Kuwait Petroleum Corporation Deputy Chairman & CEO Shaikh Nawaf Al-Sabah speaks during the CERAWeek oil summit in Houston, Texas, on March 19, 2024.
Mark Felix | Afp | Getty Images
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.
Oil Prices, Energy News and Analysis
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.”
Porsche unveiled its new Cayenne EV today, and it comes with an option for something we haven’t seen out of a factory-equipped car before: inductive charging.
Over the years, we’ve heard plenty of attempts by companies to trick consumers into thinking that it’s possible to make an electric car that doesn’t need to charge.
From Toyota’s dumb “self-charging hybrid” claim, to the new fad of “range extenders”/EREVs (aka plug-in hybrids with a bigger battery), to all manner of solarvehicles, people seem to think that convincing customers that they don’t need to plug in will get them to buy an EV (or, will help them greenwash their gas-guzzling hybrids).
And now the next entry into that group has arrived: the Porsche Cayenne electric, which can indeed be driven without ever plugging in, or gassing up, or even parking in the sun.
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It does have to be parked somewhere specific though: over a pad in your garage. Because this car can be equipped to use inductive charging, right out of the factory.
Inductive charging uses magnetic fields to transfer electrical power, as opposed to conductive charging, which uses a plug. Inductive charging is how phone charging mats work, but in this case, it’s scaled up significantly in size and power.
We’ve seen a few inductive charging projects before, but they’ve always been aftermarket or experimental so far. Or, they’ve been targeted more at commercial or fleet buyers (buses, for example).
Porsche says that its inductive charging system can push 11kW of power, which is plenty for overnight home charging (on the car’s 113kWh battery). It does this at 90% efficiency – not as much as the ~95% of conductive charging, but still quite good. It also requires an extra ~33lbs of coils and wiring onboard the car, which is a significant if not massive weight gain.
To activate the system, the charging pad makes contact with the car via wide-band wireless communication to determine location, then activates when you park in just the perfect spot. The car’s screen shows guide lines to help you find the way to where you need to be – or there’s always the tennis-ball-on-a-string trick if you want to go low tech.
When we tried it out in LA, once we got the system up and running (hot tip: don’t daisy chain two extension cords if you want your inductive charging pad to work), it quickly charged at 11kW, at least according to the in-car system.
The inductive charger includes a lot of safety features to ensure nothing weird happens. Even though it only uses magnetic fields, the mat includes sensors to detect any living or metal objects nearby, it will stop (yes, this includes your cat that likes to sleep under the car, and yes, Porsche gets asked this question often). We saw this happen once in the studio demo, but it quickly turned back on after deciding everything was okay.
The Cayenne will still have its regular conductive charging ports, capable of 11kW AC or 400kW DC charge. But for those who want to forgo the plug, at least at home, the mat is an available option.
That said – pricing and availability are still TBD. The system costs €7k in Europe, plus an electrician, but we don’t know what it will cost in the US yet.
So, there’s still a chance that someone else beats Porsche to the “first” moniker – possibly Tesla, given that it seems to be close to offering an inductive charging system. But there are a lot of hurdles to ensure that the system is reliable in every type of weather and real world situation, and lots of electrical codes to follow. So, it looks like the race is on.
Electrek’s Take
I was quite interested in talking to the engineers about this system, because I hadn’t actually experienced inductive charging in an EV before.
People have been talking about this for a long time, and I used to be excited about the concept of electrified roads where cars could just drive on them and get a charge and never have to plug in.
However, after conversations over the years and experience with how easy driving and charging an EV is, I came to think that inductive charging is mostly a gimmick, and that we will likely rely on conductive charging in the long term (and especially that in-highway charging is a boondoggle that’s never going to be a good option, especially when catenary/pantograph systems exist).
That said, there are still niches and benefits to be had. In a potential fully autonomous future, we’ll need to figure out autonomous charging, and inductive charging could be a good answer for that.
In addition, some drivers do have difficulty with cables. While the NACS cable is much easier to handle than the old CCS cable, an older driver or one with mobility issues might have a hard time plugging in a car. Inductive charging could be good for them.
Or, heck, maybe someone is just lazy. Or doesn’t like cords. And doesn’t mind spending money for these marginal improvements. We can imagine there are Porsche buyers who could fit that description.
I still think the take rate will be relatively low, but it will be interesting to see real world tests of this, how buyers get along with it, and what sort of problems they manage to solve. As much as I’m a skeptic of inductive charging’s usefulness and acknowledger of its limitations, it’s nice to see new things get tried sometimes.
What do you think about Porsche’s inductive charging system? Would you prefer it to conductive charging? How much would you pay to add this option to your EV? Let us know in the comments.
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The Inster, Hyundai’s most affordable EV, is Germany’s best-selling small electric car and top overall vehicle priced under €25,000.
The Hyundai Inster is Germany’s best-selling small EV
After launching the Inster in Europe in late 2024, Hyundai’s smallest and most affordable EV quickly became one of the most popular electric cars in the region.
According to JATO Dynamics, the Hyundai Inster was the 19th most popular EV across Europe in June, outselling the Dacia Spring, Hyundai Kona, and Toyota bZ4X.
In Germany, the heart of Europe, Hyundai’s most affordable EV is making an even bigger impression. Since this summer, the Hyundai Inster is Germany’s best-selling small EV so far in 2025 and just won the Golden Steering Wheel award for best car under €25,000 ($28,900) by AUTO BILD & BILD am SONNTAG.
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Hyundai said the recognition is proof that its vehicles are resonating with buyers across Europe. The Korean automaker will continue expanding its EV lineup, from the small Inster to the three-row IONIQ 9.
Hyundai Inster EV (Source: Hyundai)
The award comes after the Inster was crowned the 2025 World Electric Vehicle at the World Car Awards ceremony in the spring, held during the New York International Auto Show.
Hyundai’s electric city car starts at just €25,000 ($28,900) in Germany. Despite its small size, the Inster delivers up to 370 km (230 miles) WLTP driving range, fast charging (10% to 80%) in 30 minutes, and a surprisingly spacious and feature-rich interior.
The Inster features dual 10.3″ driver display and infotainment screens with wireless Android Auto and Apple CarPlay as part of Hyundai’s digital cockpit.
By 2027, Hyundai plans to electrify all vehicles sold in Europe. The Inster and IONIQ 9 are now rolling out across the region, and Hyundai plans to build momentum with new EVs, including the IONIQ 3, which will go into production in Hungary in the first half of 2026.
The Hyundai Inster EV (Source: Hyundai)
In South Korea, Hyundai’s home market, the Inster is sold as the Casper Electric. The compact EV is sold in Japan, Europe, the Middle East, and parts of Asia.
Although those in the US won’t get to see the Inster or IONIQ 3, Hyundai still has one of the most affordable EVs you can get your hands on. With leases starting at just $189 per month, the Hyundai IONIQ 5 is still America’s best deal for an electric vehicle.
MP Materials surged Wednesday on a deal with the U.S. Department of Defense and the Saudi Arabian Mining Company, Maaden, to develop a rare earth refinery in the kingdom.
The U.S. rare earth miner’s stock was last up about 9%.
MP and the Pentagon will hold a 49% stake in the joint venture, the company said. Maaden’s position will be no less than 51%. The Defense Department will finance the U.S. portion of the venture with MP providing technical and marketing expertise.
The binding agreement to form the joint venture comes after MP and Maaden signed a memoranum of understanding back in May. The agreement will “significantly expand MP’s global footprint” and is structured to “ensure U.S. oversight and alignment with national security objectives,” the company said.
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MP Materials stock over the past six months
MP is also holding talks on a possible collaboration to standup magnet manufacuring in Saudi Arabia.
The Pentagon struck a landmark deal with MP in July that includes an equity stake, a price floor, and offtake agreement. The Trump administration is investing in MP as it seeks to reduce U.S. dependence on China for rare earth imports and stand up a domestic supply chain.
MP CEO James Litinsky has described the company as the U.S. “national champion” for rare earths. Rare earths are crucial inputs in U.S. weapons platforms, electric vehicles, clean energy technology, semiconductor manufacturing and consumer electronics.
Goldman Sachs initiated converage of MP on Tuesday with a price target of $77, implying about 32% upside from Monday’s closing price.
“We believe MP’s downstream expansion into refining and magnet production, accelerated by a partnership with the US government, will strategically position MP as a key supply chain component for rare earth refining and magnet production,” Goldman analyst Brian Lee told clients.