An oil pump jack is shown in a field on June 27, 2024 in Stanton, Texas.
Brandon Bell | Getty Images News | Getty Images
SINGAPORE — Global markets are severely overplaying an oil supply glut, said Jeff Currie, chief strategy officer of energy pathways at private equity giant Carlyle.
Concerns about a supply glut in the markets are “completely overplayed,” Currie said at the annual Asia Pacific Petroleum Conference in Singapore, attributing it to excessive pessimism about Chinese demand amid flat U.S. crude oil production.
The key issue there is, the market is dramatically overestimating that flood.
Jeff Currie
chief strategy officer of energy pathways at Carlyle
“[China’s] weaknesses in demand are being deeply exaggerated by base effects and by destocking,” he said at APPEC. China’s crude oil imports in 2023 had notched a record high.
“There’s the transition component, which is moving trucks into LNG, and then there’s the economic weakness. So you’re down 500,000 barrels per day,” he said, adding that the worst of that transition is likely over.
China’s oil demand has been declining on the back of a slump in industrial inputs, according the International Energy Agency. Preliminary data from the agency is also pointing to an extended weakness in July, as China’s imports of crude oil dropped to their lowest level since 2022 during strict lockdowns in the country. China’s August crude oil imports fell 7%.
On the supply side, black oil production in the U.S., one of the world’s top crude oil producers, has been “flat” this year, Currie said. Black oils include crude oil, fuel oil, furnace oil, asphalt and tar. White oils include gasoline and kerosene.
“The U.S. is producing a record amount of natural gas liquids. Liquids are not oil … When you look at oil, U.S. production is flat this year,” said Currie.
“The key issue there is, the market is dramatically overestimating that flood [in oil supply], and it’s reflected in record short positions … and I’ve never seen anything like that,” he added.
In June, Carlyle said it would acquire a portfolio of gas-weighted assets with initial production estimated at 47,000 barrels of oil per day. The company struck a $945 million deal with Energean to acquire the latter’s assets in Egypt, Italy and Croatia, Reuters reported.
Supply outstrips demand
Other industry watchers disagree with Currie’s assessment on the issue of oversupply in the crude market.
“We probably are producing much more oil [on] the critical products than we are consuming, and that balance is seen to worsen for the next year,” said Torbjörn Törnqvist, CEO of commodities trading firm Gunvor.
Compounding oversupply concerns, oil group OPEC+ is expected to increase production in 2025 in a move that would mark its first increase in three years, said Jim Burkhard, head of research for oil markets, energy, and mobility at S&P Global.
Last week, members of the alliance postponed plans to hike production by a scheduled 180,000 barrels per day in October by two months. The move was supposed to be part of a program to return a broader 2.2 million barrels per day to the market over the following months.
Even if OPEC+ does not hike production, the world is still staring at over 5 million drills of unused oil today, Burkhard said.
“Which means there’s going to be more unused capacity sitting there on the sidelines, and that is going to exert a downward pressure on prices,” he said.
It’s not a Kia or Hyundai, but the Musso EV pickup truck is shaking up the Korean Market. After the first models left for Europe, the company’s CEO is already saying it will be a “driving force” as it goes on a global conquest.
Korea has a new EV pickup that’s going global
During an event celebrating the first exports of its new Musso EV and Torres HEV pickup trucks, KG Mobility’s CEO, Kwak Jae-Seon, said the new models “have already received favorable reviews and garnered much attention from reporters and sales agents.”
KG Mobility (KGM) expects them to serve as “a driving force” as it expands exports into new global markets. The first Ro-Ro (Roll-on/Roll-off) hit the seas on June 12 carrying 983 vehicles, 184 Musso EVs, and 799 Torres HEVs.
The vessel is headed for Europe, where the first models will be sold in Germany, Spain, Norway, Hungary, and other markets, starting in August.
Advertisement – scroll for more content
Jae-Seon, who personally drove the Musso EV onto the car carrier, said during the event that pickup is now on a “full-scale conquest” as it rolls out globally.
KG Mobility Musso EV and Torres HEV pickup launch event (Source: KG Mobility)
KGM’s EV pickup has already generated quite the buzz in Korea, beating Hyundai and Kia to the first fully electric pickup truck.
After launching the Musso EV pickup in Korea in March, the company announced it had secured over 3,200 orders in two weeks. The Special Edition model sold out in an hour and a half.
KGM promotes the vehicles as “a new alternative to mid-size SUVs” that’s more useful as an everyday ride with more interior space.
Measuring 5,160 mm long, 1,920 mm wide, and 1,740 mm tall, the electric pickup is about the size of a Ford Ranger (5,225 mm long, 1,910 mm wide, and 1,866 mm tall).
KGM Musso EV electric pickup truck interior (Source: KGM)
The infotainment system looks a lot like new Hyundai and Kia EVs with a dual 12.3″ driver cluster and touchscreen navigation screens in a panoramic display.
It also comes with a Land Rover-like ClearSite Ground View camera, allowing you to see what’s beneath you through several strategically placed cameras.
The electric pickup is powered by an 86.6 kWh LFP battery, providing a range of nearly 250 miles (400 km). With up 200 kW fast charging, it can recharge to 80% in 24 minutes.
KGM’s Musso EV is available in both single (FWD) and dual-motor setups. The FWD version features a 152.2 kW front motor, producing up to 207 horsepower, while the AWD model boasts up to 413 horsepower. It can tow almost 4,000 lbs (1.8 tons) and includes a “trailer sway function” to stabilize the vehicle while towing.
The Musso EV pickup starts at 48 million won, or about $35,000. With incentives, KGM says the purchase price is closer to 39.62 million won ($29,000).
With more monthly exports in May than it has in 10 years, KGM expects the Musso EV pickup to accelerate the momentum.
FTC: We use income earning auto affiliate links.More.
More news out of day one of the Paris Auto Show, as aerospace manufacturer BETA Technologies announced the signing of a Memorandum of Understanding with Republic Airways Holdings in which the latter will evaluate the potential of BETA’s all-electric ALIA CTOL aircraft for regional passenger and cargo flights.
Republic Airways is a regional airline based in Indianapolis that operates services for other larger US airlines like American, Delta, and United. As a regional travel provider, eVTOL and eCTOL travel are becoming genuine travel options as companies like BETA Technologies move closer to certification and commercial operations.
As reported earlier this month, BETA Technologies recently completed a flight into New York City with actual passengers aboard its ALIA CTOL (conventional takeoff and landing) aircraft. One of those passengers was Republic Airways President and Chief Commercial Officer, Matt Koscal.
Koscal must have been impressed by BETA’s ALIA CTOL, because Republic Airways and BETA announced a new agreement to evaluate the aircraft for future service, beginning later this year.
Advertisement – scroll for more content
Republic President and Chief Commercial Officer, Matt Koscal (left) and BETA founder and CEO, Kyle Clark / Source: BETA Technologies
Republic Airways to test viability of BETA’s ALIA CTOL
According to BETA Technologies, it has entered into a Memorandum of Understanding (MoU) with Republic Airways Holdings Inc. Through the agreement, BETA will give Brickyard Connection, LLC., a wholly-owned subsidiary of Republic Air, access to a pre-certified ALIA CTL aircraft.
From there, Brickyard Connection and BETA will assess the aircraft’s performance, operational economics, infrastructure requirements, and overall viability for regional passenger and cargo flights. Today’s MoU news builds upon an existing relationship between BETA and Republic Airways, which could lead to bona fide regional eVTOL and eCTOL travel. Matt Koscal elaborated:
We’re excited by the opportunities Advanced Air Mobility technologies represent for regional connectivity and BETA’s innovative approach to electric flight aligns with our vision. We’ve been working with BETA for the past 18 months and continue to be impressed—not just by the performance and design of their CTOL aircraft, but by the company’s leadership, culture, and values. We look forward to exploring real-world use cases and our joint pursuit of cleaner, quieter, and more efficient air travel.
In addition to evaluating the ALIA CTOL aircraft, BETA and Republic Airways said they will also research the potential deployment of the former’s aircraft charging technology to support future operations. Per BETA, Republic Air and Brickyard Connection should gain access to the ALIA CTOL sometime in late 2025.
FTC: We use income earning auto affiliate links.More.
EcoFlow extends Father’s Day Sale with new bundles like the DELTA 2 Max with a 500W panel at $1,405
EcoFlow has extended its Father’s Day Sale offers through June 22, which is including most of the savings we’ve been seeing alongside ongoing sitewide bonus savings. The big changeup with this extension is the addition of more member-only pricing (free to sign up), which includes a first-time offer for the DELTA 2 Max Solar Generator bundle with a 500W bifacial modular panel for $1,405.05 shipped, after using the sitewide code EFFDAFF5 at checkout for an additional 5% off. This package deal is getting a 48% combined markdown here for the next few days, bringing costs down from its full $2,699 price tag. We typically see its variant bundle with two 220W panels selling for between $1,499 and $1,424 during recent sales. This bundle, however, offers more solar input for $19 less, setting the bar for future discounts in the process, while also running you a bill for $1,998 at Amazon right now when grabbing the power station and 500W panel separately.
A great mid-range and expandable backup power option, the EcoFlow DELTA 2 Max brings a reliable 2,048Wh LiFePO4 battery along for your trips into the wilds or even to cover appliances during unexpected blackouts. With the addition of its compatible expansion batteries, you can increase that capacity up to 6,144Wh. There’s also the 2,400W of steady power you’ll get through its 15 output ports, surging as high as 3,400W once its X-Boost mode has been activated within its companion app.
Advertisement – scroll for more content
With EcoFlow’s DELTA 2 Max, you can connect up to two panels, with the station boasting a 1,000W max solar input for solar charging, while also being able to refill its battery through a wall outlet (1.1 hour recharge), or through dual charging by solar and AC simultaneously to reach 80% in 43 minutes. With the purchase of an alternator charger, you can also take advantage of charging as you drive.
***Note: The additional 5% in savings has not been factored into the prices below, so be sure to use the code EFFDAFF5 at checkout for the maximum savings!
You can browse the rest of EcoFlow’s extended Father’s Day Sale lineup in our original coverage here, and don’t forget that you’ll have until June 22 to take advantage of these deals before the sale officially ends.
Pick up Bluetti’s AC180P 1,440Wh LiFePO4 power station with exclusive $438 savings to a new $461 low
We’ve secured an exclusive new low price from Wellbots for our readers on the Bluetti AC180P Portable Power Station for $461.34 shipped, after using the exclusive code BLUETTI9TO5 at checkout. You’d normally be shelling out $899 for this unit at full price here, while it carries a higher $999 tag directly from the brand and can be found as high as $1,099 at other retailers. We’ve had two previous exclusive deals on this model over the last year, the first being in October for $499, while in February it was brought down to $487. The savings are increasing even more today, as this combined 49% markdown cuts $438 from the going rate and lands it at a new all-time low.
Bluetti’s AC180P power station comes as the largest unit in the brand’s AC180 series, providing you ample support for off-grid camping while also having your back for essential emergency power. There’s a 1,440Wh LiFePO4 capacity here, with it dishing out a steady output of up to 1,800W (surging as high as 2,700W when needed). What’s nice about power stations is their ability to retain charges for long periods of emergency backup, with this model able to hold an 80% charge for three to six months, letting you always have it at the ready by just charging it two to four times throughout the year. There’s more output ports here too, with it providing four ACs, four USB-As, one USB-C, one DC car port, and even a wireless charger.
There’s a versatile array of charging options too, with turbo-charging tech lending to a 45-minute charge time to an 80% battery (100% in 1.8 hours) via a standard wall outlet. You can also connect up to its 500W max solar input to refill the battery in 3.3 hours via the sun, or you can plug it into your car’s auxiliary port for a 12.5-hour charge, which is esepcially helpful while driving (as it could drain the car battery if left for too long).
Automate pool skimming with Aiper’s latest solar-charging Surfer S2 robot at a new $306 low
By way of its official Amazon storefront, Aiper is now offering the best price yet on its Surfer S2 Solar Robotic Pool Skimmer at $305.98 shipped, which also matches its direct pricing from the brand’s site. This model has only been on the market since January, with it previously carrying a $540 price tag, though we’ve been more recently seeing it keep down at $400, with discounts having taken it as low as $320 up until today. It’s beating out our previous mention from last month by $14, giving you a great opportunity to upgrade your pool cleaning routine at the best new price we have tracked.
Aiper’s Surfer S2 robot comes with improved designs over its first-generation predecessor, including its DebrisGuard anti-leak design, a more powerful brushless motor, and a larger suction inlet that is paired alongside a 150-micron filtration system, giving you better performance regardless of it being for smaller or larger debris. There’s a larger battery with this model too, letting it run for up to 35 hours on a single charge, with the onboard solar panel topping it off during every sunny day, while also providing a DC adapter as a backup charging option during cloudier times.
Aiper has given this robot dual dToF sensors that work with the brand’s algorithms for greater obstacle avoidance capabilities – with it even knowing when to deploy or retract its four anti-standing columns to keep it from getting caught on pool steps. Should these columns fail at preventing this, the robot has self-rescue programming to get it back to deeper waters. It comes with a full array of smart controls through its app, letting you monitor or adjust settings, as well as manually steer it should you want a particular area taken care of. You can check out all the other discounted models from Aiper in the brand’s official Amazon storefront here.
Make quick work of trees and shrubbery with EGO’s 56V 14-inch cordless electric chainsaw at $189
Amazon is offering the EGO Power+ 56V 14-inch Cordless Electric Chainsaw for $189 shipped. This model has been recently fetching $229 at full price, with it having been available at $189 off and on since mid-May. You can pick up your own while the savings last, cutting $40 off the going rate at the best price we have tracked over the last 12 months.
The brushless motor inside this 56V EGO chainsaw is equivalent to a 30CC gas model, giving you up to 6,800 RPM for more eco-friendly and efficient cuts, while also allowing you to toss out that noisy and fume-belching gas guzzler. The included 2.5Ah battery provides enough juice for up to 100 cuts on a single charge, giving you ample support for firewood or cutting up trees and shrubbery that may becomes damaged from this year’s hurricane season. What’s especially nice about EGO tools/batteries is that they come compatible with each other, allowing you to switch things around for longer runtimes or to power multiple different tools off one source.
Aerate soil before planting with Greenworks’ 40V 10-inch cordless tiller/cultivator at $206
Amazon is offering the Greenworks 40V 10-inch Cordless Tiller/Cultivator for $206.20 shipped. Normally going for $280 at full price, discounts have mostly kept the costs above $240 during 2025 so far, with a few previous falls as low as $216. The deal here brings a 26% markdown to the pricing, cutting $74 off the tag for the best price we have tracked. It’s even beating out the direct pricing from Greenworks’ website, where it’s sitting $32 higher.
While we’re no longer in the prime cultivating time of spring, the weather this year for many regions around the country has only just begun warming up, meaning that this Greenworks tiller/cultivator would still be good to use – and that’s not counting any fall planting you’ve got on the books which will need prepping for. The included 4.0Ah battery keeps the motor running for up to 45 continuous minutes of breaking up/aerating your soil, coming with an adjustable tilling width of 8.25 to 10 inches. The best part is that it’s virtually maintenance-free, as you won’t have to deal with gas, oil, or noisy/fume-heavy emissions. If you already have the appropriate battery for it, you can pick up just the tool on its own for $170, down from $220.
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.