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Oil market selloff was 'overdone,' says strategist

Crude oil futures were little changed Tuesday as OPEC stuck to its demand forecasts, counting on steady economic growth this year.

Oil prices rallied more than 2% Monday and have now recovered most of the losses from last week. The market had sold-off to four month lows after OPEC+ decided to increase crude production in October.

Here are today’s energy prices:

  • West Texas Intermediate July contract: $77.63, down 11 cents or 0.14%. Year to date, U.S. oil has gained 8.4%.
  • Brent August contract: $81.54 a barrel, down 9 cents, or 0.11%. Year to date, the global benchmark is ahead 5.9%.
  • RBOB Gasoline July contract: $2.39 per gallon, down 0.57%. Year to date, gasoline is up 14%.
  • Natural Gas July contract: $3.07 per thousand cubic feet, up 5.78%. Year to date, gas has advanced 22%.

OPEC is projecting oil demand growth of 2.2 million barrels per day for 2024 and 1.8 million bpd in 2025, according to the group’s monthly report. The oil producers see global economic growth of 2.8% this year and 2.9% in 2025.

OPEC expects the services sector to maintain stable momentum and drive economic growth in the second half of the year, “particularly supported by travel and tourism, with a consequent positive impact on oil demand.”

John Evans, analyst with oil broker PVM, said traders appeared to be “buying the dip” after many investors abandoned their long positions in the wake of the OPEC+ production decision.

“After oil prices experienced a bearish confluence of events, shook out much length and toyed with being oversold, there is almost an inevitability in the rally back to current levels,” Evans said in a note.

Oil Prices, Energy News and Analysis

Money managers cut their net long position in Brent by 69% week over week to the lowest level since 2014 in the wake of the OPEC+ decision, according to JPMorgan.

Despite the bearish sentiment last week, Goldman Sachs forecast the market will enter into a deficit on summer fuel demand that will push Brent back up to $86 per barrel in the third quarter.

Traders are looking ahead to the conclusion of the Federal Reserve meeting and U.S. inflation data for May on Wednesday. The International Energy Agency will release its monthly oil market report the same day.

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Toyota lands $20,000 to bring this pint-sized EV with a solar roof to life

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Toyota lands ,000 to bring this pint-sized EV with a solar roof to life

Toyota’s smallest electric vehicle might actually hit the road. Thanks to new funding from the UK government, Toyota is one step closer to turning this pint-sized EV with a solar roof into a reality.

The Toyota FT-Me is a micro EV with a solar roof

It may be only 2.5 meters (98″) long, but Toyota believes the tiny electric car could be an affordable way to zip around the city.

The FT-Me is “a ground breaking concept” that blends premium design with affordability, Toyota said after unveiling it in March.

After securing a £15 million ($20,000) investment from the UK government’s DRIVE35 program, Toyota is moving closer to actually launching the pint-sized EV.

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The Advanced Propulsion Centre UK, which manages the funding, announced that the £30.3 million ($40,500) project includes a £15 million grant from the Department for Business and Trade. Toyota is expected to fund the other roughly £15 million.

Toyota is working with several partners, including urban delivery specialist ELM Mobility and the University of Derby, to develop a new lightweight battery electric vehicle (BEV) in the L6e category.

Toyota-FT-Me-EV
Toyota FT-Me micro EV (Source: Toyota)

Meanwhile, Savcor will design and develop the solar roof, which Toyota claims can extend a vehicle’s range by 20%, or about 20 to 30 km per day.

The pint-sized EV will be manufactured at Toyota Manufacturing UK’s Burnaston site, where it currently builds the Corolla.

Toyota-EV-solar-roof
Toyota FT-Me micro EV concept (Source: Toyota)

Although it’s about the size of a golf cart, Toyota promises the micro EV fits two passengers comfortably. The company also claims the FT-Me’s propulsion system uses 3X less energy per km than current high-capacity electric vehicles.

Toyota-EV-solar-roof
The interior of the Toyota FT-Me EV concept (Source: Toyota)

Inspired by a jet helmet, Toyota said the vehicle’s compact design makes it perfect for getting around the city. It only takes up about half a parking spot.

Toyota’s pint-sized EV could arrive as a potential rival to the Citroen Ami. The Ami starts at £7,695 ($10,000) OTR, offering a WLTP range of up to 46 miles.

Would you buy Toyota’s micro EV for about $10,000? It could be a fun (and efficient) way to zip around town. It’s basically a futuristic electric golf cart with a solar roof. Unfortunately, it likely will never make it to the US with America’s growing love for big trucks and SUVs.

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Norway says ‘mission accomplished’ on going 100% EV, proposes incentive changes

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Norway says 'mission accomplished' on going 100% EV, proposes incentive changes

For years, Norway has been the poster child for electric vehicle adoption, a perfect example of how a combination of ambitious goals and robust incentives can transform a nation’s entire automotive industry.

Now, with the country on the cusp of achieving its goal of 100% all-electric new car sales by 2025, the Norwegian government is signaling a new phase in its EV strategy, proposing changes to its incentive program that include the introduction of taxes on electric vehicles.

We have often used Norway’s success in electrifying its vehicle fleet as an example of how quickly the electric transition can impact the automotive market under the right conditions.

They made it happen through a comprehensive package of incentives, including exemptions from purchase taxes and VAT, free access to toll roads and bus lanes, on top of properly taxing internal combustion engine vehicles.

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This resulted in EVs being the preferred choice for a vast majority of new car buyers. In 2024, a staggering 88.9% of new cars sold in Norway were all-electric, a figure that has continued to climb in 2025.

Gasoline and diesel cars are now obsolete in the Norwegian new car market, with a few hundred new cars per month, while EVs represent roughly 95-97%.

Finance Minister Jens Stoltenberg has announced mission accomplished (via Reuters):

“We have had a goal that all new passenger cars should be electric by 2025, and … we can say that the goal has been achieved.”

With the finish line in sight, the Norwegian government is now fine-tuning its approach.

The current incentive program maintains the crucial VAT exemption for EVs, but only up to a purchase price of 500,000 Norwegian kroner (approximately $49,000 USD). This move is designed to target more expensive, luxury EVs, ensuring that the incentive benefits a broader range of consumers.

However, the latest budget proposal aims to reduce the EV tax exemption to vehicles costing 300,000 Norwegian kroner (~30,000 USD).

This would apply for 2026, and then the tax exemption would completely end in 2027.

Additionally, the government plans to increase taxes on new gasoline and diesel cars, further widening the cost gap between polluting and zero-emission vehicles.

However, the proposal still needs to be adopted by Norway’s government, and there is some opposition.

EV associations are advocating for a more extended phase-out period to ensure that the adoption rate doesn’t decline.

Electrek’s Take

For EV enthusiasts such as myself, Norway’s journey has been a source of inspiration and a powerful argument against the claims of EV detractors. The country has proven that with the right policies, a rapid and comprehensive transition to electric mobility is not just a distant dream but an achievable reality.

That said, I do understand that Norway has a lot going for it. It is wealthy. And therefore, it made the transition easier than in most other markets.

Regarding the policy changes, I wouldn’t interpret them as a sign of retreat from the country’s electrification goals. Instead, they represent a maturation of Norway’s EV policy.

The proposed changes to Norway’s incentive program are a logical next step in this evolution. As the EV market matures, it’s natural for governments to reassess and adjust their policies. The key is to do so in a way that doesn’t derail the progress that has been made.

However, I do agree with the local EV advocates that it would make sense to extend the phase-out to ensure the market maintains its current near-100% EV rate for a few years.

The rest of the world has much to learn from Norway’s experience. The country has provided a blueprint for how to kickstart an EV revolution, and now it is showing us how to manage the transition to a fully electric future.

The message from Norway is clear: the age of the internal combustion engine is over. The future of transportation is electric, and it’s happening now.

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Waymo is expanding to London with public robotaxi rides coming soon

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Waymo is expanding to London with public robotaxi rides coming soon

Fully autonomous technology developer Waymo continues to expand the reach of its test fleet as well as bona fide customer rides without a driver present. This morning, Waymo shared plans to expand across the pond to London, with public robotaxi rides expected sooner than you might think.

2025 has already been a notable year for autonomous rideshare developer Waymo, as it continues to expand across the United States. This year alone, the Alphabet, Inc. subsidiary began offering customer rides in Austin, Texas, in addition to expansion plans for other cities such as Dallas and Nashville.

In late 2024, Waymo also announced plans to begin testing its robotaxis in Tokyo, Japan, marking the company’s first international expansion. Today, Waymo shared plans for global market growth in the opposite direction, laying the groundwork for robotaxi operations in London as early as next year.

Waymo cities

Waymo to offer public robotaxi rides in London in 2026

According to a release from Waymo this morning, the company has begun plans to expand its driverless robotaxi operations to London, laying the initial groundwork for certifications to start commercial operations by 2026. The company said it will be working with existing fleet partner Moove, which will assist with London operations. Per Waymo co-CEO Tekedra Mawakana:

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We’re thrilled to bring the reliability, safety and magic of Waymo to Londoners. Waymo is making roads safer and transportation more accessible where we operate. We’ve demonstrated how to responsibly scale fully autonomous ride-hailing, and we can’t wait to expand the benefits of our technology to the United Kingdom.

Over the coming months, Waymo plans to test its technology on London roads, seeking permission from local leaders. Once that happens, Waymo will be able to begin offering the public robotaxi services using all-electric I-Pace vehicles from UK automaker Jaguar Land Rover. When available, Londoners will be able to hail a ride via the Waymo app.

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