Connect with us

Published

on

Russia’s President Vladimir Putin (R) speaks with India’s Prime Minister Narendra Modi (L) during a visit to the shipyard Zvezda, as Rosneft Russian oil giant chief Igor Sechin (C) accompanies them, outside the far-eastern Russian port of Vladivostok on September 4, 2019, ahead of the start of the Eastern Economic Forum hosted by Russia. 

Alexander Nemenov | Afp | Getty Images

India’s days of buying cheap Russian oil could be over.

Sweeping sanctions by the U.S. against Russia’s energy companies and operators of vessels that transport oil will complicate Indian efforts to keep importing cheap Russian crude and could push up inflation in Asia’s third-largest economy, analysts said.

The country could be looking at a potential oil shock, said Bob McNally, president of Rapidan Energy Group.

“India will be more affected than China by sanctions, since India imports much greater amount of its oil from Russia than China,” he told CNBC.

Last Friday, the U.S. Treasury announced sanctions on two Russian oil producers, along with 183 vessels which are primarily oil tankers that have been shipping barrels of Russian crude. At present, tankers sanctioned by the U.S. are still permitted to offload crude oil until March 12.

The South Asian nation imported a significant 88% of its oil needs between April and November 2024, little changed from a year earlier, according to government data. Around 40% of those imports came from Russia, data from trade intelligence firm Kpler showed. 

Out of the newly sanctioned 183 tankers, 75 of them have transported Russian oil to India in the past, according to data provided by Kpler. Just last year alone, the 183 sanctioned tankers transported around 687 million barrels of crude, of which 30% were shipped to India.

“Most of these barrels went to Indian refiners and, hence, the impact will likely be largest there,” BNP Paribas’ senior commodities strategist Aldo Spanier said in a research note following the sanctions.

The new U.S. sanctions were deeper and broader than foreseen by markets, and the disruptions are expected to amplify, Spanier added.

India’s Ministry of Petroleum and Natural Gas did not respond to a CNBC request for comment.

Stock Chart IconStock chart icon

hide content

Oil prices year-on-year

The sanctions are also coming at a time when India is tipped to surpass China as the number one oil consumer in the world in 2025, accounting for 25% of total oil consumption growth globally.

Increasing demand for transportation fuels and home cooking fuels is set to spur this growth of 330,000 barrels per day this year — the most of any country, forecasts by the U.S. Energy Information Administration showed

India consumed 5.3 million barrels per day in 2023, EIA’s most recent data showed. This consumption is expected to have increased by 220,000 barrels per day last year.

India wasn’t always this dependent on Russian oil.

As recently as 2021, Russian oil accounted for just 12% of India’s oil imports by volume. By 2024, that share had spiked to 37.6%, Muyu Xu, senior oil analyst at Kpler told CNBC.

The catalyst for increased oil imports was the Ukraine war, which prompted some Western countries to impose sanctions against Russia and curtail their purchases of Russian crude. As prices of Russian oil fell, India was able to hoover up supplies cheaply from companies that were not under sanctions.

The discount of Russia’s crude, Urals, to the global benchmark Brent has averaged around $12 per barrel from last August to October, according to S&P Global’s most recently published data last November. In 2024, Russia’s Urals were also cheaper by $4 per barrel compared to oil from Iraq, one of India’s main sources of crude oil imports, data from Kpler showed.

“If India were to fully comply with U.S. sanctions, we could see a sharp decline in Russian crude arrivals in February and potentially March,” Xu added.

Supply disruptions to India could be as high as 500,000 barrels per day, Rystad Energy’s senior analyst Viktor Kurilov shared via email.

No more cheap alternatives?

While the impact may eventually be mitigated as affected importers scramble to source alternative suppliers in the Middle East, some industry watchers say that the relief might still take a few weeks to months to materialize.

Even then, the price of oil from these alternative sources will not be as cheap. The world’s crude benchmark Brent recently advanced to a five-month high to around $80 per barrel following the announcement of the sanctions, after a year of languishing from oversupply and weak demand.

Prices of Middle Eastern crude, which are amongst India’s alternatives, have also surged this week, data provided by Kpler suggested.

“Depending on how quickly Russia resolves its logistical challenges and how cooperative India and China remain with the sanctions, oil prices could spike for a few weeks,” Kpler’s Xu said.

Additionally, as Donald Trump’s inauguration draws closer, the world’s supply of cheap Iranian crude, is also facing the risk of tighter sanctions. Iran made up 4% of the world’s oil production in 2023, according to an EIA report released last year.

“It is [also] a bit of a double whammy for the key importer [India] as Iran will likely face new sanctions pressure with the incoming Trump administration,” Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC.

If the new sanctions are coupled with a potential curb on Iranian crude, Brent prices could rise even higher to $90 per barrel, Goldman Sachs wrote in a note published after the announcement of the sanctions.

An Indian economy pain point

The Indian economy is “significantly vulnerable” to fluctuations in oil prices, a research paper published in 2023 established. Domestic retail prices of gasoline and diesel surge “like rockets” in response to rising crude oil prices, Abdhut Deheri, assistant economics professor at the Vellore Institute of Technology and M. Ramachandran from Pondicherry University’s department of economics said in the research paper.

Analysis from the Reserve Bank of India in 2019 found that every $10 per barrel rise in oil prices could lead to a 0.4% increase in headline inflation

“High oil prices, if passed to consumers, could further hurt their purchasing power at a time when income and GDP growth have slowed,” Dhiraj Nim, an economist at ANZ. 

However, weak consumer demand could deter producers from passing on the cost burden to consumers, which means it could dent companies’ profits instead, Nim added. Although if the government chooses to shoulder the additional costs, it would strain its finances.

Not only will China and India have to pay more for the oil they consume, they will need to pay more to have it delivered to their shores because oil tanker rates have also risen, said Andy Lipow, president of energy consultancy Lipow Oil Associates.

Combined with a stronger U.S. dollar and weaker rupee, the impact on the India economy will be magnified, said Lipow. 

India’s rupee recently plunged to a record low as a result of pressure from a strong greenback and selling by foreign portfolio investors. 

The country is no stranger to protests over high fuel prices. In 2018, widespread protests across the country against record-high petrol and diesel prices led to the closure of businesses and schools  in several regions.

Continue Reading

Environment

Tesla quietly removes range extender battery option on Cybertruck

Published

on

By

Tesla quietly removes range extender battery option on Cybertruck

Tesla has quietly removed the Cybertruck’s range extender from the options in its online configurator.

Does Tesla still plan to bring the product to market?

When Tesla unveiled the production version of the Cybertruck in late 2023, there were two main disappointments: the price and the range.

The tri-motor version, which was the most popular in reservation tallies, was supposed to have over 500 miles of range and start at $70,000.

Advertisement – scroll for more content

Tesla now sells the tri-motor Cybertruck for $100,000 and only has a range of 320 miles.

As for the dual-motor Cybertruck, it was supposed to cost $50,000 and have over 300 miles of range. The reality is that it starts at $80,000, and it has 325 miles of range.

However, Tesla had devised a solution to bring the range closer to what it originally announced: a separate battery pack that sits in the truck’s bed. Tesla called it a “range extender.” It costs $16,000 and takes up a third of the Cybertruck’s bed.

Even though the Cybertruck has been in production for a year and a half at this point, the range extender has yet to launch.

Initially, Tesla said that it would come “early 2025”, but we reported that it was pushed to “mid-2025” late last year.

At the time, Tesla also reduced the range that the removable battery pack adds to the Cybertruck to “445+ miles” rather than “470+ miles” for the dual motor – a ~25-mile reduction in range.

Now, Tesla has removed the option from its online Cybertruck configurator. It used to take reservations for the range extender with a “$2,000 non-refundable deposit”, as seen on the image above, but now it’s not in the configurator at all at the time of writing.

It’s unclear if Tesla is not planning to launch the product anymore or if it is just pausing reservations.

In its specs page, Tesla still lists the achievable range of both versions of the Cybertruck with and without the range extender battery:

Electrek’s Take

I’m curious. Is it dead, or does Tesla just want to stop taking reservations for it?

At first, I was curious about the product even though I didn’t think it would make up for Tesla’s significant miss on Cybertruck specs.

However, after it was confirmed that it takes up 30% of your bed and that it needs to be installed and removed by Tesla at a service center, I think it’s pretty much dead on arrival at $16,000.

It’s going to be a product limited to only a few people at best. And now that’s if it makes it to market.

With the option being removed from the configurator, there’s no production timeline available. Again, the last one was “mid-2025”, which is soon.

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

Continue Reading

Environment

EcoFlow members can save up to 65% on power stations while supporting disaster relief during the 2025 Member’s Festival

Published

on

By

EcoFlow members can save up to 65% on power stations while supporting disaster relief during the 2025 Member's Festival

Portable power station specialist EcoFlow is kicking off its third annual Member’s Festival this month and is offering a unique new rewards program to those who become EcoFlow members. The 2025 EcoFlow Member’s Festival will offer savings of up to 65% for its participating customers, and a portion of those funds will be allocated toward rescue power solutions for communities around the globe through the company’s “Power for All” fund.

EcoFlow remains one of the industry leaders in portable power solutions and continues to trek forward in its vision to power a new tech-driven, eco-conscious future. Per its website:

Our mission from day one is to provide smart and eco-friendly energy solutions for individuals, families, and society at large. We are, were, and will continue to be a reliable and trusted energy companion for users around the world.

To achieve such goals, EcoFlow has continued to expand its portfolio of sustainable energy solutions to its community members, including portable power stations, solar generators, and mountable solar panels. While EcoFlow is doing plenty to support its growing customer base, it has expanded its reach by giving back to disaster-affected communities by helping bolster global disaster response efforts the best way it knows how– with portable power solutions.

EcoFlow Member
Source: EcoFlow

EcoFlow and its members look to provide “Power for All”

Since 2023, EcoFlow has collaborated with organizations worldwide as part of its “Power for All” mission. This initiative aims to ensure access to reliable and timely power to disaster-affected communities across the globe, including rescue agencies, affected hospitals, and shelters, to support rescue and recovery efforts.

Advertisement – scroll for more content

This fund most recently provided aid for communities affected by the recent Los Angeles wildfires, assistance to the Special Forces Charitable Trust (SFCT) in North Carolina following severe hurricanes, and support for non-profits engaged in hurricane preparedness in Florida and the Gulf Coast. Per Jodi Burns, CEO of the Special Forces Charitable Trust:

In the wake of devastating storms in Western North Carolina, reliable power was a critical need for the families we serve. Thanks to EcoFlow’s generous donation of generators, we were able to provide immediate relief, ensuring these families and their communities had access to power when they needed it most. We are so impressed with EcoFlow’s commitment to disaster response through their ‘Power for All’ program. It has made a tangible impact, and we are deeply grateful for their support and partnership in helping these families recover and rebuild.

In 2024, the US experienced 27 weather and climate events, each causing losses exceeding $1 billion, marking the second-highest annual total on record, according to National Centers for Environmental Information. The increasing frequency and severity of natural disasters underscore the critical need for reliable and timely power solutions during emergencies, much like EcoFlow and its members are helping provide through the “Power For All” initiative.

To support new and existing EcoFlow members, the company is celebrating its third annual Member’s Festival throughout April to offer a do-not-miss discount on its products and donate a portion of all sales to the “Power for All” fund to provide rescue power to those in need in the future. Learn how it all works below.

Source: EcoFlow

Save big and give back during the 2025 Member’s Festival

As of April 1st, you can now sign up to become an EcoFlow member to participate in the company’s exclusive 2025 Member Festival.

As a member, you can earn “EcoFlow Power Points” by completing tasks like registration, referrals, and product purchases and tracking your individual efforts toward disaster preparedness and recovery.

Beginning April 4, EcoFlow members will also be able to take advantage of exclusive discounts of up to 65% off select portable power stations, including the DELTA Pro Ultra, DELTA Pro 3, DELTA 2 Max, DELTA 3 Plus, RIVER 3 Plus, and more. However, these sale prices only last through April 25, so you’ll want to move quickly!

Click here to learn more about EcoFlow’s “Power for All” campaign. To register for EcoFlow’s 2025 Member Festival in the US, visit the EcoFlow website. To register as a member in Canada, visit here.

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

Continue Reading

Environment

Tesla loses another top talent: its long-time head of software

Published

on

By

Tesla loses another top talent: its long-time head of software

Tesla is losing another top talent: its long-time head of software, David Lau, has reportedly told co-workers that he is exiting the automaker.

Tesla changed how the entire auto industry looks at software.

Before Tesla, it was an afterthought; user interfaces were rudimentary, and you had to go to a dealership to get a software update on your systems.

When Tesla launched the Model S in 2012, it all changed. Your car would get better through software updates like your phone, the large center display was responsive with a UI that actually made sense and was closer to an iPad experience than a car.

Advertisement – scroll for more content

Tesla also integrated its software into its retail experience, service, and manufacturing.

David Lau deserves a lot of the credit for that.

He joined Tesla in 2012 as a senior manager of firmware engineering and quickly rose through the ranks. By 2014, he was promoted to director of firmware engineering and system integration, and in 2017, he became Vice President of software.

Lau listed the responsibilities of his team on his LinkedIn:

  • Vehicle Software:
    • Firmware for the powertrain, traction/stability control, HV electronics, battery management, and body control systems
    • UI software and underlying Embedded Linux platforms
    • Navigation and routing
    • iOS and Android Mobile apps
  • Distributed Systems:
    • Server-side software and infrastructure that provides telemetry, diagnostics, over-the-air updates, and configuration/lifecycle management
    • Data engineering and analytics platforms that power technical and business insights for an increasingly diverse set of customers across the company
    • Diagnostic tools and fleet management, Manufacturing and Automation:
  • Automation controls (PLC, robot)
    • Server-side manufacturing execution systems that power all of Tesla’s production operations
  • Product Security and Red Team for software, services, and systems across Tesla

Bloomberg reported today that Lau told his team he is leaving Tesla. The report didn’t include reasons for his stepping down.

Electrek’s Take

Twelve years at any company is a great run. At Tesla, it’s heroic. Congrats, David, on a great run. You undoubtedly had a significant impact on Tesla and software advancements in the broader auto industry.

He is another significant loss for Tesla, which has been losing a lot of top talent following a big wave of layoffs around this time last year.

I wonder who will take over. Michael Rizkalla, senior director of software engineering and vehicle firmware, is one of the most senior software engineers after Lau. He has been at Tesla for 7 years, and Tesla likes to promote within rather than hire outsiders.

There are also a lot of senior software execs working on AI at Tesla. Musk has been favoring them lately and he could fold Lau’s responsibilities under them.

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

Continue Reading

Trending