Oil market will face supply shortage by end of 2025, Occidental CEO says
The oil market will face a supply shortage by the end of 2025 as the world fails to replace current crude reserves fast enough, Occidental CEO Vicki Hollub told CNBC on Monday.
About 97% of the oil produced today was discovered in the 20th century, she said. The world has replaced less than 50% of the crude produced over the last decade, Hollub added.
“We’re in a situation now where in a couple of years’ time we’re going to be very short on supply,” she told CNBC’s Tyler Mathisen at the Smead Investor Oasis Conference in Phoenix.
For now, the market is oversupplied, which has held oil prices down despite the current conflict in the Middle East, Hollub said. The U.S., Brazil, Canada and Guyana have pumped record amounts of oil as demand slows amid a faltering economy in China.
But the supply and demand outlook will flip by the end of 2025, Hollub said.
“The market is out of balance right now, but again, this is a short-term demand issue,” Hollub said. “But it’s going to be a long-term supply issue,” she said.
OPEC is forecasting global oil demand will grow by 1.8 million barrels per day in 2025 on a solid economy in China, outstripping crude production growth of 1.3 million barrels per day outside the cartel. The forecast implies a supply deficit unless OPEC ditches current production cuts and boosts its own output.
West Texas Intermediate and Brent futures finished out 2023 more than 10% lower as record production in the U.S. and a weakening economy in China weighed on prices.
U.S. crude and the global benchmark are up more than 1% so far this year with WTI on Monday settling at $72.78 a barrel and Brent at $77.99 a barrel.
Hollub told CNBC in December that Occidental expects WTI to average around $80 in 2024.
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Tesla’s retro-futuristic diner with Superchargers and giant movie screens is ready to open, and I have to admit, it looks pretty sick.
This project has been in the works for a long time.
In 2018, Elon Musk said that Tesla planned to open an “old school drive-in, roller skates & rock restaurant at one of the new Tesla Supercharger locations in Los Angeles.” It was yet another “Is he joking?” kind of Elon Musk idea, but he wasn’t kidding.
A few months later, Tesla applied for building permits for “a restaurant and Supercharger station” at a location in Santa Monica. However, the project stalled for a long time, apparently due to local regulations.
Nevertheless, Tesla still moved forward with a Supercharger at the location, but it had to move the diner project to Hollywood. In 2022, Tesla filed the construction plans with the city, giving us the first look at what the automaker intends to build.
In 2023, the automaker broke ground on the site of the diner.
7 years after being originally announced, the project appears now ready to open:
Musk said that he ate at the diner last night and claimed that it is “one of the coolest spots in LA.” He didn’t say when it will open, but Tesla vehicles have been spotted at Supercharger and people appear to be testing the dinning experience inside.
A Tesla Optimus Robot can be seen inside the diner on a test rack. It looks like Tesla might use one for some tasks inside the diner.
Earlier this year, Tesla integrated the diner into its mobile app – hinting at some interaction through the app – possibly ordering from it.
Electrek’s Take
I think it looks pretty cool. I am a fan of the design and concept.
However, considering the state of the Tesla community, I don’t think I’d like the vibes. That said, it looks like Tesla isn’t prominently pushing its branding on the diner.
You can come and charge there, but it looks like Tesla is also aiming to get a wider clientele just for dining.
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Hyundai’s electric minivan is finally out in the open. The Staria EV was caught without camo near Hyundai’s R&D center in Korea, giving us a closer look at the electric minivan undisguised.
Hyundai’s electric minivan drops camo ahead of debut
The Staria arrived in 2021 as the successor to the Starex, Hyundai’s multi-purpose vehicle (MPV). Although the Staria has received several updates throughout the years, 2026 will be its biggest by far.
Hyundai will launch the Staria EV, its first electric minivan. Like the current model, the 2026 Staria will be available in several different configurations, including cargo, passenger, and even a camper version.
We’ve seen the Staria EV out in public a few times already. Last month, we got a glimpse of it while driving on public roads in Korea.
Despite the camouflage, new EV-like design elements were visible, including updated LED headlights and a full-length light bar. Although it’s still unclear, the electric version appears to be roughly the same size as the current Staria from the side, but slightly wider from the front.
New images posted on the South Korean forum Clien reveal a test car, expected to be Hyundai’s Staria electric minivan, without camo.
Like most Hyundai test cars, the prototype has a black front and a grey body. It still features a similar look to other prototypes we’ve seen, but you can clearly see the new facelift.
Earlier this year, a Staria EV was spotted in a parking lot in Korea, featuring a similar look. The electric version is nearly identical to the Staria Lounge, but with an added charge port and closed-off grille.
The Hyundai Staria EV is expected to make its global debut later this year. Technical details have yet to be revealed, but it’s expected to feature either a 76 kWh or 84 kWh battery, providing a range of around 350 km (217 miles) to 400 km (249 miles).
Hyundai’s electric SUV arrives after Kia introduced its first electric van, the PV5, which launched in Europe and Korea earlier this year.
In Europe, the Kia Passenger PV5 model is available with two battery pack options: 51.5 kWh and 71.2 kWh, providing WLTP ranges of 179 miles and 249 miles, respectively. The Cargo version has a WLTP range of 181 miles or 247 miles.
Source: TheKoreanCarBlog, Clien
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