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Kuwait Petroleum Corporation Deputy Chairman & CEO Shaikh Nawaf Al-Sabah speaks during the CERAWeek oil summit in Houston, Texas, on March 19, 2024. 

Mark Felix | Afp | Getty Images

HOUSTON — The crisis in the Red Sea could lead to a shortage in the global tanker fleet if disruptions persist for another six months, the CEO of Kuwait Petroleum Corporation told CNBC.

Houthi militants have been striking commercial shipping in the Red Sea since November in support of Palestinians as Israel wages war in Gaza. The attacks have forced many container shipping and tanker companies to divert traffic around the Cape of Good Hope in southern Africa, adding time and cost.

“One of the things I think we may be concerned about is if this continues for another six months, that we will not have perhaps the tanker fleet available to continue to go around,” Shaikh Nawaf al-Sabah said of the global fleet during an interview at the CERAWeek by S&P Global energy conference.

Oil Prices, Energy News and Analysis

KPC has diverted a substantial amount of production around the Cape during the crisis, al-Sabah said, declining to provide specific numbers. The company is continuing to ship through the Red Sea and is making decisions on which route ships should take on a daily basis, he said.

“We maintain a strategic tanker tanker fleet for these types of reasons,” al-Sabah said. “We’re comfortable that we can supply our customers in the quantities that are required on time without issue, but I don’t know how many other producers have that strategic vision.”

Al-Sabah does not see a risk of Middle East tensions leading to a conflict that could disrupt crude supplies in the wider region. The Persian Gulf has faced numerous wars but the only time Kuwait has been unable to ship was during Iraq dictator Saddam Hussein’s invasion of the country in 1990, he said.

“I don’t see a supply fear,” the CEO said. “I am confident that the industry and the system is well equipped to handle potential supply crises that might happen.”

Chevron CEO Michael Wirth, however, said the security situation in the Middle East is “tenuous” and “could pivot on a dime.” Wirth told CNBC that Chevron is “not moving ships to the Red Sea.”

“Today the conflict in Israel and Gaza goes on, a resolution does not seem to be at hand and the regional risks continue to be high,” Wirth told CNBC’s Brian Sullivan at CERAWeek

China demand, U.S. production

Crude oil futures have risen this year, but have struggled to break out amid uncertainty over the health of China’s economy and the strength of U.S. crude production. Last year, fears that demand was slowing in China as U.S. production hit a record 13.3 million barrels per day weighed on prices.

Al-Sabah said he is not worried about crude demand in the world’s second-largest economy.

“I visit our partners in China frequently and the feedback I have from them has always been if you have additional supplies, we are willing to take it,” Al-Sabah said. “The demand has increased steadily in China and it’s been solid.”

ConocoPhillips CEO Ryan Lance said in remarks at CERAWeek that U.S. crude production growth will slow to 300,000 to 400,000 barrels per day this year, from 1 million barrels last year. Total U.S. production will eventually exceed 14 million barrels per day at some point this decade and then plateau, Lance said.

As crude prices fell last year, OPEC and its allies agreed to cut production by 2.2 million barrels per day to support the market. Those cuts will remain in place through at least the second quarter of this year.

Al-Sabah said he does not see U.S. production as a challenge to KPC’s market share as OPEC holds barrels off the market. KPC plans to increase its production capacity to 4 million bpd by 2035 from 3 million bpd today.

“Looking into the second half [this year], I see more opportunities for upside in terms of demand than I do for downside,” Al-Sabah said. “We will continue to be supplying into a market to maintain balance and stability.”

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How one man with a hacksaw and an e-bike became a Texas flood ‘hero’

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How one man with a hacksaw and an e-bike became a Texas flood 'hero'

Locals call him the “Bicycle hero,” but Texas man Evan Wayne says he’s just doing what he can to help his community after it was cut off due to the recent devastating and deadly flooding tragedy.

When the local Sandy Creek flooded following torrential rains in Texas, it destroyed the only bridge into one community. Residents were cut off from access to supplies, including everything from necessities like food, water, and medicine to basic comforts.

Although the bridge was impassable to cars, volunteers who quickly organized to help the stranded residents found that the damaged bridge could still be traversed on foot. Or in the case of Evan Wayne, it could be covered by an electric bike.

Evan joined hundreds of volunteers who answered the call of grassroots organizers by working together without any official capacity. While many started by hand-pulling garden carts of supplies uphill to reach the stricken community, Evan jury-rigged a trailer to an e-bike and took on as much of the load as he could, helping shuttle much-needed food and gear into the community over hundreds of round-trip journeys.

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“This was a dog trailer 48 hours ago. I had a hacksaw, hacked the top off, grabbed some bungee cords, and here we are,” explained Evan in an interview with CBS Austin, while waiting for the next load of gear to be stacked on his trailer.

In the first two days of the operation, he made around 100 round trips each day, shuttling food and water as well as critical rescue supplies. “Right now, I’m waiting on a couple of chainsaws that I’ll bring in for a crew that’s been going at it with handsaws so far.”

In addition to delivering needed supplies, Evan has often found himself moving something even more important: information. “I’ve flagged down medics. I’ve been the guy that goes between Austin EMT and STAR Flight because I’m quicker than cell phones sometimes, people don’t have signal a lot of the time.”

Evan quickly points out that he isn’t the only one helping. “I’ve got an e-bike, but other people are pulling carts. People are walking, people are carrying things. Everyone is doing what they can.” But there’s no doubt that his ability to carry more gear at higher speeds and make hundreds of round-trip journeys so far in and out of the stricken neighborhood has helped impact countless lives.

“This is all volunteers here. They’re just taking it upon themselves to get people where they need to go. I think there’s an umbrella company coming in, taking over tomorrow, but until they get here, people are just taking care of people, which is what you’ve got to do.”

E-bikes proving their worth in emergencies

While many people consider electric bicycles just another form of recreation, they’ve proven to be potent transportation alternatives after natural disasters worldwide.

Not only do their small and efficient batteries make performing hundreds of rescue trips like Evans’ possible, but recharging can be done simply and easily with a solar panel when electricity is out after a disaster. And when gas stations are out of fuel (or simply can’t pump it with the power grid down), e-bikes can keep running while gasoline-powered motorcycles or ATVs run dry.

Electric bicycle batteries have also proven to be a handy source of emergency power after hurricanes and other disasters, often helping owners keep their phones charged up for days to remain in contact with family or rescue services.

While most hope to never need theirs for emergency purposes, electric bicycles have proven their worth in countless disaster scenarios, adding benefits far beyond just alternative transportation, recreation, or fitness riding.

E-bikes can be kept running nearly indefinitely after natural disasters with access to solar recharging equipment

Image credits: CBS Austin (screenshots), used under fair use

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Block leads rebound in fintech stocks as analysts downplay JPMorgan data fee risk

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Block leads rebound in fintech stocks as analysts downplay JPMorgan data fee risk

Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on “Social Media’s Role in Promoting Extremism and Misinformation” in Washington, U.S., March 25, 2021.

Handout | Via Reuters

Block jumped more than 5% on Monday, leading a rally in shares of fintech companies as analysts downplayed the threat of JPMorgan Chase’s reported plan to charge data aggregators for access to customer financial information.

The recovery followed steep declines on Friday, after Bloomberg reported that JPMorgan had circulated pricing sheets outlining potential fees for aggregators like Plaid and Yodlee, which connect fintech platforms to users’ bank data.

In a note to clients on Monday, Evercore ISI analysts said the potential new expenses were “far from a ‘business model-breaking’ cost increase.”

In addition to Block’s rise, PayPal climbed 3.5% on Monday after sliding Friday. Robinhood and Shift4 recorded modest gains.

Broader market momentum helped fuel some of the rebound. The Nasdaq closed at a record, and crypto rallied, with bitcoin climbing past $123,000. Ether, solana, and other altcoins also gained.

JPMorgan announces plans to charge for access to customer bank data

Evercore ISI’s analysts said that even if JPMorgan’s changes were implemented, the most immediate effect would be a slight bump in the cost of one-time account setups — perhaps 50 to 60 cents.

Morgan Stanley echoed that view, writing that any impact would be “negligible,” especially for large fintechs that rely more on debit, credit, or stored balances than bank account pulls for transactions.

PayPal doesn’t anticipate much short-term impact, according to a person with knowledge of the issue. The person, who asked not to be named in order to speak about private financial matters, noted that PayPal relies on aggregators primarily for account verification and already has long-term pricing contracts in place.

While smaller fintechs that depend heavily on automated clearing house (ACH) rails or Open Banking frameworks for onboarding and compliance may face real pressure if the fees take effect, analysts said the larger platforms are largely insulated.

WATCH: Congress moves to redraw $3.7 trillion crypto market rules, opening door to Wall Street

Congress moves to redraw $3.7 trillion crypto market rules, opening door to Wall Street

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EV sales hit 9.1M globally in H1 2025, but the US just hit the brakes

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EV sales hit 9.1M globally in H1 2025, but the US just hit the brakes

The global EV market is still charging ahead. According to new numbers from global research firm Rho Motion, 9.1 million EVs were sold worldwide in the first half of 2025, up 28% compared to the same period last year. But not every region is accelerating at the same pace.

China and Europe are doing the heavy lifting

More than half of the world’s EVs this year have been bought in China. That market hit 5.5 million sales in the first six months of 2025 – a 32% jump year-over-year. Around half of new cars bought in China are now electric.

While some Chinese cities’ subsidies have dried up, Rho Motion expects momentum to pick back up later in the year as more funding is released.

In Europe, 2 million EVs were sold in the first half of the year, up 26%. Battery electric vehicle (BEV) sales also rose 26%, thanks in part to affordable models like the Renault 4 (pictured) and 5 entering the market. Plug-in hybrids (PHEVs) weren’t far behind, growing 27% year-to-date. Chinese automakers are leaning into PHEVs as a way to work around the EU’s new tariffs on BEVs.

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Spain is leading the pack with EV sales soaring 85% so far this year. Its generous MOVES III incentive program was extended in April and has kept sales strong. The UK and Germany are also seeing solid growth – 32% and 40%, respectively. France, however, is slumping. With subsidies cut, EV sales there have dropped 13%.

North America is stuck in the slow lane

Things aren’t looking quite as bright in North America. EV sales in the US, Canada, and Mexico are up just 3% so far this year.

Mexico is the one bright spot, with a 20% boost. The US is up 6%. But Canada is down a whopping 23%.

And things could get bumpier. On July 4, Trump signed Congress’s big bill into law, which axes all the Inflation Reduction Act EV tax credits. Those consumer credits for EVs now officially end on September 30.

Just over half of the EVs sold in the US this year qualified for those credits. Rho Motion predicts a rush in Q3 before the subsidies disappear – and a decline in sales after that.

Rho Motion data manager Charles Lester said, “With Trump’s latest cuts in his ‘Big Beautiful Bill,’ the US could struggle to see any growth in the EV market overall in 2025.”

Global EV sales snapshot, H1 2025 vs H1 2024

  • Global: 9.1 million (+28%)
  • China: 5.5 million (+32%)
  • Europe: 2.0 million (+26%)
  • North America: 0.9 million (+3%)
  • Rest of world: 0.7 million (+40%)

Read more: China breaks records as global EV sales hit 7.2 million in 2025


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