A view shows the logo of Organization of the Petroleum Exporting Countries (OPEC) during the United Nations climate change conference COP29, in Baku, Azerbaijan November 13, 2024.
Maxim Shemetov | Reuters
OPEC+ countries on Wednesday agreed to leave their formal output quotas unchanged, with market focus shifting toward potential increases from an eight-member subset of the alliance that had been carrying out separate voluntary production cuts.
The OPEC+ coalition has been operating a group-wide production agreement, along with two output cuts that are only informally tackled by an eight-member subset of the organization. Under formal policy, the entire OPEC+ group is cutting roughly 2 million barrels per day until the end of 2026.
On Wednesday, OPEC+ nations said they agreed to “reaffirm the level of overall crude oil production for OPEC and non-OPEC Participating Countries” as agreed during the alliance’s December meeting.
Separate from formal policy, OPEC+ heavyweight Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates, are also trimming production by 1.66 million barrels per day until the end of next year, under one opt-in agreement.
Until the end of March, these eight members also implemented a second combined 2.2 million-barrel-per day voluntary production decline, which they have begun to gradually unwind in the months since. As of the latest announcements, these nations are set to bring back a combined roughly 1 million barrels per day of their previously cut volumes over April-June and will be assessing further production steps for July output over the weekend.
One OPEC+ delegate, who could only comment anonymously because of the sensitivity of the talks, told CNBC that another production increase in July was likely, with a second delegate noting that the prospective hike agreed over the weekend could be as sharp as another 411,000 barrels per day — the same amount by which output is set to rise in each of May and June.
The timing of these hikes has coincided with increasing concern within the OPEC+ group that some members — which have in the past included the likes of Kazakhstan, Iraq and Russia — were not respecting their production quotas.
“This group is doing its best, but it’s not enough only this group, we need the help of others,” UAE Energy Minister Suhail Mohamed al-Mazrouei said Tuesday in a World Utilities Congress panel moderated by CNBC’s Dan Murphy.
On Wednesday, OPEC+ nations called on the OPEC Secretariat to assess each country’s sustainable production capacity to determine their baselines for 2027 — levels used to calculate coalition members’ output quotas under OPEC+ agreements.
OPEC+ members will next hold a ministerial meeting on Nov. 30.
Oil prices were in positive territory shortly after the ending of the OPEC+ meeting. The Ice Brent contract with July expiry was at $65.06 per barrel at 4:30 p.m. London time, up 1.5% from the Tuesday close price. Front-month July Nymex WTI futures were trading at $61.96 per barrel, up 1.76% from the previous day’s settlement.
Summer spikes
Oil demand typically spikes during the summer with the start of the travel season and additional crude burn to produce electricity for air conditioning needs in several Middle Eastern countries.
In a note out earlier this week, UBS Strategist Giovanni Staunovo flagged a “closely balanced oil market” in the first quarter of this year, compared with a vast projected supply surplus.
“We expect further demand and supply revisions with more incoming data,” Staunovo said. “With demand seasonally rising and the eight OPEC+ member states with additional voluntary cuts likely still adding more barrels to the market in July, we look for oil prices to move sideways in a USD 60-70/bbl range over the coming months.”
The UAE’s al-Mazrouei echoed this sentiment, flagging, “We need to be mindful of the demand. Demand is picking up. And demand is going to surprise us, if we’re not investing enough.”
This world’s first fully electric deconstruction site is being hailed as a landmark in sustainable urban development — and it’s powered by Siemens technology and Volvo Group’s battery-electric trucks and heavy equipment.
The deconstruction project (that’s kind of like a really careful demolition) marks the first full-scale electric deconstruction of its kind, and serves as important proof that with the right partners and the will to do it, urban construction projects like this can be carried out sustainably, today – and all without fossil fuels. It’s all part of Siemens’ €500 million technology campus redevelopment, the deconstruction site in Erlangen, Germany, and marks a pivotal step in advancing sustainable urban transformation and circular construction practices.
In collaboration with the demolition specialists at Metzner Recycling, Volvo CE deployed a fully electric fleet of equipment assets specially chosen to deliver quiet, precision demolition across the 25,000 cubic meter job site.
As well as deconstruction tasks, the electric machines helped sort and process approximately 12,800 tons of construction waste, with 96% recycled into raw materials for future use – supporting the shift towards circular materials management.
VOLVO CE
“At Siemens Real Estate, we are committed to pushing the boundaries of sustainable construction and demolition,” explains Christian Franz, Head of Sustainability at Siemens Real Estate. “This groundbreaking electric deconstruction project boasts an impressive 96% recycling rate and is a testament to our commitment to achieving excellence in sustainability … this project illustrates how partnerships and determination can create a lasting impact and help shape a more sustainable real estate industry.”
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In addition the construction equipment was hauled into the site by Volvo Truck’s battery electric semi trucks, enabling emission-free operations from demolition, to crushing, materials processing, and transport.
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Hyundai offered a first look at the hot hatch earlier this week after unveiling the Concept Three, its first compact EV under the IONIQ family. The new EV, set to arrive as the IONIQ 3, already has a sporty, hot hatch look, but that could be just the start.
Hyundai has a new EV hot hatch in the making
The Concept Three took the spotlight at IAA Mobility in Munich with a daring new look from Hyundai. Based on its new “Art of Steel” design, the concept is a stark contrast to the Hyundai vehicles on the road today.
Hyundai took the “Aero Hatch” design to the next level, deeming it “a new typology that reimagines the compact EV silhouette.” And that it does.
When it arrives in production form in mid-2026, it’s expected to take the IONIQ 3 name as a smaller, more affordable sibling to the IONIQ 5.
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Hyundai is set to unveil the electric hatchback next spring with an official launch planned in Europe in September 2026. According to Hyundai’s European boss, Xavier Martinet, the IONIQ 3 could make for the perfect EV hot hatch.
The Hyundai Concept THREE EV, a preview of the IONIQ 3 (Source: Hyundai)
Martinet hinted that the IONIQ 3 could receive the “N” treatment, telling Auto Express that “The concept is quite sporty, and obviously you have heritage with N brand.” Hyundai’s European boss added that “it’s a fair topic to consider.”
Although it doesn’t sound too convincing, Hyundai’s head of design, Simon Loasby, called it “an opportunity.” Loasby was quick to add, “We’re not calling it N, it’s not approved yet.”
The Hyundai Concept THREE EV, a preview of the IONIQ 3 (Source: Hyundai)
“But I think everyone in the company is realising what Europe needs, and that’s compact hot hatches, so it’s a topic for discussion,” Hyundai’s design boss added.
The Concept Three is 4,287 mm long, 1,940 mm wide, and 1,428 mm tall, with a wheelbase of 2,722 mm, or about the size of the Kia EV3 and Volkswagen ID.3. Both of which are set for hot hatch variants.
The Hyundai Concept THREE EV, a preview of the IONIQ 3 (Source: Hyundai)
If the IONIQ 3 N does come to life, it will be the third Hyundai EV to receive the high-performance upgrade, following the IONIQ 5 N and IONIQ 6 N.
The IONIQ 5 N “was just the first lap,” according to Joon Park, vice president of Hyundai’s N Brand Management Group. He told Auto Express that Hyundai is “at the starting line” and plans to apply what it learned from its first EV hot hatch to upcoming models.
If you’re looking for an affordable electric hot hatch, Hyundai already offers one. After Hyundai cut lease prices last month, the IONIQ 5 N is now listed at just $549 per month. That’s $150 less per month than in July.
The global wind industry is going to hit some unprecedented growth milestones, according to Wood Mackenzie’s Global Wind Power Market Outlook for Q3 2025. The world is on track to add its second terawatt of wind capacity by 2030. To put that in perspective, it took 23 years to install the first terawatt, which was reached in 2023. The second will come in just seven.
Wind is also set for a record-breaking year in 2025. Global additions are expected to reach 170 gigawatts (GW), with more than 70 GW coming online in the last quarter of the year alone. That means Q4 could add more capacity than the total installed in any full year before 2020.
This forecast represents a 13% jump from the previous quarter, primarily driven by explosive onshore growth in China. Global wind capacity is expected to double from 2024 levels by 2032. Outside of China, the industry is also expanding, though on a slower path. Excluding China, the world will reach 1 terawatt in 2031 and double 2024 capacity by 2034.
However, policy uncertainty and the Trump administration’s hostility toward the wind industry, particularly offshore wind, are negatively impacting the US market. Trump’s big bill act (OBBBA), passed in July 2025, ends tax credits after 2027. That’s sparked a rush of projects in the short term, but it drags down the long-term outlook. For the first time, the US has fallen behind India and Germany in forecasted 10-year additions.
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“China’s dominance in the wind industry is becoming more pronounced,” said Sasha Bond-Smith, research analyst at Wood Mackenzie. “While other established markets struggle with policy uncertainty and economic headwinds, we’re witnessing an unequalled concentration of growth in China that’s reshaping the industry landscape.”
China’s onshore forecast jumped this quarter thanks to rising electricity demand from data centers and electrification. Wind is proving more profitable than solar in liberalized power markets, but China’s offshore wind sector is facing challenges. Sea-use conflicts are slowing or even halting projects already under construction.
Despite those hurdles, Wood Mackenzie now projects that wind could match solar’s power output in China over the forecast period. That would cement wind’s central role in helping the country meet climate goals while keeping up with surging power demand.
Elsewhere, onshore wind remains steady across Europe, Asia Pacific, and emerging markets, with tender results and pipelines supporting progress. Offshore wind is struggling, though. High costs and failed tenders are creating setbacks in Europe and delays in emerging markets. Policymakers are under pressure to rethink contract structures to keep projects moving.
“The wind industry’s most significant transformation in decades continues to unfold,” said Kárys Prado, senior research analyst at Wood Mackenzie. “While achieving historic scale, success will depend on how effectively the industry navigates this new geography of growth and adapts to evolving policy landscapes.”
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