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
Eight key OPEC+ producers on Thuesday agreed to raise combined crude oil output by 411,000 barrels per day, speeding up the pace of their scheduled hikes and pushing down oil prices.
The Ice Brent contract with June delivery was trading at $70.50 per barrel at 1:32 p.m. London time (8:32 a.m. ET), down 5.94% from the Wednesday close. The front-month May Nymex WTI contract was at $67.11 per barrel, 6.41% lower.
Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually to review global market conditions and decided to raise collective output by 411,000 barrels per day, starting in May. The group was widely expected to implement an increase of just under 140,000 barrels per day next month.
The May hike agreed on Thursday is “equivalent to three monthly increments,” OPEC said in a statement, adding that “the gradual increases may be paused or reversed subject to evolving market conditions.”
The eight OPEC+ producers this month started gradually unwinding 2.2 million barrels per day of voluntary cuts undertaken independently from the production strategy of the broader 22-member OPEC+ alliance, which has roughly 3.66 million barrels per day of separate cuts in place until the end of 2026.
The Thursday meeting was the first one attended by Erlan Akkenzhenov, the new energy minister of Kazakhstan, which has struggled with producing above its assigned quota.
Without referencing individual countries, OPEC said in its Thursday statement that the May output hike will “provide an opportunity for the participating countries to accelerate their compensation” by way of additional production cuts in line with overproduction.
The Thursday decision was taken against the backdrop of broader market tumult triggered by sweeping tariffs on key trade partners unveiled on Wednesday by the administration of U.S. President Donald Trump, who has been simultaneously championing higher U.S. oil output.
US President Donald Trump, left, and Doug Burgum, US secretary of the interior, in the Oval Office of the White House in Washington, DC, US, on Monday, Oct. 6, 2025.
Bloomberg | Bloomberg | Getty Images
Shares of U.S.-listed minerals explorer Trilogy Metals jumped as much as 205% in premarket trade on Tuesday, shortly after the White House said it would take a 10% stake in the Canadian company.
The stock was seen trading 183% higher in premarket deals at 9:54 a.m. London time (4:54 a.m. ET).
The White House on Monday announced a partnership with Trilogy Metals as part of a push to unlock domestic supplies of copper and other critical minerals in the Ambler mining district in Alaska.
The partnership included a $35.6 million investment, which makes the U.S. government a 10% shareholder in Trilogy Metals.
Trilogy Metals welcomed Trump’s decision to grant permits to enable the development of critical minerals in Alaska, saying the Ambler mining district is “home to some of the world’s richest known copper-dominant polymetallic deposits.”
The company said in a statement that Trump’s order, which reverses the Biden administration’s rejection of the Ambler Road project, “reflects a renewed federal commitment to responsible resource development in Alaska and highlights the Ambler Road as critical infrastructure under federal policy.”
It added that the move would help to secure domestic supply chains for minerals including copper, cobalt, zinc and lead, highlighting the importance of these resources in energy infrastructure, defense technologies and manufacturing.
On today’s budget-conscious episode of Quick Charge, we’re building up to the reveal of a new, more affordable Tesla Model Y tomorrow that will almost definitely not be a cheap pile of misaligned plastic body parts with inconsistent panel gaps that’s utterly incapable of turning the tide on Tesla’s global decline.
Plus, we’ve got news that Tesla is in hot water with California over its alleged mishandling of its insurance business, revisit the lies told about Cybertrucks drag racing Teslas, and look at the incredible 110% increase in EV sales over at GM that’s driving Cadillac’s renaissance.
Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. The nonprofit just kicked off its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit the site at CarbonRaffle.org/Electrek to learn more.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
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Waev Inc. has just unveiled the GEM eX, a new electric utility vehicle designed to bridge the gap between street-legal low-speed vehicles (LSVs) and true off-road work machines. The company calls it the most versatile electric work UTV yet.
Unlike most golf cart–based UTVs or high-speed recreational rigs, the GEM eX is purpose-built for commercial, industrial, and government fleets that need to move between city streets, job sites, and rough terrain, all while staying emissions-free.
The vehicle features a top speed of 25 mph (40 km/h) and is said to be DOT street-legal as an LSV on roads up to 35 mph (56 km/h), giving it a clear advantage over most off-road-only competitors.
Power is provided by a 6.5 kW motor in a rear-wheel drive setup with a limited-slip rear differential. An 8 kWh battery provides enough juice for a claimed maximum range of 85 miles (137 km).
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The eX comes with several fleet-focused safety and utility upgrades, including 3-point seat belts, roof crush protection, backup camera, mirrors, pedestrian noise emitter, and a robust bumper system. It rolls on street, winter, or all-terrain tires, and the chassis features 9.5 inches (24 cm) of ground clearance, 6.5 inches (16.5 cm) of suspension travel, and a 50-degree approach angle for climbing curbs or crossing uneven work terrain.
Hill-hold assist and single-pedal descent control make it easy to handle on slopes, while a limited-slip differential helps maintain traction without chewing up turf.
In the back, a 1,250 lb (567 kg) composite dump box can fit a full-sized pallet and comes with gas-assist or electric lift options, while towing capacity matches that at 1,250 lb (567 kg). Optional hard doors, roll-down windows, and HVAC with heat and A/C turn it into a true all-weather workhorse.
The lithium iron phosphate battery pack is said to provide a long lifespan for extra durability in extreme climates from –20°F to 140°F (–29°C to 60°C). Charging is flexible via 120V, 240V, or J1772 public stations, and Waev backs the battery with a 7-year warranty – on par with many passenger EVs.
“We field-tested the GEM eX everywhere from Arizona deserts to Minnesota winters,” said Sven Etzelsberger, Waev’s Director of Engineering. “Every piece of customer feedback went back into this vehicle. The result is a work UTV that’s refined, reliable, and ready to go.”
The GEM platform has expanded significantly over the years, from its humble beginnings as a simple people mover to more recent adaptations into everything from ambulances and emergency vehicles to the new GEM eX electric UTV.
Priced at $24,955, the higher purchase price may be one of the few downsides to the quieter, cleaner, and easier to maintain alternative to traditional gasoline-powered UTVs.
Electrek’s Take
Waev’s new GEM eX seems to hit a sweet spot that’s been missing – a street-legal, electric work UTV tough enough for real jobs yet affordable and easy to maintain. For fleet managers juggling both paved and off-road environments, this could be a serious game-changer.
At the same time, there are still more affordable options like those from KANDI that offer more power for a lower price. However, without GEM’s storied brand legacy and increased national support, cheaper options may not have the staying power to compete.
So sure, it’s expensive, but at least I’m glad to see more options coming to the market, especially from brands that have been around for years. Here’s to hoping for more affordable options in the future.
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