $11 million toward a Customer Education and Awareness Program: Fund multiple efforts to empower customers to make informed decisions about vehicle electrification and charging infrastructure deployment. Includes free access to ComEd support tools including Fleet Electrification Assessments, EV Toolkits, and training programs for municipalities interested in achieving “EV Ready” status, plus free Fleet Electrification Assessments.
- $11 million toward ComEd’s Research and Development Program: Will evaluate and demonstrate the impact of new transportation and electrification technologies.
- $9 million toward a Portfolio Program: Funds a variety of initiatives spanning across multiple programs, to support a successful deployment of BE Plan 2 as a whole.
ComEd also stated that future EV-centric projects from 2026 onward located in, or primarily serving, low-income or Equity Investment Eligible Communities (EIECs) in Illinois, will be eligible for higher rebate amounts and receive more than 50% of the BE Plan 2 budget. So far in its BE Plan, over 70% of its awarded rebates have gone to low-income customers, businesses, and public sector organizations in low-income and EIECs.
As an Illinois native, this investment news makes me happy and proud. You can learn more about ComEd’s EV program here, or see if you qualify for any EV tax incentives at the state level (in any state) by checking out this detailed breakdown.
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Ben & Jerry’s organic waste is now creating clean energy for the Vermont grid, thanks to a new PurposeEnergy plant in St. Albans.
PurposeEnergy, which specializes in converting organic food waste into energy, has officially opened a high-tech anaerobic digestion facility that began exporting power to the Vermont grid in December 2024. The project broke ground in May 2023 and marks PurposeEnergy’s first big move since being acquired by Quinbrook Infrastructure Partners in April 2023. Quinbrook fully funded the St. Albans facility.
A key player in this project is Ben & Jerry’s. The Vermont ice cream giant signed a long-term feedstock deal with PurposeEnergy in 2021. Now, all of Ben & Jerry’s high-strength organic waste and out-of-spec food products are sent straight from its factory to the new facility through a dedicated pipeline. The waste is then transformed into clean electricity and clean water.
Other regional food producers are also contributing their waste to PurposeEnergy’s new site. Casella, Wind River Environmental, Evergreen Services, and Carmichael Trucking haul additional feedstocks to help centralize food waste disposal across the region.
“This project strengthens Ben & Jerry’s commitment to environmental sustainability by providing a long-term solution for organic waste,” said Jenna Evans, the company’s global sustainability manager. “It will reduce Vermont’s road traffic, lower greenhouse gas emissions, and decrease phosphorus pollution.”
The plant sits on land purchased from the Franklin County Industrial Development Corporation and is expected to produce 8.75 million kWh of renewable electricity annually. That clean power is sent to the Vermont grid through the state’s Standard Offer program, which supports the deployment of small-scale renewable energy projects.
The plant also recovers up to 45,000 million Btu of renewable thermal energy annually, which helps heat the digester and run operations.
“It’s a model of industrial symbiosis – turning food production waste into clean energy, reducing emissions, and supporting local economies,” said Erik Lallum, PurposeEnergy’s chief development officer.
PurposeEnergy says the new facility could help attract more food manufacturing businesses to the St. Albans Industrial Park by offering a sustainable, onsite waste management solution that doubles as a clean energy source.
Read more: Vermont sees an explosive 41% rise in EV adoption in just a year
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