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The sun sets behind a pumpjack during a gusty night in Fort Stockton, Texas, March 24, 2024.

Brandon Bell | Getty Images

U.S. crude oil gained more than 1% on Tuesday after booking a loss last week as the market focuses on an upcoming key OPEC+ meeting.

OPEC+ will hold a virtual meeting on Sunday to review its production policy. Several OPEC+ members are voluntarily holding 2.2 million barrels per day off the market to support prices.

Deutsche Bank analyst Michael Hsueh said OPEC+ countries are unlikely to raise production given that the current price of Brent is closer to $80 per barrel than $90 per barrel.

Tamas Varga, analyst with oil broker PVM, said he expects “no changes in production will be forthcoming” because the meeting is virtual.

Here are today’s energy prices:

  • West Texas Intermediate July contract: $78.84 a barrel, up $1.12, or 1.44%. Year to date, U.S. crude oil has gained 10%.
  • Brent July contract: $83.19 a barrel, up 9 cents, or 0.11%. Year to date, the global benchmark has gained 8%.
  • RBOB Gasoline June contract: $2.50 per gallon, up 0.85%. Year to date, gasoline futures are up 19%.
  • Natural Gas June contract: $2.51 per thousand cubic feet, down 0.16%. Year to date, gas is little changed.

Deutsche Bank has maintained its current Brent forecast of $83 per barrel for the second quarter and $88 in the second half of the year, assuming OPEC+ will maintain its production policy on Sunday.

But pressure will grow on the group after the June meeting to raise output, which could push Brent prices below $80 a barrel, according to Hsueh.

Saudi Arabia understands that maintaining a target price for oil significantly above a breakeven price of $75 per barrel for the broad U.S. oil sector is unsustainable in the long term, Hsueh said. And the stabilization of U.S. production since September has given OPEC some room to maneuver, he said.

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Podcast: new Tesla Model S/X, Robotaxi is sort of coming, Xiaomi breaks EV Nurburgring record, more

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Podcast: new Tesla Model S/X, Robotaxi is sort of coming, Xiaomi breaks EV Nurburgring record, more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the new Tesla Model S and Model XX, Robotaxi is sort of coming, Xiaomi breaking the EV record at Nurburgring, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

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Chevy closes in on Tesla with the Equinox and Blazer EVs ‘right in the heart of the market’

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Chevy closes in on Tesla with the Equinox and Blazer EVs 'right in the heart of the market'

Chevy is narrowing the gap with Tesla in the US, thanks to its new Equinox and Blazer EVs. After outselling Ford, Chevy is now the fastest-growing EV brand in the US.

Chevy EV registrations triple in April as Tesla slips

GM is outpacing rivals in the US with a full lineup of 13 all-electric vehicles. Its biggest star so far has been Chevy, with new EVs like Equinox and Blazer seeing strong demand.

In the first quarter, Chevy became the fastest-growing domestic EV brand, outpacing Ford. According to the latest registration data from S&P Global Mobility (via Automotive News), Chevy is not slowing down. It’s actually closing in on Tesla.

Although new EV registrations fell for the first time in over a year in April, Chevy more than tripled its share. Tesla remained the top-selling EV brand with 39,913 registrations, 16% fewer than in April 2024.

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Chevy registered 9,160 EVs in April, more than triple (+215%) that of last year. Its share of the EV market rose to 9.4%, up from just 2.8% last April.

Chevy-Tesla-EV-registrations
2025 Chevy Equinox EV LT (Source: GM)

The Chevy Equinox EV was the third most popular model, behind Tesla’s Model Y and Model 3, with 5,424 registrations. Tesla Model Y registrations fell 42% to 18,978, while Cybertruck registrations slipped 23% to 1,680.

To be fair, Tesla already said earlier this year that the new Model Y changeover would impact production in the first quarter.

Chevy-Tesla-EV-registrations
Chevy Silverado (left), Equinox (middle), and Blazer (right) EVs at a Tesla Supercharger (Source: GM)

Chevy’s Blazer EV ranked sixth with 2,662 registrations in April. S&P Global Mobility analyst, Tom Libby, explained that “They have the Equinox and the Blazer right in the heart of the market and they’re really benefiting from that.”

US EV Registrations April 2025 % Change from April 2024
Tesla 39,913 -16%
Chevy 9,160 215%
Ford 5,534 -33%
BMW 4,812 8.7%
Hyundai 4,796 -25%
Cadillac 3,829 104%
Nissan 3,316 52%
Rivian 3,109 -30%
Mercedes-Benz 2,392 -19%
Acura 2,315
US EV registrations by brand in April 2025 (Source: S&P Global Mobility)

The Chevy Equinox EV, or “America’s most affordable 315+ mile range EV,” starts at just $34,995. No wonder it’s selling like hotcakes.

Through May, Chevrolet has sold over 37,000 electric vehicles in the US, outpacing Ford, which has sold 34,000. We will learn more when GM reports second quarter sales on July 1.

With leases starting at just $289 per month, the 2025 Chevy Equinox EV is a pretty good deal right now. Chevy is also offering 0% APR for 60 months on all 2025 EV models. Ready to try one out for yourself? You can use our links below to find Chevy EV models in your area.

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Stock losses accelerate on Israel-Iran attacks — plus, the latest on Amazon, Meta and Apple

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Stock losses accelerate on Israel-Iran attacks — plus, the latest on Amazon, Meta and Apple

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