The RN-Tuapsinsky refinery operated by Rosneft Oil Co. in Tuapse, Russia.
Andrey Rudakov | Bloomberg | Getty Images
SINGAPORE — As the world’s oil traders and analysts gathered at the annual Asia Pacific Petroleum Conference in Singapore last week, the slump in oil and where it was headed was foremost in everybody’s mind.
China, the main engine driving the world’s oil demand, has been sputtering. In the International Energy Agency’s most recent September report, year-on-year global oil demand grew 800,000 barrels per day in the first half of 2024, decelerating to its slowest growth since 2020 .
Members of alliance have recently postponed plans to hike a planned output increase of 180,000 barrels per day in October, as part of a program to return a broader 2.2 million barrels per day to the market over the following months.
Given the situation, lower oil prices were the dominant theme in Asia’s largest oil conference. The question was not whether oil will go lower, but mostly by how much will it decline in the coming years.
Oil at $50?
Goldman Sachs’ Co-Head of Global Commodities Research Daan Struyven estimated that crude prices could fall to the low $60s per barrel level by within the next two years, if China demand remained tepid. He did not rule out an even steeper decline.
“We estimate that Brent could fall to roughly $50 per barrel in a moderate [U.S.] recession … We have a fairly benign view on the global economy,” Struyven said during the conference.
It’s hard to look beyond China when thinking about the supply and demand balance for next year.
Ben Luckock
global head of oil at Trafigura
“Things are slowing down. Doesn’t mean a bust, I don’t think so. Stagnant? Perhaps, and that’s bad enough for oil,” said Torbjörn Törnqvist, CEO of commodities trading house Gunvor.
Trading Giant Trafigura raised concerns about China’s weak demand, and the global oil consumption tied to it.
“It’s hard to look beyond China when thinking about the supply and demand balance for next year,” Ben Luckock, Trafigura’s global head of oil, told CNBC on the sidelines of the conference.
“I suspect we’re probably going to go into the 60s sometime relatively soon,” he said. Global benchmark Brent is currently trading at $73.09 per barrel, while U.S. West Texas Intermediate is at $70.57 per barrel.
Oil prices have fallen in spite of ongoing tensions in the Middle East, as well as the Russia-Ukraine conflict.
Luckock, however, warned about becoming too bearish. “It’s dangerous because there’s so many events out there that can ruin your day.”
“I wouldn’t put all your chips on the table being short,” he added.
India offers some hope
China’s slowdown has spurred some to scour for alternative oil demand drivers, with a few eyeing India as a potential candidate. India is the third largest consumer of oil at around 5 million barrels of oil per day, 5% of the world’s oil consumption.
India is the world’s fastest growing large economy, and is targeting to overtake both Japan and Germany to become the world’s third-largest economy in as soon as 2027.
Hong-Bing Chen, general manager at Chinese refiner Rongsheng Petrochemical said that he sees further growth in India, as well as more consumption of gasoline and gas oil from the the South Asian nation.
Things are slowing down. Doesn’t mean a bust, I don’t think so. Stagnant? Perhaps, and that’s bad enough for oil.
Torbjörn Törnqvist
CEO of Gunvor
Others experts were more circumspect.
“Keep in mind that Indian demand is one-third of Chinese demand,” said Vandana Hari, founder and CEO of Vanda Insights. “So is there going to be another China in terms of global oil demand growth in our lifetime or potentially thereafter? I don’t think so,” she said.
India’s growth rate will be consistent and over the long term, well into the mid 2040s, but it’s not going to be the same size and magnitude as that of China’s, said Fereidun Fesharaki, chairman of energy consultancy Facts Global Energy.
Aventon has officially announced its latest electric bicycle, the Pace 4, adding advanced smart bike technology and enhanced rider comfort to its popular line of urban-friendly e-bikes. The Pace 4 builds upon Aventon’s successful formula of accessibility and ease of use, now augmented with new connectivity and security features that make it harder to steal and easier to get back.
At the heart of the Pace 4 is Aventon’s latest innovation: the Aventon Control Unit (ACU). The ACU significantly upgrades the bike’s intelligence and security capabilities, bringing GPS tracking, geofencing, and remote locking to the Pace 4.
With the addition of the ACU, riders gain the ability to monitor their bike’s location in real-time, set virtual boundaries that trigger alerts if the bike leaves a specified area, and remotely lock the rear wheel, helping to improve security and peace of mind. A startup passcode can also be enabled to further improve theft deterrence, ensuring the bike can only be activated by authorized users.
The remote locking and passcode can help deter some theft, but the GPS tracking makes it easier to get the bike back if it ever does find itself in the wrong hands. The GPS feature and the 4G data communication both require a 4G data subscription, which is provided complimentary for one year at the time of purchase.
Advertisement – scroll for more content
Of course, there’s no such thing as a theft-proof bicycle, but these types of smart features help riders get closer to that goal. Plus, as bike thieves become more aware of which e-bikes include built-in GPS or other theft deterrence features, hopefully those models will become less attractive targets.
The Pace 4 doesn’t only upgrade its intelligence. Its performance and comfort have also received their own improvements.
Powered by a 500W rear hub motor rated for a peak output of 864 watts and 60 Nm of torque, the Pace 4 provides decent power for smooth urban commuting and enjoyable leisure rides. According to Aventon, riders can expect consistent and reliable performance across various terrains and riding conditions.
It may not match the 750W continuous-rated motors we often see in the North American market, which usually output peak power in the low four figures of watts, but it should still provide good power and climbing performance on moderate hills.
The Pace 4 features a 36V 20Ah battery, which Aventon states can deliver a range of up to 70 miles (112 km) when ridden in ECO mode. Of course, few people actually ride solely in the lowest power mode, and so the real-world range is likely to be somewhat lower – especially for riders who make ample use of the throttle. But with just over 720 Wh of battery capacity, the Pace 4 is likely still ideal for extended city commutes, recreational rides, and weekend exploring. And with the included torque sensor, the pedal assist is more responsive, giving riders more reason to let go of the throttle and enjoy the pedal assist performance.
The 27.5×2.1″ urban tires will be most at home on pavement but can likely still handle fairly smooth trails. Whether for daily commuting or leisurely outings, the bike seems outfitted for a variety of use cases.
The Pace 4 lacks traditional suspension but the bike does include a suspension seat post offering 2 inches (50mm) of travel. This feature absorbs shocks and vibrations from rough roads, preventing them from traveling up through the saddle and into the rider’s rear, enhancing the riding experience. Complementing this is an ergonomic handlebar design aimed at promoting a relaxed, upright riding posture, reducing rider fatigue on longer trips and increasing overall comfort.
Neither of these can replace true front or rear suspension, but they go a decent way toward adding more comfort to the ride.
Aventon has also emphasized accessibility with the Pace 4. It features a step-through frame design that makes getting on and off the bike much easier than swinging a leg over the rear, helping the bike cater to riders of all ages and abilities. Available in two frame sizes and three colors of Flint, Mica, and Blue Steel (grey, black, and light blue), the Pace 4 also offers a bit of variation to help riders dial in the size and style closer to their tastes.
The new Aventon Pace 4 sticks with the company’s recent drive to push the boundaries of e-bike technology, combining smart connectivity, enhanced security features, modest performance, and some nods toward comfort. I’d imagine the bike would appeal to a broad range of riders if it wasn’t for the price, which feels fairly high to me. Plus, the base model doesn’t include a rack, fenders, or other commuter staples that will only elevate the price further. That being said, the Pace 4 launches at a time when e-bike prices are expected to arrive across the board, either slightly for models built in various Asian countries or significantly for models built in China.
But ignoring the price (as hard as that may be), I do like what I see here. It’s hard to compare to Class 3 e-bikes with more powerful 48V systems, but this isn’t designed to compete with those models. It’s a more modest, easier-going model. But for its intended audience, it comes with some nice features that we don’t often see elsewhere.
I really hope features like built-in tracking become more common across the board, as they’re hugely valuable for riders.
FTC: We use income earning auto affiliate links.More.
British Columbia got its first 400 kW DC fast charger last week at Canadian C-store chain On The Run, but that’s not the good part. As part of a limited time offer, these chargers are FREE!
The Canadian convenience store chain just took the wraps off its new, ABB-developed, 400 kW chargers earlier this month, but they’re already planning to bring the ultra-fast 400 kW dispensers to at least four more locations in BC this spring, and have them online just in time for the summer road trip season – something On The Run hopes its customers will appreciate.
“The A400 charger delivers an enhanced customer experience, with reliability and performance from a 32-inch screen to higher power charging sessions and power sharing,” reads the company’s official announcement, via LinkedIn. “Download the Journie Rewards app to start the charge – free for a limited time.”
On The Run’s new 400 kW ABB DC fast chargers are compatible with CCS and CHAdeMO plugs, and can accommodate Tesla and other NACS-equipped vehicles with an adapter. That said, the company seems to imply that Tesla drivers in particular will have a maximum charging speed of “just” 50 kW, which feel hilarious (given the current state of affairs between Tesla and the Canadian government), but probably isn’t.
Advertisement – scroll for more content
In addition to the ABB A400 400 kW units shown here, On The Run locations also employ the ABB Terra 184 dispensers rated at 180 kW. On The Run plans similar deployments at the four BC locations mentioned above, as well as two more each in Quebec and Ontario slated to go live towards the end of this year.
Electrek’s Take
Tesla’s controversial CEO Elon Musk once mocked 350 kW charging speed as being “for a child’s toy,” despite the fact that, nearly nine years later, his own cars and Superchargers can barely make it to 325 kW while others have sailed right on past. I made fun of that fact on the Quick Charge episode shown, above – and, while I do think it’s funny and relevant, the much more relevant piece of news here is that companies like BP Pulse, Revel, and Wallbox are actively deploying 400 kW solutions, today (while others hit the same mark as far back as 2017).
Terawatt Infrastructure‘s first medium- and heavy-duty electric charging truck stop in California is now online, in Rancho Dominguez.
Located 12 miles north of the ports of Long Beach and Los Angeles, the private Rancho Dominguez site, which is shared among multiple fleets, will support electric trucking fleet operations in and out of the largest container ports in the US.
First customers include Dreaded Trucking, Hight Logistics, PepsiCo, Quick Container Drayage, Southern Counties Express, Tradelink Transport, and WestCoast Trucking & Warehousing.
Terawatt’s electric charging truck stop features 20 pull-through and bobtail DC fast charging stalls with a capacity of 7 megawatts (MW), enabling charging for up to 125 trucks per day using a simple reservations system. Terawatt’s site features a proprietary charge management system, in-house technicians, 24/7 customer service, and onsite parts management.
Advertisement – scroll for more content
“This launch underscores growing collaboration between enterprises, shippers, carriers, and charging infrastructure providers to advance sustainable technologies across logistics and transportation operations, especially in the medium and heavy-duty sectors,” said Neha Palmer, CEO and cofounder of Terawatt. Palmer added that the company will bring another charging site online in Rialto, California, in June.
Terawatt joined some of the world’s largest shippers and carriers in September 2024 to launch the I-10 Consortium heavy-duty EV operations pilot, the “first-ever US over-the-road electrified corridor.” Terawatt is providing charging infrastructure, including software, operations, and maintenance support at six of its owned charging hubs along the I-10 corridor.
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. 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. 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 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.