Saudi Energy Minister Prince Abdulaziz bin Salman addresses the opening session of the Middle East and North Africa Climate Week in Riyadh, on Oct. 8, 2023.
Fayez Nureldine | Afp | Getty Images
The influential Saudi and Russia-led oil producers’ alliance is preventively prepared to wait months for guidance from “real numbers” before adjusting policies amid price volatility in the crude market, the Saudi energy minister said Sunday.
“Yes, we may be delayed with a decision on what to do, but I would not forfeit the precautionary approach, even if it goes beyond a month or two, or three or four months, or five months,” Prince Abdulaziz bin Salman told CNBC’s Dan Murphy on the sidelines of the MENA Climate Week in Riyadh.
The Riyadh-headed Organization of the Petroleum Exporting Countries and their non-OPEC allies, together known as OPEC+, last October agreed and have since upheld a decision to remove 2 million barrels per day of production from the oil market. Since then, some OPEC+ members have implemented additional voluntary declines outside of group decisions, with a roughly 1.66 million-barrels-per-day cut stretching until the end of 2024, and with Saudi Arabia and Russia respectively lowering their supplies by an additional 1 million barrels per day and 300,000 barrels per day until the end of this year.
A technical OPEC+ committee, the Joint Ministerial Monitoring Committee, convened Oct. 4 to review market fundamentals and individual country compliance with production obligations. It concluded its assembly without calling for an emergency ministerial meeting to adjust output strategy.
Asked whether the group might need to entertain further coordinated production action to maintain market stability at the start of 2024, Prince Abdulaziz said: “We hope we should not,” but stressed, “Don’t you ever discard what OPEC+ can do for the purpose of attending to this market.”
The recent supply crunch and recoveries in demand initially propped up prices near $95 per barrel, but recently once more tumbled on macro-economic concerns spurred by a high interest rate environment. Oil prices have been a key contributor to global inflation since Moscow’s full-scale invasion of Ukraine, especially in Europe and G7 countries, where consumers have lost access to sanctioned Russian barrels.
Further weighing on prices, the Paris-based International Energy Watchdog last month predicted that demand for oil, gas and coal will peak by 2030 — triggering vocal objections from OPEC, whose officials have repeatedly and controversially advocated for simultaneous investment in fossil fuels and renewable supplies in order to avoid short-term energy shortages.
“We want to demonstrate to the world that we are going to be using every source of energy,” Prince Abdulaziz reiterated on Sunday, noting that the kingdom is “dead serious about attending to the issue of climate change. We’re not the naysayer. In fact, we have a conviction that the science is saying that it is there and we have to attend to it.”
The energy transition commitment of OPEC+ countries — including of group member the United Arab Emirates, which will host the COP28 conference that kicks off in late November — has been heavily criticized because of the high carbon emissions generated by the production and consumption of fossil fuels.
Conflict impact
Observers are following the market open to see which way oil futures prices turn, following two days of renewed turbulence in the Middle East, where Palestinian militant group Hamas launched a lethal and decisive attack against Israel that claimed at least 600 Israeli lives at the time of writing, according to official Israeli communications. The hostilities took place a day after the 50th anniversary of the fourth Arab-Israeli war. Critically for crude markets, the offensive of 1973 led to a global energy crisis, resulting from an embargo of Saudi-led Arab oil producing nations — which back the Palestinian cause — against the U.S. for supporting Israel.
The latest conflict erupts at a high-stakes point in Middle Eastern diplomacy, after months of the U.S. doggedly pushing for a normalization of ties between Israel and Saudi Arabia — who earlier this year resumed relations with arch-rival Iran, historically a supporter of Hamas.
Asked on whether OPEC+ has the toolkit to address the latest Israeli-Hamas escalation, Prince Abdulaziz deferred comment to the Saudi foreign ministry, but stressed that the oil producers’ alliance “dealt with the ups and we’ve dealt with the downs” of global challenges, including the Covid-19 pandemic.
“I honestly believe that the best thing I could say is that the cohesion of OPEC+ should not be challenged. We’ve been through the worst, I don’t think we will have to go through any terrible situation at all,” he added.
A new Civic is in the works that’s bringing much more than just a new look to Honda’s best-selling vehicle. Here’s our first look at the next-gen Honda Civic.
Honda previews next-gen Civic with new hybrid system
During an event held for the media on Wednesday, Honda offered a look at some of the advanced new tech it plans to roll out over the next few years.
Although it just launched the current Civic Hybrid last year, Honda is already working on its replacement. Honda didn’t confirm or deny that the Civic was under the camouflage, but it was pretty evident.
The new Civic will ride on Honda’s next-gen hybrid (HEV) platform, designed for mid-size vehicles. Honda’s new hybrid system is nearly 200 lbs (90 kg) lighter and more flexible, which it said provides “excellent fuel economy” while also improving the driving experience.
Advertisement – scroll for more content
According to Car and Driver, which drove the new Civic, the interior is also getting redesigned. Honda covered most of it, but you could still see what appeared to be a larger, at least 15″ infotainment screen at the center.
Honda tests new hybrid (HEV) platform (Source: Honda)
Honda is keeping most powertrain details a secret for now, but the new Civic appears to have an electrified drive unit similar to those found in the Accord and CR-V.
The company said the direct-drive motor and generator motor are smaller, more efficient, and free from rare-earth materials. Honda also said the battery, located under the rear seat, is all-new. It will be used for upcoming compact and mid-size vehicles, which Honda said will help reduce costs.
(Source: Honda)
As for how it drives, Car and Driver said the new Honda Civic was quick off the line thanks to its direct-drive setup. However, the test track was too smooth to really judge the ride quality.
Like the new Honda Prelude, the Civic will feature S+ Shift, which simulates gear-shifting via paddles on the steering wheel.
(Source: Honda)
The prototype had exhaust pipes, but they likely won’t make it to the production model. Honda plans to launch several next-gen hybrids on the new HEV platform, starting from 2027. The next-gen Honda Accord may even arrive before the Civic, debuting on the hybrid system.
Honda said it’s also developing a next-gen platform for large-size HEVs to meet the growing demand in North America.
Using a next-gen V6 engine with extended fuel-efficient range, Honda said it aims to improve fuel efficiency by 30% compared to its current ICE vehicles. Honda’s larger HEVs will likely go on sale closer to 2028.
Honda also showcased the Super-ONE Prototype during the event, its compact EV set to launch in Japan in 2026, followed by the UK and other global markets.
FTC: We use income earning auto affiliate links.More.
Zero Motorcycles turned heads in Milan at EICMA 2025 with the unveiling of its new LS1 electric scooter, a sleek and practical 60 mph (100 km/h) commuter built for European city streets. With its swappable batteries, off-board charging, and smart safety tech like ABS and traction control, the LS1 is clearly a strong contender in the urban EV space. It also marks a major shift for Zero, expanding beyond full-size electric motorcycles into a more accessible, everyday format.
But will it come to the US market?
At the show I had the chance to speak with James Callahan of Zero, and he confirmed that the LS1 is not coming to the US market, at least not in its current form or in the near future. “The scooter market in the US is still very small,” Callahan explained, “so for now, we’re focused on Europe, where the demand is much higher.”
And while interest from American riders may exist, there’s another hurdle: the LS1 isn’t homologated for the US, meaning it doesn’t meet certain regulatory standards like the NHTSA’s lighting requirements. Its slick continuous LED turn signal bar would need to be redesigned entirely, among other tweaks to the design.
Advertisement – scroll for more content
The LS1 comes equipped with two removable batteries that live in the floorboard and can be charged indoors using an 800W charger – or even faster with a 1,500W upgrade. A third battery can be added under the seat for extended range, while that same underseat storage area also hides a cavity large enough for a helmet or groceries.
Add in a low seat height, a short wheelbase, and user-friendly features, and you’ve got a solid commuter platform. But it’s a platform that we’re not likely to see in the US for a long time.
Though it’s not all bad news for our American readers. There’s a spark of hope that Zero’s more affordable off-road electric motorcycles launched in the US market this year could be getting street-legal homologation, though not immediately. More on that soon…
FTC: We use income earning auto affiliate links.More.
Toyota is selling cars faster than it can build them. With strong demand for hybrids, the company says it can “barely cover the demand.”
Toyota’s hybrids fuel sales growth in 2025
After reporting its fiscal second-quarter earnings on Wednesday, Toyota raised its sales and earnings forecast for the year.
In the first half of the fiscal year, the company sold a record 5.27 million vehicles, up 105% compared to the same period in 2024. Those numbers include its luxury Lexus brand.
Toyota said “strong demand from customers around the world” led to higher sales, particularly in Japan and North America. Hybrid vehicles primarily drove growth, with higher demand in competitive markets such as North America and China.
Advertisement – scroll for more content
The Japanese automaker sold 2.27 million hybrids (HEVs) in the first six months of the fiscal year 2026. Including battery-electric vehicles (BEVs), plug-in hybrids (PHEVs), and fuel-cell electric vehicles (FCEVs), Toyota’s total “electrified” vehicles accounted for 47% of its total sales.
(Source: Toyota)
Toyota said the new RAV4, its best-selling vehicle globally, is carrying the growth as the first to adopt its software-defined platform, Arene.
Like most automakers, Toyota took a hit from the US auto tariffs. The company expects the 15% tariff will cost an extra 1.45 trillion yen ($9.4 billion) in the fiscal year.
Toyota RAV4 PHEV (Source: Toyota)
Toyota expects higher sales, and cost-cutting measures will lessen the blow. It raised operating profit guidance for the fiscal year ending March 31, 2026, to 3.4 trillion yen ($22 billion). That’s up from its previous guidance of 3.2 trillion yen ($20.8 billion), but still a 28% decrease compared to the previous fiscal year.
2026 Toyota bZ electric SUV (Source: Toyota)
“In terms of sales, we expect a very healthy situation going forward,” Toyota’s CFO, Kenta Kon, said during a news conference with reporters on Wednesday (via Automotive News).
According to Kon, Toyota is still seeing “strong demand,” so much so that “we can barely cover the demand,” he added.
Electrek’s Take
Although hybrids are carrying the growth, Toyota’s BEV sales are still lagging. In the US, Toyota sold just 61 bZ electric SUVs in September. Through the first nine months of the year, Toyota sold just 12,264 bZs, down from 13,577 in the same period last year.
With the 2026 BZ upgrade rolling out and new EVs arriving soon, including the C-HR and bZ Woodland, Toyota’s BEV sales are expected to gain momentum over the next few months finally.
At the Japan Mobility Show, the company revealed plans for five unique brands under the Toyota Group, which it says will provide a diverse range of vehicles designed for every buyer.
FTC: We use income earning auto affiliate links.More.