Kuwait Petroleum Corporation Deputy Chairman & CEO Shaikh Nawaf Al-Sabah speaks during the CERAWeek oil summit in Houston, Texas, on March 19, 2024.
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HOUSTON — The crisis in the Red Sea could lead to a shortage in the global tanker fleet if disruptions persist for another six months, the CEO of Kuwait Petroleum Corporation told CNBC.
Houthi militants have been striking commercial shipping in the Red Sea since November in support of Palestinians as Israel wages war in Gaza. The attacks have forced many container shipping and tanker companies to divert traffic around the Cape of Good Hope in southern Africa, adding time and cost.
“One of the things I think we may be concerned about is if this continues for another six months, that we will not have perhaps the tanker fleet available to continue to go around,” Shaikh Nawaf al-Sabah said of the global fleet during an interview at the CERAWeek by S&P Global energy conference.
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KPC has diverted a substantial amount of production around the Cape during the crisis, al-Sabah said, declining to provide specific numbers. The company is continuing to ship through the Red Sea and is making decisions on which route ships should take on a daily basis, he said.
“We maintain a strategic tanker tanker fleet for these types of reasons,” al-Sabah said. “We’re comfortable that we can supply our customers in the quantities that are required on time without issue, but I don’t know how many other producers have that strategic vision.”
Al-Sabah does not see a risk of Middle East tensions leading to a conflict that could disrupt crude supplies in the wider region. The Persian Gulf has faced numerous wars but the only time Kuwait has been unable to ship was during Iraq dictator Saddam Hussein’s invasion of the country in 1990, he said.
“I don’t see a supply fear,” the CEO said. “I am confident that the industry and the system is well equipped to handle potential supply crises that might happen.”
Chevron CEO Michael Wirth, however, said the security situation in the Middle East is “tenuous” and “could pivot on a dime.” Wirth told CNBC that Chevron is “not moving ships to the Red Sea.”
“Today the conflict in Israel and Gaza goes on, a resolution does not seem to be at hand and the regional risks continue to be high,” Wirth told CNBC’s Brian Sullivan at CERAWeek
China demand, U.S. production
Crude oil futures have risen this year, but have struggled to break out amid uncertainty over the health of China’s economy and the strength of U.S. crude production. Last year, fears that demand was slowing in China as U.S. production hit a record 13.3 million barrels per day weighed on prices.
Al-Sabah said he is not worried about crude demand in the world’s second-largest economy.
“I visit our partners in China frequently and the feedback I have from them has always been if you have additional supplies, we are willing to take it,” Al-Sabah said. “The demand has increased steadily in China and it’s been solid.”
ConocoPhillips CEO Ryan Lance said in remarks at CERAWeek that U.S. crude production growth will slow to 300,000 to 400,000 barrels per day this year, from 1 million barrels last year. Total U.S. production will eventually exceed 14 million barrels per day at some point this decade and then plateau, Lance said.
As crude prices fell last year, OPEC and its allies agreed to cut production by 2.2 million barrels per day to support the market. Those cuts will remain in place through at least the second quarter of this year.
Al-Sabah said he does not see U.S. production as a challenge to KPC’s market share as OPEC holds barrels off the market. KPC plans to increase its production capacity to 4 million bpd by 2035 from 3 million bpd today.
“Looking into the second half [this year], I see more opportunities for upside in terms of demand than I do for downside,” Al-Sabah said. “We will continue to be supplying into a market to maintain balance and stability.”
Is Kia’s electric van finally coming to the US? The Kia PV5 was caught testing with a unique design, hinting it’s destined for the US.
Is Kia’s electric van coming to the US?
Although Kia has yet to announce it publicly, all signs point to the PV5 launching in the US. In February, the electric van was first spotted charging at a station in Indiana.
A few photos and a video sent to Electrek confirmed it was indeed the Kia PV5. The sighting came somewhat as a surprise, as the only official statement from Kia said the PV5 would arrive in Europe and South Korea this year, followed by “launches in other markets” in 2026, but no mention was made of the US.
After another PV5 was spotted in Arizona, rumors that Kia’s electric van was coming to the US began to surface again.
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Kia still has yet to confirm or deny a US launch, but another sighting hints at the PV5’s imminent debut. The latest spotting, by KindelAuto, appears to be of the US-spec 2026 Kia PV5.
It looks about the same as the Kia PV5 Passenger, which is already available in parts of Europe and South Korea. However, although it’s not very clear, Kia’s electric van appears to have added side marker lights, a requirement in the US.
Following its launch in the UK earlier this year, the Kia PV5 Passenger is now being introduced to new European markets.
The Kia PV5 Passenger electric van (Source: Kia)
In the UK, it starts at £32,995 ($44,000) on the road. In Germany, the PV5 Passenger is priced from €38,290 ($45,000) or €249 per month.
Kia’s electric van is available in two variants: Passenger, for everyday driving, and Cargo, for business use. The PV5 Passenger is available with two battery pack options: 51.5 kWh and 71.2 kWh, providing WLTP ranges of 183 miles and 256 miles, respectively. Meanwhile, several more variants are on the way.
Kia PV5 tech day (Source: Kia)
During its PV5 Tech Day in July, we learned that Kia plans to launch seven PV5 body types, including a Light Camper, a premium “Prime” Passenger model, and an open bed version.
We’ll have to wait for the official word, but there’s still hope Kia’s electric van will make it to the US. We should find out soon. Can we get the EV5 too? That might be pushing it.
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A new review of US Energy Information Administration (EIA) data by the SUN DAY Campaign reveals that in July, solar-powered electricity shot up by over 30%, while wind grew by almost 14% in the US.
Solar continues to break records in July
EIA’s latest monthly “Electric Power Monthly” report (with data through July 31, 2025), once again confirms that solar is the fastest growing among the major sources of US electricity.
In July alone, electrical generation by utility-scale solar (i.e., >1-megawatt (MW)) surged by 36.9% compared to July 2024, while “estimated” small-scale (e.g., rooftop) solar PV increased by 12.7%. Combined, they grew by 30.4% and provided 9.4% of US electrical output, up from 7.5% year-over-year.
Moreover, utility-scale solar thermal and photovoltaic expanded by 37.4%, while generation from small-scale systems rose by 11.0% during the first seven months of 2025 year-over-year. The combination of utility-scale and small-scale solar increased by 29.9% and was 8.9% (utility-scale: 6.7%; small-scale: 2.2%) of total US electrical generation for January to July – up from 7.0% a year earlier.
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As a consequence, solar-generated electricity year-to-date (YTD) easily surpassed – by over 54% – the output of US hydropower plants (5.7%). In July alone, solar-generated electricity more than doubled the output of hydropower. In fact, in both July and YTD, solar produced more electricity than hydropower, biomass, and geothermal combined.
And for the first time ever, 4% more electricity was generated in July by utility-scale solar (33,119-GWh) than by wind farms (31,831-GWh). Including small-scale systems, solar outproduced wind by over 35% during the month (43,092 GWh).
Wind is still on a growth trajectory
US wind turbines produced 10.8% of US electricity in the first seven months of 2025, an increase of 3.5% year-over-year, and they almost doubled electrical generation by the nation’s hydropower plants.
In July alone, wind-generated electricity was 13.8% greater than a year before.
Wind + solar are beating coal, nuclear
During the first seven months of 2025, electrical generation by wind plus utility-scale and small-scale solar provided 19.6% of the US total, up from 17.8% during the first seven months of 2024.
Further, the EIA reports that the combination of wind and solar provided 19.1% more electricity than did coal during the first seven months of 2025, and 14.1% more than nuclear. In fact, as solar and wind grew rapidly, nuclear-generated electricity dropped by 1.0%.
Renewables are still on the rise
All renewables combined (wind, solar, hydropower, biomass, and geothermal) produced 9.9% more electricity between January and July than they did a year ago and provided 26.7% of total US electricity production compared to 25.1% 12 months earlier.
Electrical generation by the combination of all renewables grew three times faster than total US electrical generation (9.9% vs. 3.3%). Renewables’ share of electrical generation is now second to only that of natural gas, which saw a decline in electrical output by almost 3.5% during the first seven months of 2025.
“Notwithstanding enactment of the anti-renewables provisions in the Trump megabill, solar and wind continue to power ahead,” noted the SUN DAY Campaign’s executive director, Ken Bossong. “Meanwhile, the electrical output YTD by the Republicans’ preferred technologies – nuclear power and natural gas – has actually fallen.”
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Lucid Gravity SUV with Nuro’s self-driving tech (Source: Lucid)
Lucid Motors (LCID) delivered the first Gravity Robotaxi EV to Nuro on Wednesday, marking a milestone in its partnership with Uber.
Lucid delivers the first Gravity Robotaxi EV to Nuro
In July, Lucid announced a partnership with Uber and Nuro to deploy 20,000 autonomous Gravity SUVs over the next six years.
The alliance is already on the move. Lucid announced that it delivered the first Gravity EV to Nuro on Wednesday, which will be used for the Uber robotaxi fleet.
Lucid’s electric SUV will be equipped with Nuro’s Level 4 self-driving tech, including the sensors and other hardware.
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Starting in 2026, Uber aims to launch “20,000 or more” Lucid robotaxi’s over the next six years. The vehicles will join Uber’s network and will be available to use through the Uber App. To help kick-start the alliance, Uber is investing $300 million into Lucid.
Lucid said delivering the first vehicle, “marks the beginning of an exciting new chapter,” teasing that more is to come soon.
Lucid Gravity SUV fitted with Nuro’s self-driving tech (Source: Lucid)
Although Gravity production at its plant in Casa Grande, Arizona, was limited due to supply chain issues earlier this year, Lucid said it has mostly resolved the problems.
Lucid’s interim CEO, Marc Winterhoff, said during an interview with Brew Markets on Tuesday that the Gravity has “so many orders” that the company will honor the $7,500 EV tax credit until the end of the year.
Introducing our Robotaxi Engineering Fleet. Lucid has delivered the first @Uber-exclusive robotaxi engineering vehicle to @nuro for integration with the Nuro Driver. This marks the beginning of an exciting new chapter—stay tuned. pic.twitter.com/It5rWqFHS2
According to Winterhoff, Lucid doesn’t “want to tell order holders, you know what, you’re out of luck, we didn’t deliver in time.
Despite many of its luxury rivals, including Porsche, Mercedes-Benz, and BMW, pulling back on electrification plans, Winterhoff said Lucid will remain a pure EV company.
Winterhoff said the loss of the federal $7,500 EV tax credit will have a limited impact on sales due to Lucid’s market position and pricing.
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