An oil pumpjack is shown near the Callon Petroleum vicinity on March 27, 2024 in Monahans, Texas.
Brandon Bell | Getty Images News | Getty Images
The International Energy Agency said on Wednesday that a U.S.-led surge in global oil production is expected to outstrip demand growth between now and the end of the decade, pushing spare capacity to unprecedented levels and potentially upending OPEC+ market management.
The forecast prompted a stern warning for Big Oil from IEA Executive Director Fatih Birol, who suggested the world’s largest energy majors may wish to align their business strategies with the changes taking place.
In its latest medium-term market report, titled Oil 2024, the global energy watchdog said oil demand growth was on track to slow down before ultimately reaching its peak of near 106 million barrels per day by 2030. That’s up from just over 102 million barrels per day in 2023.
At the same time, the IEA expects total oil production capacity to surge to nearly 114 million barrels per day by 2030 â a whopping 8 million barrels per day above projected global demand.
The IEA said this would result in levels of spare capacity not seen before â other than at the height of the Covid-19 lockdowns in 2020.
It warned that these dynamics could have “significant consequences” for oil markets, including for the U.S. shale industry and producer economies in OPEC and beyond.
“As the pandemic rebound loses steam, clean energy transitions advance, and the structure of China’s economy shifts, growth in global oil demand is slowing down and set to reach its peak by 2030,” the IEA’s Birol said in a statement.
“This report’s projections, based on the latest data, show a major supply surplus emerging this decade, suggesting that oil companies may want to make sure their business strategies and plans are prepared for the changes taking place,” he added.
The share of fossil fuels in the global energy supply has stayed at around 80% for decades, according to the IEA, although it expects this to fall to around 73% by 2030.
Oil demand in advanced economies to fall further
Despite the projected slowdown in oil demand growth, the IEA noted that in the absence of stronger policy measures or behavioral changes, crude demand is still expected to be around 3.2 million barrels per day higher by 2030 than in 2023.
It said this growth is largely driven by robust demand from fast-growing economies in Asia, as well as the aviation and petrochemical sectors.
In advanced economies, however, the IEA says oil demand is on course to dip below 43 million barrels per day by 2030, down from close to 46 million barrels per day last year. Aside from the coronavirus pandemic, the IEA said the last time oil demand from advanced economies was that low was in 1991.
In a landmark 2021 report, the IEA had urged against new oil, gas or coal developments if the world is to achieve net zero by 2050.
The findings of that report were widely criticized by several OPEC+ producers, who advocate for dual investment in hydrocarbons and renewables, until green energy can unilaterally fulfill global consumption needs.
Led by Saudi Arabia, OPEC+ refers to an influential energy alliance composed of OPEC and non-OPEC partners.
With its sleek, uncluttered styling and more than 100 miles of battery-electric range before the extended range electric sedanâs gas engine kicks on, maybe the new Nissan N6 really should have been the next Maxima!
Struggling Japanese carmaker Nissan is dealing with an aging lineup and a brand identity driven more by subprime financing than any suggestion of reliability or sportiness here in the US â but overseas? The brand is rolling out hit after hit, and the latest Nissan N6 plug-in sedan promises exactly the sort of entry-level panache that could change its American fortunes.
âUnder our Re:Nissan plan, we are redefining what Nissan delivers today and beyond,â explains Nissan President and CEO Ivan Espinosa. âItâs about strengthening our core, reigniting Nissanâs heartbeat, and creating products that inspire excitement and trust. It is about a sharper, more focused product strategy, a stronger brand, and a renewed commitment to our customers. Integral to this transformation is China â an essential market whose speed, technological leadership, and customer insights are setting the pace for the global auto industry.â
Developed by the Nissan Dongfeng JV in China, the new N6 is more compact that the well-received N7 BEV. In fact, the new Nissan N6, at 190.1âł long, compares nicely to the 192.8âł length of the most recent (and largest-ever) US Maxima, discontinued in 2023. Like the Maxima, the top-shelf version features modern, near-luxe features like soft, leather-like surfaces, LED mood lighting, multi-way adjustable seats, and mimosas or something.
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Mimosas or something
Mimosas; via Nissan.
The four or five passengers inside the N6 are propelled down the road exclusively by the carâs 208 hp electric motor, which is efficient enough to take you 112 miles on a full charge of its 21.1 kWh LFP battery. Once that charge is depleted, a 1.5L gas engine kicks on as a high-efficiency generator to keep the good times rolling.
Nissan says the N6âČ exterior design, âfeatures a V-Motion signature grille and expressive LED lighting at the front and rear.â And says that the carâs crisp lines give it, âa confident, dynamic presence.â
All of which sounds good on its own, but sounds absolutely miraculous when you consider the carâs Chinese price: „106,900 â or about $15,000 US for the base Nissan N6 180 Pro, as I type this.
Even with a nearly 100% markup to give it a $29,990 price tag in the US, I think the N6 would be a huge hit in the North American market. And â good news! â thanks to Canadaâs apparent willingness to give Chinese carmakers a shot, we might find out if Iâm right somewhat sooner than later.
Check out the Nissan N6 image gallery, below, then let us know what you think of the carâs US and Canadian appeal in the comments.
If youâre considering going solar, itâs 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, itâs free to use, and you wonât get sales calls until you select an installer and share your phone number with them.Â
Your personalized solar quotes are easy to compare online and youâll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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Whether youâre prepping for winter power outages, loading up the RV for a long-haul trip, or want clean, reliable power anywhere you go, BLUETTI has a portable power option for every need. And right now, the clean energy experts are offering up to 65% off their most popular products for Black Friday â plus theyâve just dropped two major new releases: the Elite 400 and B500K expansion battery.
Hereâs a complete guide to whatâs new, whatâs on sale, and how to pick the model that fits your lifestyle best. There are also some special deals just for Electrek readers, so donât miss out!
For home backup + outdoor adventures: Elite 200 V2 and all-new Elite 400
Elite 200 V2 â Best value for backup, camping, and van life
BLUETTIâs Elite 200 V2 is designed for power users who need versatility. Itâs nicknamed the âSwiss Army Knifeâ of portable power stations because it powers everything from your fridge to your laptop â whether youâre off the grid or just want to keep the lights on during a storm.
Key specs:
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Battery capacity: 2,073.6Wh
Continuous power output: 2,600W (3,900W surge)
9 output ports: AC, DC, USB-C, and more
Recharges to 80% in just over one hour
Ultra-quiet 16 dB operation
LiFePOâ battery with a 17-year lifespan (3,500+ cycles)
Who itâs for:
RVers, weekend campers, off-grid explorers, small cabin owners
Homeowners looking for dependable backup power
Commonly powered devices: Mini-fridges, coffee makers, power tools, microwaves, kettles, electric blankets, laptops, LED lights, wifi routers
Its compact profile makes it easy to tuck away in an RV cabinet, trunk, or apartment closet.
Elite 200 V2 Portable Power Station is regularly priced at $1,699, and itâs on sale for the record-low price of $699 â thatâs a 59% discount for Black Friday and Cyber Monday.
Elite 400 Rolling Power Station â New and optimized for home
Launching November 15, the Elite 400 is a powerful 3.8kWh portable station designed with mobility and backup readiness in mind. With built-in wheels, a telescoping handle, and side grips, you can roll it anywhere â even if youâre flying solo.
Key specs:
Battery capacity: 3,840Wh
Continuous power output: 2,600W (3,900W lifting power)
9 output ports for simultaneous device charging
15ms UPS switchover during power outages
Recharges to 80% in 70 minutes using AC + solar
Low standby energy use (3W) with app-control wakeup and timers
Commonly powered devices: Full-size refrigerators, sump pumps, CPAP machines, space heaters, power tools, projectors, outdoor cooking appliances, large TVs
Whether youâre powering your home in a blackout or running a campsite movie night, the Elite 400 delivers enough capacity to handle just about anything.
The new Elite 400 Portable Power Station is regularly priced at $2,999, and itâs making its debut on November 15 for $1,499 â thatâs a 50% discount for Black Friday and Cyber Monday.
For whole-home power and off-grid living: Meet the new B500K expansion battery
If youâre looking for a system that grows with your energy needs, the B500K expansion battery delivers massive storage potential at a competitive cost of around $0.33/Wh â making it an excellent choice for users seeking higher capacity than the well-acclaimed B300K. Paired with the Apex 300, it also qualifies for the soon-to-end 30% Federal Tax Credit. Designed to integrate seamlessly into BLUETTIâs modular ecosystem, itâs ideal for home battery backup or off-grid setups.
Key specs:
Supports up to 100 kWh storage (paired with Apex 300 system)
Compatible with BLUETTIâs SolarX 4K, B300K, Hub D1, and more
Acts as both standalone power or an expansion battery
Future-proof with long-term ecosystem integration
The new B500K expansion battery is regularly priced at $2,999, and itâs making its debut on November 15 for $1,699 â thatâs a 43% discount for Black Friday and Cyber Monday.
Ideal bundles:
Apex 300 + B500K: Best for large homes, off-grid living, and whole-home backup. With a larger individual capacity, the B500K enables a plug-and-play power system that can be expanded to a massive 100 kWh with the Apex 300. It provides 3.8 kW of power output and 7,884.8 Wh of capacity in total. The Apex 300 + B500K Home Battery Backup is priced at $4,998, and itâs on sale for Black Friday for $3,098 â thatâs a 38% discount.
Apex 300 + B300K: The Apex 300, paired with the B300K, provides 5.5 kWh of capacity and up to 3.8kW of power output, offering smaller households or remote cabins reliable off-grid energy with room to scale. Itâs an ideal way to support essential loads, such as refrigerators, lights, fans, and wifi routers, without the need to invest in a larger setup. The Apex 300 + B300K is normally priced at $4,098, and itâs on sale for Black Friday for $2,299 âthatâs a 44% discount.
Plus! Both bundles are fully eligible for the 30% federal Residential Clean Energy Credit through December 2025.
For everyday portability: Elite 30 V2 and the new Elite 10
Elite 30 V2 â now in EcoTide colors
If you need lightweight, flexible power for camping, car trips, desk-side charging, or college dorm use, the Elite 30 V2 is the sweet spot. Weighing just 4.3 kg, itâs a portable backup that fits in your backpack or on a small shelf. Plus, it comes in six fun colors.
Key specs:
Battery capacity: 288Wh
Continuous power output: 600W (1,500W surge)
9 output ports including 140W USB-C PD
Charges to 80% in 45 minutes
Quiet operation under 30 dB
10-year LiFePOâ battery lifespan, with a 5-year warranty
Ideal for powering: Laptops, DSLR cameras, portable fans, smartphones, drones, modems, LED lighting, external hard drives
Itâs perfect for digital nomads, travelers, or anyone who needs reliable backup power without adding bulk.
Elite 30 V2 Portable Power Station is regularly priced at $304, and itâs on sale for $199 â thatâs a 35% discount for Black Friday and Cyber Monday. You can buy it on BLUETTIâs website here and on Amazon here.
Sneak preview: The new Elite 10 â pocket-sized power
Launching on November 20, the palm-sized Elite 10 is BLUETTIâs most compact power station yet. Itâs the perfect in-between if a power bank wonât cut it, but you donât want a full-sized power station.
Key specs:
Battery capacity: 128Wh
Power output: 200W AC (300W peak, 400W surge)
5 DC outlets + 200W AC outlet
Fully recharges in 70 minutes
LED light modes: reading, warm, SOS
Perfect for powering: Bluetooth speakers, portable fans, DSLR cameras, tablets, Chromebooks, routers, handheld consoles, mini-fridges
Small enough to slip into a tote, train bag, or glovebox, the Elite 10 is built for everyday carry and quick power access.
The Elite 10 launches next week and is said to be the best budget-friendly option yet â available for under $150, and rumored to go even lower. Youâll be able to grab it on BLUETTIâs website and on Amazon here starting November 20.
Electrek exclusive discounts
In addition to the fantastic Black Friday Cyber Monday sale prices, up to 65% off, BLUETTI is offering a special discount code just for Electrek readers!
95% of BLUETTI products qualify for an extra 5% off with code: ELECTREK5OFF
The new Elite 400 and all Apex 300 series products qualify for 6% off with code: ELECTREK6OFF
Now is the best time to invest in a power system thatâs quiet, clean, and ready whenever you need it â at home or beyond the grid.
The trusted name offers a full lineup of portable power stations to keep you charged â whether a winter storm hits or youâre enjoying outdoor adventures â and stay charged, no matter where life takes you.
Beginning with TEC Equipment in Fontana as the companyâs only certified EV dealer in July 2021, Volvo Trucksâ BEV sales network has expanded quickly to 83 certified locations across 33 US states and four Canadian provinces, with four new dealer groups recently joining the program and another 13 rooftops currently in the certification pipeline. Those dealers have helped Volvo Trucks gain a leading position globally and maintain more than 30% market share in the North American electric truck segment over the past five years.
âReaching this milestone is a testament to our customersâ commitment to sustainable transportation and our dealer networkâs dedication to supporting them every step of the way,â explains Peter Voorhoeve, president, Volvo Trucks North America. âThe path to zero emissions is shaped by market conditions, which are moving slowly. We remain committed to our vision to create a world we want to live in by using zero emissions solutions in combination with fuel efficient combustion engines with reduced climate impact. Solutions that will work for our clients where sustainability meets affordability.â
So far, those dealers have deployed over 700 battery electric semi trucks (out of 5,700 globally) that have logged more than 20 million zero-emission miles and eliminated an estimated 34,000 metric tons of CO2 â the equivalent of over 7,000 passenger cars.
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Electrekâs Take
Via Volvo Trucks.
Iâm struggling to reconcile Volvoâs true net zero rhetoric and seemingly dedicated push towards progressive and sustainable business practices with the US branchâs recent attempts to weasel out of their deal with California and, more specifically, CARB. Volvo is a leader in this space, and they should also lead by example where it matters.
If youâre considering going solar, itâs 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, itâs free to use, and you wonât get sales calls until you select an installer and share your phone number with them.Â
Your personalized solar quotes are easy to compare online and youâll 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.