The Hofburg palace receives attendees to the July 9-10 OPEC Seminar conference in Vienna.
Ruxandra Iordache | CNBC
For centuries, Vienna’s romantic Hofburg palace served as a winter residence of the imperial Habsburg dynasty — this week, though, it welcomed Saudi royalty, energy ministers, top CEOs and a slew of analysts traders and more.
Here are some highlights:
The palace
Since 1965, Vienna has housed the headquarters of the OPEC Secretariat — the administrative backbone of the 12-member OPEC alliance of oil producers.
The Secretariat is led by a secretary-general — currently, former Kuwaiti official Haitham al-Ghais, who took office for his first three-year term in 2022 and has since been reappointed for a second stint starting Aug. 1, 2025.
Before the Covid-19 pandemic, the OPEC Secretariat was the humble backdrop of (often) day-long, high-stakes and heated discussions over crude output levels between OPEC producers and their allies, at least twice a year.
The Secretariat’s home is a cavernous building, where journalists are typically relegated to a basement media room. Sometimes, they’re allowed to maraud down cordoned-off areas, hunting for comment as oil ministers of OPEC countries and their allies — collectively known as OPEC+ — arrive.
Despite that, even the most nostalgic OPEC journalists will admit that the group’s seminar has had a major venue upgrade.
The Hofburg palace opened its gates to delegates and media over July 9-10 for a series of sessions focusing on the state of play in the oil market, hydrocarbon investment and the green energy transition. The conference is attended by invitation and accreditation.
For the OPEC seminar, the Hofburg palace laid out an interminable red carpet and armed one of its ballrooms-turned-conference halls with larger-than-life high-tech screens playing OPEC’s cinematic account of the history of oil.
OPEC Secretary-General Haitham al-Ghais (L) and Saudi Energy Minister Abdulaziz bin Salman (R) at the OPEC Seminar in Hofburg Palace, Vienna, on July 9.
Ruxandra Iordache | CNBC
“I’m sure with this event, there are quite a few people who would say, ‘Damn it, why I wasn’t there?'” Saudi Prince and Energy Minister Abdulaziz bin Salman, the de facto leader of the OPEC alliance, said during special remarks as the conference opened on Wednesday.
Acknowledging the Austrian government’s willingness to “do its utmost to enable this organization to survive and work and attend to its function, unhindered by … legal concerns and things like that,” he stressed: “We are here because your country is beautiful, the city is historic, and more important, the people are welcoming.”
The protests
It turned out, the idyllic charm of Hofburg’s sprawling alleyways is no match for a megaphone.
By 4:45 p.m. local time on Wednesday, a group of around 30 people, by CNBC’s count, had gathered at a respectful distance across the road from the palace to protest the OPEC seminar.
A protester briefly leading the chants, who did not want to be identified, said the demonstration was in support of the embattled Gaza enclave, which has been targeted by a retaliatory Israeli military campaign since the Hamas terrorist attacks of October 2023. She pointed CNBC to a series of posts on the stop_opec Instagram account.
Protestors gather outside of the Hofburg Palace, Vienna, during the OPEC Seminar on July 9.
Ruxandra Iordache | CNBC
“Sitting atop plentiful oil resources, Arab regimes yield the power enough to halt Israeli expansion and challenge the West. Yet they choose to fuel U.S. arm sales, and enrich them with real estate, simultaneously fortifying Europe’s borders,” said one social media post.
On the ground, chanting protesters called for an oil embargo and the closure of the Strait of Hormuz – echoing a threat made by Tehran during its 12-day war with Israel last month.
Many Arab states — including Hamas supporter Iran – have expressed solidarity with the Palestinian cause. CNBC has reached out to the OPEC Secretariat for comment over the protests.
The red carpet
The who’s-who of OPEC Seminar speakers spanned ministers of OPEC countries, their allies, key consumers such as India and Turkey, as well as the CEOs of the biggest names in the industry, including the heads of BP, TotalEnergies, Shell and Saudi Aramco.
CNBC tried to intercept several of these delegations.
Ministers from heavyweight producers Russia and Iran — who would likely have been swarmed by journalists amid pressures from European and U.S. sanctions — were notably absent.
Iranian Oil Minister Mohsen Paknejad nevertheless delivered opening remarks via videoconference on Wednesday, in a speech which included some rare political comments. He stressed the risks that armed escalations pose to crude markets, mere weeks after his country, OPEC’s third-largest producer, was locked in a 12-day war with Israel.
“This vital and growing industry needs peace to serve its mission of promoting prosperity at national, regional and global levels; and to promote cooperation and development in a fast changing and ever-complicating world,” he said, according to a speech readout.
The red carpet laid out for the OPEC Seminar over July 9-10 inside the Hofburg Palace in Vienna.
Ruxandra Iordache | CNBC
Going into the conference, members of the press can’t be begrudged their enthusiasm: OPEC+ — as well as its eight-nation subset who have been carrying out voluntary cuts in crude production — have been increasingly meeting over private videoconference, limiting opportunities for press briefings.
At the OPEC seminar, the action doesn’t start at the red carpet. Often tipped off on where delegations are staying, journalists frequently stake out hotels, hoping for unguarded comments as ministers make their way to the conference. CNBC’s Emma Graham also likened the event to a wedding — no one is getting married, but journalists can once again have a good catch up with their friends who report on the oil market.
Otherwise, most OPEC reporting is now done through sourced scoops and probing delegates for market views and indicators ahead of — and during — policy meetings. The next one is due on Aug. 3, between the eight members who have been progressively (and increasingly briskly) unwinding a voluntary 2.2 million-barrels-per-day production cut.
Electric Bike Co. extends Labor Day flash sale on BMX Model C and Model J e-bikes at best prices of the year for $1,499
Electric Bike Co. has extended its Labor Day Flash Sale that includes the Model J e-bike at $1,499 shipped, after using the promo code LABOR150 at checkout, which we first spotted getting a discount on the holiday, and now includes the Model C e-bike for $1,499 shipped, after also using the promo code LABOR150 at checkout. The latter of these two commuters goes for $1,899 at full price, which we’ve only seen fall as low as $1,599 in past years, while keeping above $1,649 in 2025. You’re looking at a combined $400 markdown that lands the cost $100 under the previous low that last popped up in early 2024, giving folks a short-term window at the best new price that we have tracked. You’ll also be getting a free bell and 3X PowerBoost Smart SuperCharger ($321 value) thrown in for $721 in total savings.
Originally based on the now-discontinued Model A series, this Model C e-bike from Electric Bike Co. arrives sporting custom BMX-style handlebars alongside the revamped (and still classic) beach cruiser design. It brings along a 500W rear hub motor that may be limited to a 750W peak depending on where you live, with it otherwise able to peak at 1,250W – plus, there’s the 14Ah battery that powers everything and delivers up to 60 miles of pedal-assisted travel at up to 20 MPH speeds (or unlocked 28 MPH speeds, once again depending on your local laws).
Advertisement – scroll for more content
Of course, you can expect other solid features coming along for the ride too, including the puncture-resistant tires, the 4-piston hydraulic disc brakes, integrated front and rear LED lighting, a rear cargo rack, a throttle for pure electric riding, an LCD color screen for setting adjustments, as well as a USB port to charge up your phone or other devices, and more.
Just remember, whether you want to pick up Electric Bike Co.’s Model J e-bike or the Model C e-bike during this flash sale, just be sure to use the promo code LABOR150 at checkout to score the maximum savings.
Exclusive: Anker’s refurb SOLIX C1000X 1,056Wh power station at $377 (Reg. up to $799 new)
We secured an exclusive deal from Welbots that gives our readers a refurbished Anker SOLIX C1000X Portable Power Station for $377.10 shipped, after using the exclusive code 9TO5ANK10 at checkout. Normally the site would charge you $479 for this unit at full price, which we’re seeing start off with a cut to $419, which isn’t too much under the $429 all-time low on a new model we last saw in February. You’ll not only be saving a total of $102 here, but you’ll be getting this at the best price we can find anywhere. What’s more, Wellbots is promising a 2-year warranty along with your purchase, with it being shipped in a “pristine” condition.
Heybike has switched over to its End of Summer Sale event that is seeing up to $649 in savings across a condensed e-bike list, with many of them also receiving free bundled gear too. Among the offers, we’re seeing a second-time chance at Heybike’s Mars 2.0 Folding Fat-Tire e-bike coming with an extra battery for double the mileage at $1,199 shipped, with the option to forgo the bundle and get the standard e-bike’s package with a front and rear basket starting from $999 shipped. Normally, this twice-offered bundle with the battery would cost $1,848 without any savings, which we first saw pop up two weeks ago in the early days of the brand’s Labor Day Sale. It’s coming back around here, likely in an ongoing response to the release of the new upgraded Mars 3.0 e-bike, giving you $649 in total savings at the lowest price we have tracked. Head below for more on this model and the others seeing discounts in this sale.
Add more vibrant color to flower beds with Govee’s Matter-ready Outdoor Garden Lights 2-pack at $150
By way of its official Amazon storefront, Govee is giving folks another chance at the second-best price on its new Outdoor Garden Lights Two-Pack back at $149.99 shipped, after clipping the on-page coupon, which once again beats out the direct website pricing by $10. This new device is still fresh onto the scene, having only been on the market since June and normally going for $200 at full price. The discounts in the time since have seen two previous falls to this same rate, while keeping higher at $177, $160, or more the rest of the time – with a single drop to the $140 low we only saw during July’s Prime Day event. You’re looking at the third-ever chance to pick up this two-pack at the second-best price we have tracked.
Make up to 100 cuts, even in tight spaces, with Worx’s 20V 5-inch mini cordless chainsaw at $90
Amazon is offering the Worx 20V 5-inch Mini Cordless Chainsaw at $90.33 shipped. It’s down from its $130 full price tag, which we’ve mostly seen dropping to $100 over the last few months, though costs have occasionally fallen lower to $89, $85, and the one-time $84 low that appeared during July’s Prime Day event. Things are down among its lowest rates right now, with the 31% markdown here cutting $40 off the going rate for the best price since Prime Day.
Navee GT3 Max Smart Electric Scooter (code SCHOOL15): $561 (Reg. $750)
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.
The world’s largest automaker, Toyota, just announced plans for another new electric vehicle. This one isn’t just another EV. It marks a new milestone for Toyota as it expands its lineup.
Toyota will build a new EV in Europe, its first
Toyota announced plans to build the new EV at its plant in the Czech Republic on Wednesday. It will be the first electric vehicle produced at one of Toyota’s European plants, marking the start of a new era.
To accommodate the new model, Toyota is investing about €680 million ($800 million) to expand the facility from 152,000 to 173,000 square meters. The upgrades will include a new paint and welding shop, in addition to a dedicated battery assembly facility.
The Czech government is providing up to €64 million ($75 million) in funding for a new dedicated EV battery assembly plant.
Advertisement – scroll for more content
Lukáš Vlček, Minister of Industry and Trade of the Czech Republic, said the initiative is “the result of a series of negotiations in both Europe and Japan” and will play a key role in the country’s transition to clean mobility.
Toyota Aygo X Hybrid (Source: Toyota)
Toyota currently builds the Aygo X and Yaris Hybrid at its Czech plant with an annual production capacity of around 220,000 vehicles.
Adding the new EV to the mix could boost output at the facility, Toyota said, which will lead to more jobs and a stronger supply chain.
From left to right: Toyota’s new C-HR+, bZ4X, and Urban Cruiser electric SUVs (Source: Toyota Europe)
Although Toyota is keeping most details secret for now, a Nikkei report claimed in July that, not one, but several EVs will be built at the facility.
Toyota’s Czech plant will become a “mega hub” for new EVs, starting with crossovers and SUVs. This year, Toyota is launching the updated bZ4X, Ch-R+, and Urban Cruiser.
From left to right: Toyota’s new C-HR+, bZ4X, and Urban Cruiser electric SUVs (Source: Toyota Europe)
In 2026, three more will follow. And that doesn’t include the three new Lexus EV models set to launch by the end of next year.
Although Toyota was the second best-selling brand in Europe in the first half of the year, behind Volkswagen, Chinese EV makers like BYD are starting to gain ground with lower-cost models.
By building electric vehicles, batteries, and other components locally, Toyota aims to stay competitive in Europe. Production at Toyota’s Czech plant is expected to start as early as 2028.
FTC: We use income earning auto affiliate links.More.
The US residential solar market hit a bumpy patch in the first half of 2025, according to the newly released 21st EnergySage Intel: Solar & Storage Marketplace Report. The semiannual report digs into millions of data points from EnergySage.com, where homeowners shop for solar panels, inverters, and batteries. This edition also includes EnergySage’s annual Electrification Contractor Survey, fielded between January and March 2025.
After a strong 2024 that drove solar and storage prices to all-time lows, the first half of 2025 shows a mix of momentum and uncertainty. Homeowners are still eager to go solar, but shifting federal policies, tariffs, and tightening trade restrictions are creating headwinds for contractors and installers. The industry continues to expand, but this transition year may change how projects are financed, supplied, and built.
Solar prices stay low, battery costs rose modestly. Solar prices stayed at their record-low median of $2.48 per watt in the first half of 2025, unchanged from H2 2024. Installers absorbed financing pressures rather than raising prices before policy changes kicked in. Meanwhile, battery storage saw a 4% price increase as new tariffs on Chinese battery components took hold, the first bump after two years of declines.
Emily Walker, EnergySage’s director of insights, explained: “Although we expect changes to federal tariffs and trade policies to affect prices in the second half of 2025, the snapshot from the first half of the year shows us that, with the right public policy, solar is accessible to many homeowners now – and will continue to be in the future.”
Advertisement – scroll for more content
Financing shifts as third-party ownership gains ground. Loan rates climbed to a median of 7.5% in the first half of 2025. About 38% of contractors reported lower demand for loans, while nearly all (94%) said cash buyers held steady or increased. Because Trump’s big bill (OBBBA) protects tax credits for third-party ownership (TPO) systems longer than for purchased ones, TPO is expected to gain major ground in 2026.
Walker added, “Even as higher interest rates have made traditional loan financing less attractive, we’re seeing that demand for solar hasn’t gone away; it’s simply shifting. We expect attractive new financing models to emerge next year, which will keep residential solar adoption moving forward.”
Contractors are worried about challenges. An overwhelming 92% of contractors said losing the federal solar tax credit would hurt their business, and 70% expect negative impacts due to new equipment tariffs. Over a third already reported reduced profitability from higher interest rates. On top of that, 84% cited rising labor costs, and 79% said their business depends heavily on solar-related revenue. Many are now rethinking how to adapt for the post-tax credit era.
“Solar contractors across the country have voiced deep concern about what lies ahead for the industry,” Walker said. “With key incentives set to change, many are already rethinking their business models to adapt and remain competitive. The companies that find new ways to reach homeowners and offer value will be best positioned to weather this transition.”
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. 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. It has 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 Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.