Oil alliance OPEC+ could extend production cuts this weekend as focus shifts away from Middle East tensions, sources say
The OPEC logo on the building of the Organization of the Petroleum Exporting Countries.
Thomas Coex | Afp | Getty Images
The oil-producing Organization of the Petroleum Exporting Countries and its allies could extend existing output cuts this week, delegates and analysts told CNBC, even as focus shifts from Middle East tensions to summer demand.
The group, collectively known as OPEC+, was set to convene in person in Vienna on June 1, but last week moved the encounter virtually to June 2.
OPEC+ producers are currently implementing a combined 5.86 million barrels per day of supply cuts. Just 2 million barrels per day of these cuts represent unanimous commitments under OPEC group policy, and expire at the end of this year.
The remainder are reduced voluntarily by a subset of the alliance. A cut of 1.66 million per barrel is in place until the end of 2024, and 2.2 million barrels per day of supplies have been trimmed until the end of the second quarter. Market participants are watching whether this latter cut will be extended for another quarter, amid projected demand hikes.
“Come June, China would be largely out of refinery maintenance, U.S. consumption is improving as summer moves closer, so June should already see negative crude balances. And then August is the peak month for tightness,” Viktor Katona, lead crude analyst at Kpler, told CNBC.
The OPEC+ coalition is also eyeing individual members’ quota compliance, asking overproducers to implement additional cuts. Iraq and Kazakhstan have detailed compensation plans.
Extension
Three OPEC+ delegates, who spoke anonymously because of the sensitivity of talks, told CNBC the 2.2 million-barrels-per-day supply reductions will likely be prolonged, with a fourth saying this is the scenario anticipated by the market. One delegate acknowledged the probable market tightness in the second half of the year, but noted that demand concerns persisted until only recently.
OPEC’s latest Monthly Oil Market Report of May projects a 2.25 million barrel-per-day increase in demand this year, while Paris-based International Energy Agency’s Oil Market Report of the same month points to just a 1.06 million-barrel-per-day demand hike.
“I think that the clever thing for OPEC+ would be to gradually unwind the voluntary cuts to limit the upside price pressure, to prevent refilling inflation,” Jorge Leon, senior vice president of Rystad Energy’s Oil Market Research, told CNBC. “However, I think that the market right now has priced in a full extension of the voluntary cuts. So I think that is what, probably, they will do.”
He added, “If they decide to fully extend the voluntary cuts, and there is perfect compliance, and they do the full compensation, and then, if, I think prices could reach closer to $100 per barrel this summer.”
Energy security concerns fueled global inflation in the wake of Russia’s invasion of Ukraine and were further stoked after the conflict in Gaza threatened a broader spillover in the oil-rich Middle East, while frequent maritime attacks by Yemen’s Houthi militants disrupted trade transit in the Red Sea.
A high-inflation environment and tight monetary policy in turn reined in oil demand, but central banks have signaled readiness to lower interest rates in the second half of the year.
Tamas Varga, analyst at PVM Oil Associates, told CNBC that the OPEC+ supply restrictions will likely remain in place for the third quarter, adding, “I also believe that the producer group will emphasize that anyone who did not comply with the quota will have to make amends. And I believe that OPEC+ will only ease the supply constraints when they see obvious signs of global oil inventories depleting.”
Kpler’s Katona aligned with the views, but noted that heavyweights Saudi Arabia, Russia and the United Arab Emirates, who participate in the voluntary reductions, could seek to scrap the latter curbs toward the end of the year.
“Further down the line into 2025, unwinding cuts might be challenging for prices as incremental production from Guyana, Brazil, Canada will saturate the markets,” he said, flagging new Floating Production Storage and Offloading facilities due to come online. “This year there’s no new FPSO in Guyana, whilst next year it starts up a new one in [third-quarter] 2025. Brazil, likewise, has one FPSO starting up this year whilst next year it will be a bonanza of new capacity.”
Rising competing supplies have reduced the market prominence of OPEC+, one OPEC+ delegate acknowledged, while analysts signaled that the group’s ongoing output cuts allows unfettered producers to capture their market share.
Priced in
Oil prices have largely languished range-bound in the first half of the year, under ongoing threat of spikes from developments in the Middle East. Regional escalations could top prices with a risk premium of up to $10 per barrel, Rystad’s Jorge Leon noted – while OPEC+ delegates told CNBC that the situation in the Gaza Strip is still adding a little pressure, but that the market has already absorbed the majority of its effect.
Katona likewise noted that the Gaza crisis “will seemingly persist for longer than everyone expected but it doesn’t really have an imprint on OPEC+ coherence and policy.”
One OPEC+ delegate meanwhile said that the unexpected death of Iranian President Ebrahim Raisi represented a tragic accident that could not be interpreted as a risk to the market, especially given that his successor will likely pursue similar politics.
“I think the geopolitical risk premium has subsided and I think that the tension between Israel and Hamas will only support prices if it will have an obvious impact on oil production or oil flows, which might come in the form of the closure of the Strait of Hormuz, or attacks on oil infrastructure in the region, something which does not look plausible at the moment,” Varga said.
OPEC+ must also balance its relationship with the U.S., which has previously blasted the coalition’s supply cuts amid concerns over gasoline prices. The Biden administration last week said it will release 1 million barrels of gasoline from reserves in a bid to curb prices at the pump. The U.S. undertook similar crude releases from its Strategic Petroleum Reserve Stocks during the Covid-19 pandemic, but one OPEC+ delegate noted such measures are unlikely to have an impact beyond price relief during the summer. The U.S. typically seeks to replenish the emergency stockpile of its state reserves.
While the typical buyers of the flagship Mercedes-Maybach EQS 680 may not have to ask what one costs, they do need to know what number to write on the check – and if they happen to be asking this month, that number will be $50,000 LOWER than before.
CarsDirect is reporting a MASSIVE $50,000 lease or purchase cash incentive on the $181,050 top-of-the-line Mercedes-Maybach EQS 680, which amounts to a JC Penney-like 27% discount from the luxo liner’s original asking price and the biggest factory discount deal on any new Mercedes-Benz model so far.
Mercedes-Benz nearly doubled the savings on the 2025 Mercedes-Maybach EQS 680 this month, making it the SUV with the largest rebate offer. The high-end luxury SUV is available with $50,000 in lease cash or purchase cash. Previously, the automaker offered $30,000, making this the best deal to date on the $181,050 vehicle.
For that money, Mercedes-Maybach EQS buyers get Rolls-Royce rivaling material appointments and infotainment features that wouldn’t look out of place in a futuristic sci-fi movie, as well as reclining and massaging rear seats with quilted leather upholstery, lumbar support pillows, and a whole lot more, too.
It’s nice in there
The Maybach EQS 680 is all about opulence, of course – and the list of available features reads exactly the way you’d expect it to on a ride like this. For example: there’s a 12.3″-inch” digital instrument cluster, 17.7″ OLED touchscreen central multimedia display, another 12.3″ OLED display for the front passenger, something called MBUX Hyperscreen, ventilated/rapid-heating front seats so your chauffeur doesn’t get too sweaty, the previously-mentioned massaging seats, “soft close” doors, power side-window sunshades for added privacy, illuminated running boards, and a 64-color choice of interior mood lighting.
Power and torque rarely matter on a ride that you’re more likely to be relaxing in rather than driving, but the big Mercedes doesn’t disappoint in that department, either, thanks to a fully variable 4MATIC AWD system with Torque Shift power vectoring that can send the big SUV’s 649 hp away from the wheels that slip to the wheels that grip, and also work to accelerate inside wheels at a different rate than outside wheels to neutralize handling at the limits.
You know, in case you need to escape the hungry mobs with pitchforks forgot to pick up little Suzie from soccer and need to get there now, Now, NOW!
The big EQS features a 107-ish kWh battery pack good for an EPA-estimated 200 miles of range, with 10-80% charge available in about 30 minutes on a 200 kW DC fast charger. And, trust me, that’s the kind of convenience your personal driver will love.
You can find out more about Mercedes’ killer EV deals on the full range of EQ models, from this top-shelf Maybach on “down” to the also super-discounted compact EQB crossover, below, then let us know what you think of the three-pointed star’s latest discount dash in the comments section at the bottom of the page.
SOURCE: CarsDirect; images via Mercedes-Benz.
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Despite decades of market dominance, it seems like the days of loud, finicky gas-powered lawnmowers may finally be behind us — and I say that because five of the highest-rated mowers on Amazon won’t burn a drop of gas.
While the federal push for EVs may have stalled under the current Trump Administration, state and local governments continue to tightening restrictions on noise and small-engine emissions — and that means your next lawn mower is more likely to plug in than fill up, whether you like it or not. The good news, however, is that in addition to being quieter, safer, and not poisoning the air you breathe while you walk behind them, electric mowers have come a long way in terms of power and performance in just a few years. So much so, in fact, that many of the highest-rated models on Amazon, period, are electric.
Consumer site SlashGear recently compared the average star ratings of a number of lawn mowers on Amazon, focusing on products that had at least 2,000 reviews and a four-star average or higher, and found that battery-electric units from EGO, Greenworks, and Worx were among the top-rated mowers, regardless of fuel type:
The products on this list have the highest ratings for lawn mowers on Amazon. Not only do they have high ratings, but they also have an extensive number of reviews from customers. There are lawn mowers not included on this list with higher customer ratings, but they don’t have the same quantity of reviews.
There’s one manual push mower (sometimes called a reel mower) on that top five list, but virtually no mention of the fact that there are precisely zero gas-powered mowers on the list – despite there being more than 600 pages of results when I searched “gas mower” earlier today. And it’s that fact that seems like the Real News™ item here, not the affiliate links.
So, in that spirit, here’s a brief rundown of each of the top-performing mower brands that’s both free of ad links and in alphabetical order. Enjoy!
EGO
Over the past few years, the EGO brand has staked a claim to being the gold standard for cordless lawn equipment with its high-voltage 56V battery platform and premium build quality, and the brand’s self-propelled mowers regularly top customer satisfaction charts (they show 4.6-star average rating with more than 2,600 reviews).
That’s no surprise, as the EGO mowers offer superior durability, long runtimes, quick charging, and enough torque to rival (if not outperform) comparable gas models.
Greenworks
Another electric lawn care standard-bearer, Greenworks has been covered a number of times in these pages for everything from a powerful 60V cordless chainsaw to an electric minibike. Today, though, we’re focusing specifically on the brand’s 24V 13″ brushless electric mower – a product with a 4.3-star rating after more than 21,000 Amazon reviews. (!)
Fans of the Greenworks lawnmowers often cite their low weight, durability, ease of use, and for a small suburban yard (let’s call it a 1/4-1/2 acres, on the high side) the 13″ version shown, above, should be more than up to the task.
WORX
Full disclaimer: I have a few WORX-branded toys in my garage, partly because of the brand’s smart, compact, and consumer-friendly approach to product design and partly because the brand’s excellent Power Share platform let users swap batteries between tools before some of the other brands figured out that was a huge selling point, giving WORX a significant head start in the logistical simplicity and convenience departments.
The results speak, meanwhile, for themselves. The brand enjoys high customer ratings for its 40V 17″ mower (above, which fits neatly between the other two options), and a growing base of users who’ve discovered that going electric doesn’t have to mean going expensive.
If you’re looking to get yourself some electric lawn equipment, keep an eye out for Electrek’s “Green Deals” posts which frequently feature big discounts. And check with your state or regional clean air regulator to see if any rebates are available – here’s California’s page, and here’s Colorado’s, but there are constantly shifting incentives available elsewhere too, so even if you’ve looked into those before: look again.
Source links throughout; featured image by EGO.
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This one is bound to upset the DSM purists still out there — meet the all-new Mitsubishi Eclipse Cross, an all-electric crossover with over 370 miles of range that’s rolling out to European dealers as you read this. (!)
First unveiled last month, the all-new Mitsubishi Eclipse Cross EV is one of the first fruits of the Nissan- Mitsubishi- Renault alliance to wear the Mitsubishi badge and early production versions of the new SUV have already begun rolling out of Renault’s ElectriCity Douai Plant in Cuincy, France.
“Following the launch of the Outlander plug-in hybrid EV (PHEV) and the Grandis hybrid EV (HEV), rolling out the all-new Eclipse Cross marks a crucial step in our electrification strategy in Europe,” said Takao Kato, president and chief executive officer of Mitsubishi Motors, at the vehicle’s debut. “Having developed the world’s first mass-produced BEV, Mitsubishi Motors has made it a mission to provide environmentally friendly vehicles and has been working toward achieving carbon neutrality. We will continue contributing to the realization of a decarbonized society by expanding our lineup of electrified vehicles, as well as addressing the diverse needs of our European customers.”
Smart Armor styling
Mitsubishi calls its latest Eclipse’ design language “Smart Armor,” and says that its design, “conveys robustness and security by incorporating powerful, armor-like design elements into an advanced and sophisticated smart EV design.”
I don’t know about any of that, but the design is certainly a noticeable, modern update on the Outlander and Outlander Sport that have dominated the struggling Japanese car brand’s North American product line for the last decade. So, while it may not win any awards or make into a “future classics” coffee table book, the latest Eclipse would certainly look “new” in a modern American Whole Foods parking lot.
Modern outside, modern inside
Inside, the new Mitsubishi Eclipse EV offers a comforting mix of buttons and touchscreens angled, cockpit-style, towards the driver and finished in a color palette that will be familiar to any 1st-gen DSM driver, paired with the chunky steering wheel and diamond-quilted seats that drivers familiar with Mitsubishi’s more recent SUV- and crossover-heavy are used to.
Like the exterior, the new Eclipse EV’s probably won’t win any design awards, but it seems comfortable and practical enough and — I can’t state this enough — looks to be a noticeable improvement over the previous generation. The car’s tech, connectivity, and infotainment features, too, also seem thoroughly modern:
The all-new Eclipse Cross is equipped with a vertical 12.3-inch Smartphone-link Display Audio (SDA) system, offering the latest infotainment experience. As it is a vehicle with Google built-in1, drivers can use apps like Google Assistant and Google Maps the moment they step into the car and even download additional apps via Google Play. Simply saying “Hey Google” enables drivers to operate the air conditioner, search for destinations, make phone calls, and play music—all hands-free. Both Apple CarPlay®4 and Android AutoTM are supported with wireless connectivity, offering a seamless connection to smartphones. The audio system features a Harman Kardon premium sound system with five selectable listening modes to suit any mood or preference, delivering an immersive, high-quality sound experience. In addition, four drive modes, Personal, Eco, Comfort, and Sport can be selected at will through the SDA, depending on the driver’s preferences and driving conditions. The Mitsubishi Motors mobile app enables remote access to the vehicle, including locking and unlocking, charging, and checking the parking location, all from a smartphone, enhancing everyday convenience. The model supports Firmware-Over-The-Air (FOTA) wireless software update technology, enabling drivers to easily update to the latest software environment by simply following the instructions on the SDA screen.
The all-new Eclipse Cross features up to 20 advanced driver assistance systems (ADAS)5. Ultrasonic sensors, cameras, and forward radar constantly monitor the vehicle’s surroundings to support safe driving. With a range of advanced safety technologies, including the MI-PILOT2 same-lane driver assistance system for highways and Rear Cross Traffic Alert (RCTA)2 system, it offers a safe and secure driving experience.
The new Mitsubishi Eclipse Cross EV features an 87 kWh battery good for up to 600 km (~375 miles) of range on the European cycle. That battery sends electrons to a capable 160 kW (~215 hp) electric motor that delivers 300 Nm (220 lb-ft) of torque at 0 rpm. DC fast charging can happen at up to 150 kW of charging, which (by my math) works out to something like a 25 minute 10-80% charge time.
Spanish-language site Motorpasión was able to get their hands on a preproduction version of the new Mitsubishi Eclipse and gave it a pretty solid review. You can check that out here, but we’ll be holding back our review until Fred or Micah can get their hands on one. Stay tuned.
Electrek’s Take
I’ve alluded to this a few times in this article, but it’s worth saying again: the new Eclipse Cross EVs aren’t wining awards or setting any performance records here, but they’re perfectly adequate and zippy enough to more than keep up with modern traffic. And, frankly, that’s a refreshing change of pace from an automotive market that seems to be constantly chasing the cancerous mantra of, “bigger, faster, more.”
If Mitsubishi’s US dealers aren’t positively begging for the parent company to bring this new EV to North America, they have truly lost the plot.
SOURCE | IMAGES: Mitsubishi.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
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