Connect with us

Published

on

Opec logo displayed on a smart phone with Opec seen in the background, in this photo illustration. On 10 September 2023. In Brussels, Belgium. (Photo illustration by Jonathan Raa/NurPhoto via Getty Images)

Nurphoto | Nurphoto | Getty Images

Meetings of the influential Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, have been rescheduled from Nov. 25-26 to Nov. 30, sending prices down by over $3 per barrel in Thursday intraday trade.

The Ice Brent contract with January delivery was trading at $79.05 per barrel at 13:50 London time, down by $3.40 per barrel. The Nymex WTI contract with January expiry was at $74.40 per barrel, down by $3.37 per barrel.

The OPEC Secretariat, which made the announcement, did not disclose the reason for the postponement.

It was not immediately clear whether the OPEC+ group would be holding a virtual or in-person meeting on Thursday, or whether ministers would still adjourn at the OPEC secretarial headquarters in Vienna.

The new date of the OPEC+ meetings coincides with the first day of the Conference of the Parties climate summit (COP28) in Dubai and represents a key event for both the host United Arab Emirates — the third-largest OPEC producer — and for other Arab energy providers that are tackling the green transition.

Earlier in the day, Bloomberg News issued a report saying the meeting of Sunday could be delayed amid Saudi dissatisfaction over the oil production levels of some countries. A senior OPEC+ delegate, who asked for anonymity because of the sensitivity of the discussion, agreed with the premise, with reference to the compliance levels of some alliance member countries with their respective output pledges.

Saudi Arabia is itself enforcing a 1 million barrel-per-day voluntary production decline until the end of this year, alongside contributing to a separate spate of voluntary output cuts from several OPEC+ members that totals 1.66 million barrels per day and will stretch until the end of next year.

The upcoming meeting faced a challenging market environment, defined by depressed oil prices, a slower-than-expected Chinese demand recovery and petropolitics amid conflict in the Middle East.

High interest rates and banking turmoil largely slumped oil prices in the first half of the year, before a sharp boost from several voluntary supply declines announced independently of OPEC+ strategy. Several OPEC+ members pledged to reduce output by a total of 1.66 million barrels per day until the end of 2024, with Saudi Arabia and Russia topping that with additional respective supply drops of 1 million barrels per day and 300,000 barrels per day until the end of this year.

Prices briefly surpassed $90 per barrel, but have since withdrawn amid a fainter-than-expected recovery in China — the world’s largest crude importer — and resurging tensions in the Middle East.

Prior to the meeting postponement, two OPEC+ delegates, who could only speak under condition of anonymity, faulted the recent price pressures on liquidations in the future markets amid geopolitical risks, with a third attributing market concerns less to supply-demand fundamentals than to global politics, including developments in Israel.

The OPEC+ alliance, including chairman and Saudi energy minister Abdulaziz bin Salman, have been previously frustrated by a perceived disconnect between supply-demand and prices. Famously, the Saudi prince has been at war with market speculators, warning they would “ouch” and should “watch out” in May.

One of the three delegate sources said that the OPEC+ group would have to make an announcement to “support the market” at its upcoming meeting, with a fourth delegate also suggesting cuts could be discussed. The alliance will also discuss baselines —  the level from which quotas are determined and a frequent subject of contention — for certain countries, the last source said.

A fifth delegate meanwhile assessed it is unlikely that the coalition will change its production policy, given uncertainty in the outlook for flows from Iran and Venezuela, where the U.S. has signaled tightening and easing its oil sanctions, respectively.

Continue Reading

Environment

Home Hardware adds Volvo VNR Electric semi trucks to its fleet

Published

on

By

Home Hardware adds Volvo VNR Electric semi trucks to its fleet

The Canadian home improvement chain picked up a pair of Volvo VNR Electric semi trucks, and it’s putting them to work on last-mile delivery routes in the Greater Toronto Area.

This month, the Canadian home improvement retailer Home Hardware began operating two Volvo electric semi trucks out of its St. Jacobs, Ontario truck depot. The pair of trucks will fulfill last-mile deliveries throughout the area, and mark the company’s first step towards transitioning its entire fleet to zero-emission vehicles.

The Volvo VNR trucks have an operating range of 442 km (about 275 miles). Their delivery routes will take them from Home-brand stores within a 100-150 km (about 90 miles) radius of the St. Jacobs distribution centre.

“We are proud to introduce our new battery-electric trucks to our privately-owned fleet,” said Kevin Macnab, president and chief executive officer, Home Hardware Stores Ltd. “Recognized by the Private Motor Truck Council as Safest Large Fleet, as well as Trucking HR Canada as a Top Fleet Employer and a Fleet of Distinction, Home Hardware Stores, Ltd. is committed to forward-thinking logistics that evolve our supply chain to best support our dealers so they can serve their communities.”

Home Hardware debuted their new Volvo VNR Electric trucks at the company’s 60th anniversary celebration and annual franchise event, the Home Hardware Homecoming, held last week in Toronto, Ontario, Canada.

Electrek’s Take

Volvo VNR Electric at 2024 Home Hardware Homecoming; via Volvo.

Home Hardware is the latest in a growing list of companies – and they’re already adding to the tally of tens of millions of all-electric, zero emission miles driven by Volvo customers. By the time Volvo rolls out its next-generation VNL and FH electric semis next year, it will be the company’s third generation of Class 8 EVs, and it will be backed by more than 100,000,000 miles of real-world data collected by thousands of trucks across dozens of companies.

Is that an insurmountable head start for companies like Tesla to make up? It’s hard to know (and my brain is broken, anyway), but I invite you to check out this episode of Quick Charge recorded a few weeks ago (below) talking about Volvo Truck’s lead, and then share your take on the state of the electric semi truck market in the comments.

Quick Charge

SOURCE | IMAGES: Volvo Trucks.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Lion Electric delivers the first electric tow truck in North America

Published

on

By

Lion Electric delivers the first electric tow truck in North America

The newest edition to the CAA-Quebec roadside fleet is a fully electric Lion5 flatbed – and the CAA says it’s the first 100% electrique tow truck in service in North America!

Based on the Lion5 medium-duty truck and upfit with a flat bed body developed by XpaK Industries, CAA-Quebec (think AAA, but in Quebec) is marking an important milestone in its 80-history with the deployment of the first electric tow truck in Canada.

“Roadside assistance has always been in CAA-Quebec’s DNA, and it goes without saying that we are taking the lead in electric towing. We have a responsibility to set an example and take a leadership role in protecting the environment,” said Marie-Soleil Tremblay, president and CEO.

As far as the truck itself goes, the Lion5 chassis is packed with 210 kWh of in-house, 800V battery packs. Those are good for a range of up to 310 km (a touch over 190 miles) courtesy of an energy-efficient, high-torque electric motor putting 315 hp that Lion Electric claims can eliminate between 75 and 100 metric tons of greenhouse gas per year compared to a comparable diesel truck.

What’s more, the Lion5-based tow truck promises to reduce CAA-Quebec’s energy (read: fuel) costs by about 80%, and regular maintenance costs by about 60% compared to gas or diesel vehicles in the same class.

“With this new 100% electric, made-in-Quebec tow truck, we are helping to redefine the future of the towing industry,” said Patrick Gervais, VP Trucks and Public Affairs at Lion. “We are proud to be part of a cleaner and more sustainable future with players like CAA-Quebec and XpaK.”

The Lion5 tow truck was delivered in July, and will spend a year being put through its paces in a multitude of towing situations and extreme weather conditions. CAA-Quebec’s roadside assistance service will share its experience with partners throughout Canada and the AAA in the US.

Electrek’s Take

Lion5 electric tow truck; via Lion Electric.

“Electrek’s Take” is where we put our industry experience to use interpreting the news we report. Here, in an article about a “first ever” new commercial segment being entered by a highly visible EV, I probably should be talking about operating costs, “dollars and sense,” and the importance of stabilized costs for a fleet manager’s projections.

Instead, I’m just going to picture some bro-dude’s lifted 4×4 Ram pickup getting hauled out of a parking spot he’s ICE’d and giggle a bit. You try it, too, and let me know if it made you smile in the comments section.

SOURCE | IMAGES: Lion Electric, via TowCanada.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

IVECO announces new electric cargo van, will it come to US as a Nikola?

Published

on

By

IVECO announces new electric cargo van, will it come to US as a Nikola?

Best known in the US as the OEM behind Nikola, Italian truck brand IVECO entered the 2.5 to 3.5 ton medium duty commercial van segment at this week’s IAA Transportation conference with this: the eMoovy electric chassis cab.

Co-developed with Hyundai and riding on a modified platform of the Korean brand’s Staria ST1 van, the IVECO eMoovy is entering a red-hot commercial EV space with a 215 hp electric motor and either a 63 kWh or 76 kWh battery good for up to 199 miles of range.

The IVECO version leverages the Hyundai’s excellent 800V architecture. That means the eMoovy supports ultra-fast 350 kW charging and V2x functionality, so it can be used to back up a job site, supply power to workers, or even power a home (presumably).

A long time coming

IVECO eMoovy gets plugged in; via IVECO.

We’ve known than a commercialized IVECO version of the Hyundai van (which isn’t sold as an EV, that I’m aware of) has been in the works for some time. In fact, Peter Johnson wrote about the 2022 deal way back in February.

In that article, Peter wrote that, while Hyundai would develop and build the chassis, IVECO would customize the electric vans to suit broader commercial markets and distribute the vehicles throughout its network. If that sounds familiar, that’s because (on the surface, at least) the deal seems pretty similar to the one IVECO has with Nikola … which begs the question: will Nikola get an eMoovy variant to sell in the US?

The new electric van will directly target Ford E-Transit customers in Europe, so there’s no reason to believe it won’t be an attractive alternative for commercial fleets on this side of the pond, as well – especially with the “big rig” street cred that could come with the Nikola association.

Electrek’s Take

The commercial EV market is driven by dollars and cents. If EVs have a lower total cost of ownership (TCO) than their gas or diesel counterparts? They’ll continue to sell, and their market share will continue to grow. The only question Hyundai and IVECO need to answer is whether North American truck buyers be more likely to buy a Hyundai-branded van, or a Nikola one.

We asked a similar question to Kia’s James Bell on Quick Charge a few weeks back. Listen to his response to those questions, below, then share your thoughts in the comments section at the bottom of the page.

Kia’s James Bell on Electrek Quick Charge

SOURCE | IMAGES: IVECO, CarScoops.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending