Connect with us

Published

10 months ago

on

An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia, on Wednesday, Oct. 3, 2018.

Simon Dawson | Bloomberg | Getty Images

Saudi Arabia has a superpower. Not only is it the largest exporter of crude oil in the world; its production costs for oil projects are also the lowest in the world, at around just $10 per barrel. When around 75% of your fiscal revenue comes from oil, that’s a big deal.

And for a time, its fiscal breakeven oil price — what it needed a barrel of crude to cost in order to balance its budget — was fairly comfortable, too.

That’s changing as the kingdom embarks on huge spending projects as part of Vision 2030, which aims to modernize its economy and diversify its revenue sources away from oil. With each passing year, that projected breakeven oil price gets higher, and the kingdom’s deficit widens.

In May of 2023 the International Monetary Fund forecast the kingdom’s breakeven oil price at $80.90 per barrel, which moved it back into a fiscal deficit following its first surplus in nearly a decade. The Fund’s latest forecast, in April, put that figure at $96.20 for 2024; a roughly 19% increase on the year before, and about 32% higher than the current price of a barrel of Brent crude, which is trading at around $73 as of Wednesday afternoon.

Riyadh, Saudi Arabia.

Johnnygreig | E+ | Getty Images

“At least until 2030, Saudi will have massive budgetary needs due to the need to demonstrate some significant outcome in key Vision 2030 projects and to prepare for and host big sporting and cultural events” like the World Cup 2034 and Expo 2030, said Li-Chen Sim, a non-resident scholar at the Washington-based Middle East Institute.

“All this amidst expected growth in oil supply from the U.S., Guyana, Brazil, Canada, and even the UAE and possible anemic oil consumption growth in China, the Kingdom’s largest oil customer, means that the Kingdom’s fiscal breakeven price is likely to rise perhaps to around $100.”

All that, she adds, does not include the domestic spending requirements of the kingdom’s mammoth sovereign wealth fund, the Public Investment Fund, which is behind multi-trillion dollar megaprojects like NEOM. A Bloomberg forecast cited by Nomura Asset Management put this year’s breakeven price, including PIF spending, at $112 per barrel.

“Saudi Arabia is wealthy and government spending has climbed rapidly over the past decade but it has fiscal parameters within which it must operate just like every other country,” a Nomura report on Arabian markets published Sept. 2 read.

Important economic indicators “like oil production and prices, are now flashing warning signs,” it added. “A global slowdown amid supply uncertainties may hamper prospects for hydrocarbon economies.”

Does the breakeven oil price actually matter?

But wait — fiscal breakeven prices are not always as important as people think they are, some economists and market analysts argue. And for Saudi Arabia, a range of options exist to manage deficits and less-than-ideal oil prices.

“The reality is that countries run deficits all the time, and therefore the idea Saudi Arabia needs $112 oil, or whatever the number is, to me doesn’t provide a true representation of what’s going on,” one energy analyst who focuses on the kingdom told CNBC.

“For Saudi Arabia, they have a lot of capacity to take on more debt if they wanted to … it’s not an issue for them to run a small deficit,” the analyst said, speaking anonymously due to professional restrictions on speaking to the press.

Saudi Arabia's non-oil growth is proving to be 'robust,' economist says

The kingdom also has robust foreign currency reserves, which grew to a 20-month high of $452.8 billion in July, and has been successfully issuing bonds, tapping debt markets for $12 billion so far this year. Oil revenue should increase in 2025 when the OPEC+ production cuts, the majority of which were taken by Saudi Arabia, expire, according to energy analysts.

“From that perspective, they’re also starting from a relatively strong position,” the source said.

Saudi Arabia’s public debt has grown from around 3% of its GDP in the 2010s to 24% today — that’s a massive increment, Sim said. But by international standards, it’s still low. Average public debt in EU countries, for instance, averages 82%. In the U.S. in 2023, that figure was 123%.

Watch CNBC's interview with Saudi Arabia's assistant minister of investment

Its relatively low debt level and high credit rating makes it easier for Saudi Arabia to take on more debt as it needs to. The kingdom has also rolled out a series of reforms to boost and de-risk foreign investment and diversify revenue streams. While the country’s economy has contracted for the last consecutive four quarters, non-oil economic activity grew 4.4% in the second quarter year-on-year, up 3.4% from the prior quarter.

“The good news is that the economy is progressing along its diversification track and has already absorbed large reductions in subsidies and higher VAT while generating a huge number of jobs,” the Nomura report said.

While the kingdom “still lacks the quantum of foreign direct investments desired,” it wrote, “the newly approved investment law should bring it closer to achieving its goal of building a substantially bigger non-oil sector.”

Risks remain, however — primarily if oil demand continues to be soft in major consuming countries and crude supply in non-OPEC+ countries continue to grow, Sim said. And those risks are entirely out of Saudi Arabia’s control.

“With regard to the first point, the biggest danger is a possible tit-for-tat tariff war between China and the US or Europe,” Sim said. This “could result in slower global economic growth and hence a reduced demand for oil.”

Related Topics:
Continue Reading

Environment

Hiboy EX6F folding e-bike launch from $950 ($580+ off), Exclusive $2,800 savings on Mango Power E 3,500Wh CATL station, more

Published

3 hours ago

on

June 18, 2025

By

Hiboy EX6F folding e-bike launch from 0 (0+ off), Exclusive ,800 savings on Mango Power E 3,500Wh CATL station, more

Today’s Green Deals are headlined by Hiboy’s sixth anniversary, which is not only having a sale across its EVs at up to 55% off, but is also giving us the first launch savings on its new EX6F Low-Step Folding e-bike that starts from $950 with two different savings options. We also have an exclusive $2,800 in savings that we’ve secured for our readers on the Mango Power E 3,500Wh CATL Power Station at $999. From there, we spotted two prime-choice mower deals, with the first being ECOVACS’ Goat O1000 RTK robot mower back at its $850 low, while the Worx Nitro 40V 21-inch Cordless Intellicut Mower has fallen to a new $289 low. Plus, there’s all the rest of the hangover Green Deals in the links at the bottom of the page, like yesterday’s Segway ZT3 Pro eKickScooter discount, or the savings we saw on Anker’s SOLIX C300/C200 power stations, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Hiboy kicks off its sixth anniversary with $580+ in launch savings on its new EX6F low-step folding e-bike from $950

Hiboy is celebrating its sixth anniversary with a massive sale through June 25 that is taking up to 55% off its EV models, accessories, all while also offering daily limited-stock flash sales on select units to ridiculously low prices (found on sale’s main page here). Among the lineup, this sale is the first chance at savings on Hiboy’s new EX6F Low-Step Folding e-bike for $949.98 shipped, after using the promo code IMEX6F50 at checkout for an additional $50 off. There’s also an optional bundle promotion running on this model, which the first 50 buyers of this e-bike can choose over the $50 in extra savings – just add the e-bike to your cart without the above code and you’ll get two free pannier bags along with your purchase ($95 value, automatically added in cart). This new model is hitting the scene with a $1,580 price tag, with the $580+ savings here being quite the starting launch deal. Head below to learn more.

A predecessor to Hiboy’s popular EX6 model, the new EX6F low-step e-bike arrives with one major upgrade standing out, namely the tri-fold frame that makes saving space when it’s not in use all the easier, while also providing a more convenient way to transport it in trunks, on RVs, and the like. It comes with a 500W motor (peaking at 750W) that works with the removable 14.5Ah waterproof battery to reach top speeds of 25 MPH for up to 75 miles with its pedal assistance mode activated, or for up to 41 miles when its pure electric mode is utilized. There’s also a third mode for manual pedaling for those who like to get some cardio in during their journeys.

Advertisement – scroll for more content

Among the Hiboy EX6F e-bike’s features, you’ll also be getting 20-inch by 4-inch fat tires and a hydraulic front suspension for all-terrain fun, as well as a Shimano 7-speed derailleur, a rear cargo rack with a 110-pound payload, a clear LED display for monitoring and adjusting settings, and more.

Hiboy’s other anniversary e-bike deals:

Hiboy’s anniversary e-scooter deals:

Mango Power E Portable power station

Get a sizeable 3,500Wh CATL battery capacity through Mango’s Power E station with $2,800 in exclusive savings at $999

We’ve secured another exclusive deal from Wellbots on the Mango Power E Portable Power Station for $999 shipped, after using the exclusive code 9TO5MANGO600 at checkout. It’s already been cut down to $1,599 from its $3,799 price tag, with the additional $600 in savings from our exclusive code taking things even further. While it lands $100 above the all-time low from our previous mention in mid-March, you’re still looking at the second-best price we have tracked, which gives you a total $2,800 in savings on a power station with some serious backup power.

Mango’s Power E is a sizeable unit for the price, which also comes built using CATL battery cells that are typically found in EVs from brands like Mercedes Benz, Tesla, BMW, and more. It boasts a 3,500Wh capacity, which can be expanded as high as 14kWh with the addition of two expansion batteries. It delivers an impressive 3,000W of output power, which increases to 7,000W with the two-battery expansion setup, and sports 16 port options to cover appliances and devices: four ACs, six USB-As, two USB-Cs, two DCs, one car port, and an RV port. If you get yourself an mSocket Pro accessory, its capabilities can extend to become a split-phase generator that covers larger heavy-consumption appliances, including heaters, dryers, water pumps, and much more.

You can recharge its battery to 80% via a wall outlet in one hour’s time, with the solar option to connect up to a max 2,000W input, as well as a 3,000W input it can receive from any generator you have. Not only does it come with a 10-year warranty, but according to the brand, you can also be eligible for a 30% IRS tax credit once you pick it up, which adds future savings to the already large pot.

ECOVACS Goat O1000 RTK RObot lawn mower

Here’s your second chance at ECOVACS’ Goat O1000 RTK robot mower with a fish-eye cam for an $850 low

Amazon is giving folks another chance to score the new ECOVACS Goat O1000 RTK Robot Lawn Mower at $849.99 shipped, which is beating out the brand’s direct pricing by $150. This model (alongside its four counterparts) released back in February carrying a $1,000 price tag, which we saw regularly dropping to $900 from March until early May when this $850 low first appeared. Now, you’re looking at the second chance at this all-time low price, with $150 cut from the tag. Head below for more on this model and the two counterparts that are also seeing discounts.

The standard model among the five new ECOVACS Goat robot mowers, the Goat O1000 model is designed to cover up to 1/4-acres of lawn on a single charge, with it able to pick up where it left off after charging. There’s advanced AI here that utilizes RTK navigation for more accurate location tracking and route planning, as well as integrated AIVI 3D obstacle avoidance. The programming for the obstacle avoidance isn’t only limited to inanimate objects either, as it can identify small animals that may come and go through your yard, even during the dead of night. Its performance is further bolstered by the LiDAR (3D-ToF) and fisheye camera, which takes over navigating when entering heavily shaded areas that the satellites can’t see.

This robot comes sporting a more compact and narrow design, allowing it to fit in tighter spaces where a normal push mower cannot tread, with the whole thing even boasting an IPX6 waterproof construction to better stand against inclement weather changes. There’s plenty of remote smart controls available via its companion app, giving you the means to adjust settings, monitor its real-time performance, and edit the 3D maps it creates. Head below for more.

ECOVACS’ other new robot mower deals:

Worx Nitro 40V 21-inch cordless intellicut lawn mower

Get an adaptive cut with this Worx Nitro 40V 21-inch cordless mower and two 5.0Ah batteries at new $289 low

Amazon is offering the Worx Nitro 40V 21-inch Cordless Intellicut Lawn Mower for $289 shipped. It normally carries a $500 MSRP directly from the brand, while at Amazon, we usually see it priced at $350 to $400. We’ve seen regular drops to $299 over the last 12 months, but today the savings are increasing to go lower than ever. The deal here offers a 28% markdown off the going rate, giving you $111 in savings at a new all-time low price, beating out our previous mention by $10. Head below for more on this newer, smarter lawn care solution from Worx.

You can get a smart mower on a budget with this newer Worx Nitro 40V model that comes with the brand’s intellicut system that can automatically adjust cutting speeds based on the thickness of the grass you’re working through. The 21-inch aerodeck increases air volume through its vented design, optimizing its performance efficiency while preventing clogs and clumping, with the whole thing surrounding a brushless motor 2.0 for “40% more power and 10% longer runtime than first-gen models.”

The two included 5.0Ah batteries gives you the juice to cover up to 1/2 an acre on a full charge – plus, they come as part of the PowerShare family, making them compatible across the tool ecosystem. The mower provides seven cutting height levels via the lever, giving you a range of 1.5 to 4 inches to choose from, and that’s on top of the three-in-one functionality for rear-bagging, mulching, or side-discharging your clippings. Storage is a bit easier here too, as the handle collapses and folds to save you space when it’s not in use.

Best Spring EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

ENGIE’s ‘precycling’ plan could change utility-scale solar builds

Published

3 hours ago

on

June 18, 2025

By

ENGIE’s ‘precycling’ plan could change utility-scale solar builds

ENGIE solar recycling
Image: SOLARCYCLE

ENGIE North America is taking a big step toward making solar power more sustainable by baking recycling into the foundation of four upcoming clean energy projects.

The company is partnering with tech-based solar panel recycler SOLARCYCLE to roll out a new kind of agreement that ensures about 1 million solar panels will get recycled once they reach end of life. The panels come from 375 megawatts (MW) worth of solar projects across the Midwest, and ENGIE says this move will help keep 48 million pounds of material out of landfills and cut around 33,000 tons of carbon emissions.

What makes this different is that recycling isn’t being tacked on at the end – it’s being planned from day one. This “precycling” approach builds recycling directly into power purchase agreements, so developers and energy buyers can make circularity part of their sustainability goals from the start.

It also helps that SOLARCYCLE can track every panel to make sure it actually gets recycled, with recovered materials fed back into the domestic supply chain to form the next generation of clean energy products.

Advertisement – scroll for more content

ENGIE says the partnership with SOLARCYCLE shows that a circular solar economy is possible, with no new regulations or upfront payments required. And it sends a strong message: clean energy shouldn’t just be renewable, it should be recyclable too.

These four pilot projects are part of ENGIE’s growing North American footprint, which already includes more than 12 gigawatts (GW) of wind, solar, and battery storage.

Read more: Heliene will make solar panels using SOLARCYCLE’s recycled glass and it’s a big deal

To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to 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. They have 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 you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Ford is halting Mustang Mach-E sales due to a recall impacting over 300,000 vehicles

Published

4 hours ago

on

June 18, 2025

By

Ford is halting Mustang Mach-E sales due to a recall impacting over 300,000 vehicles

Ford-recalling-Mustang-Mach-E

Ford is recalling over 300,000 Mustang Mach-E models globally due to a glitch that could leave you locked out or potentially trapped inside the vehicle.

Ford is recalling over 300,000 Mustang Mach-E models

If you were planning to pick up your new Mustang Mach-E, you might have to wait a little longer. Ford told dealers to halt sales of the electric SUV until there’s a fix.

In the event of an unexpected 12V battery discharge, the front door electronic latch may not function, which could leave you stuck outside or, worse, inside the vehicle.

Ford is recalling around 317,000 Mustang Mach-E models in the US and globally as it works to resolve the issue. The recall impacts model years 2021 through 2025. Ford said it’s not aware of any reports of accidents related to the glitch.

Advertisement – scroll for more content

A fix is coming soon. Ford is working on a software update, which is expected to roll out in Q3, or over the next few weeks. Until then, the stop-sale will remain in place.

Ford-recalling-Mustang-Mach-E
2025 Ford Mustang Mach-E (Source: Ford)

The update is expected to be available for current Mach-E owners. However, according to an owner on Mach-E Forum, it may require a visit to the dealer rather than an easy OTA software update.

When the software fix is available, Ford will notify owners through the mail to schedule an appointment with their local dealer. Dealers will fix the issue, free of charge.

Ford-recalling-Mustang-Mach-E
Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)

Last month, a Ford spokesperson confirmed with Electrek that the company is raising prices on vehicles built in Mexico, including the Mustang Mach-E. The higher prices impact vehicles shipped after May, which are expected to arrive at dealerships in late June.

The spokesperson explained that the price raises are part of Ford’s “usual mid-year pricing actions, combined with some tariffs we are facing.

Ford is still offering employee prices on most 2024 and 2025 models. With the discount, the 2025 Mustang Mach-E starts at just $36,005.

Last month, Ford sold 4,724 Mach-Es in the US, up 11% from May 2024. Through the first five months of 2025, Ford has sold 19,258 Mustang Mach-Es in the US, a 2.8% increase from the same period last year.

Source: Bloomberg, Mach-E Forum

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending