The OPEC+ spat is likely to be resolved ‘sooner rather than later,’ energy analyst says

Published

4 years ago

July 12, 2021

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OPEC and its allies left the oil market hanging on Monday when they indefinitely postponed talks to resolve a disagreement over production curbs.

Crude prices first surged to six-year highs, then retreated, and uncertainty continues to hang over future OPEC+ policy.

But at least one energy analyst expects a breakthrough to come soon.

“I think it’s highly likely [that] it’s going to resolve itself,” said Stephen Schork, a principal advisor at energy analysis company The Schork Group.

OPEC is the strongest it has been in years, and they would not want to “upset the applecart,” he told “Street Signs Asia” on Thursday.

Conflict in OPEC

The energy alliance met last week to discuss output policy, but the UAE unexpectedly blocked proposals to increase supply and extend the remaining production cuts to the end of 2022, instead of April 2022 as previously agreed.

Suhail Al Mazrouei, UAE’s energy minister, told CNBC on Sunday that it “wasn’t a good deal” because the output cuts were measured against a baseline of 2018 production levels.

The country has increased its production capacity, but cannot pump more oil while the OPEC agreement remains in place. It wants this baseline to be revised.

An OPEC sign hangs outside the OPEC Secretariat in Vienna, Austria, on Nov. 29, 2017.

Akos Stiller | Bloomberg | Getty Images

Russia is reportedly attempting to negotiate a resolution.

Neil Beveridge, a senior oil analyst at Bernstein, said OPEC policy has been focused on controlling supply to manage prices.

But the UAE sees that peak oil demand is “staring OPEC in the face” and is considering chasing market share instead of high energy prices, he told “Capital Connection” on Thursday, and that’s why it wants to be given a higher quota.

$50 oil versus $100 oil

Observers say two scenarios are possible if OPEC doesn’t reach a new deal. The first is that of a price collapse.

Beveridge noted that OPEC is sitting on nearly 6 million barrels of spare capacity now. If countries decide to increase supply and go for market share, the downside could be “significant,” he said.

“We can see oil prices certainly drop back below $50 again … pretty quickly, if that [happens],” he said.

Why mess around with, potentially, a price war?

Stephen Schork

The Schork Group

The second scenario is one where countries continue to produce oil according to the quotas that were previously agreed on. Oil prices would spike, possibly as high as $100 per barrel, with demand outpacing supply.

OPEC probably doesn’t want to rock the boat in either direction, according to Schork.

“They are in a very nice position at this point,” he said. “Why mess around with, potentially, a price war?”

On the other hand, too-high oil prices are not ideal. “The higher we go, you’ll start to hear the political winds turn against them, especially here in the United States,” he added.

Resolution?

Schork said he believes the UAE will be allowed to increase production, and the country will stick to their quota.

“They just want a bigger share of OPEC’s prize,” he said.

Bernstein’s Beveridge, however, said there is a risk that other OPEC+ members will want to raise their production quotas.

“That could lead to a whole unravelling of the OPEC agreement that we have … and that would certainly point to very significant downside [for] prices,” he said.

The deal only works if everyone is committed to it, he said, but noted that there has been “very good compliance” from OPEC members over the last 12 months.

In the long term, Schork said the oil-producing alliance would benefit from the energy transition.

“As western oil companies trip over themselves in the years ahead — and they’re already doing it now — to decarbonize, OPEC’s share of the global oil market is going to continue to grow,” he said, adding that oil demand is likely to increase until the end of the decade.

“It behooves all players on the OPEC side to play nicely, so yes I do think we’ll see a resolution to the situation sooner rather than later,” he said.

— CNBC’s Sam Meredith, Weizhen Tan and Dan Murphy contributed to this report

Environment

Is the Hyundai IONIQ 5 the best EV lease deal at just $179 a month?

Published

4 hours ago

July 9, 2025

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Is the Hyundai IONIQ 5 the best EV lease deal at just 9 a month?

The 2025 Hyundai IONIQ 5 got a major glow up with extra driving range, a sleek interior and exterior facelift, and even Tesla Supercharger access with an added NACS port. With leases starting at just $179 per month, the Hyundai IONIQ 5 might be your best bet to get into an EV right now.

How much does the 2025 Hyundai IONIQ 5 cost to lease?

Hyundai upgraded its best-selling electric SUV in every way possible for the 2025 model year. The 2025 IONIQ 5 can drive up to 318 miles on a single charge, recharge from 10% to 80% in under 20 minutes, and is available starting at just $42,500.

After cutting lease prices last month, the 2025 Hyundai IONIQ 5 was available to lease for as low as $179 per month.

The offer was set to end on July 7, but Hyundai extended it through its new “Hyundai Getaway Sales Event.” The 2025 Hyundai IONIQ 5 SE Standard Range model is still available for lease, starting at just $179 per month.

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That’s for the base version, which has a range of up to 245 miles. The offer is for a 24-month lease with $3,999 due at signing.

The long-range SE RWD variant, with a driving range of up to 318 miles, can be leased for as little as $199 per month. Upgrading to the AWD model will cost $249 per month. You can even snag the off-road XRT variant for $299 a month right now.

Hyundai upgraded the IONIQ 5 with a sleek facelift, adding to its already bold design. Inside, the 2025 IONIQ 5 features a redesigned center console, steering wheel, and HVAC control system based on driver feedback.

It also features a more powerful, next-gen infotainment system. The setup includes dual 12.3″ driver display and infotainment screens with standard wireless Apple CarPlay and Android Auto, voice-recognition, and more.

If you’re looking for something a little bigger, Hyundai’s three-row electric SUV, the IONIQ 9 (Check out our review), is listed for lease starting at just $419 per month.

2025 Hyundai IONIQ 5 Trim	EV Powertrain	Driving Range (miles)	Starting Price*	Monthly lease price July 2025
IONIQ 5 SE RWD Standard Range	168-horsepower rear motor	245	$42,500	$179
IONIQ 5 SE RWD	225-horsepower rear motor	318	$46,550	$199
IONIQ 5 SEL RWD	225-horsepower rear motor	318	$49,500	$209
IONIQ 5 Limited RWD	225-horsepower rear motor	318	$54,200	$309
IONIQ 5 SE Dual Motor AWD	320-horsepower dual motor	290	$50,050	$249
IONIQ 5 SEL Dual Motor AWD	320-horsepower dual motor	290	$53,000	$259
IONIQ 5 XRT Dual Motor AWD	320 horsepower dual motor	259	$55,400	$359
IONIQ 5 Limited Dual Motor AWD	320-horsepower dual motor	269	$58,100	$299

2025 Hyundai IONIQ 5 prices and range by trim (*includes $1,475 destination fee)

To sweeten the deal, Hyundai is throwing in a free ChargePoint Level 2 home charger with the purchase or lease of a new 2025 IONIQ 5 or 2026 IONIQ 9.

Both the 2025 IONIQ 5 and 2026 IONIQ 9 are built at Hyundai’s new EV plant in Georgia. The current lease offers include the $7,500 federal EV tax credit, which is set to expire at the end of September. Hyundai’s new deals are available through September 2, 2025.

Ready to test one out for yourself? We can help you get started. You can use our links below to find deals on the Hyundai IONIQ 5 and IONIQ 9 near you.

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Environment

Tesla Semi efficiency improves in real-world trucking test covering 4,494 miles over 3 weeks

Published

5 hours ago

July 9, 2025

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Tesla Semi efficiency improves in real-world trucking test covering 4,494 miles over 3 weeks

The Tesla Semi, Tesla’s electric Class 8 semi-truck, saw its efficiency improve in a new real-world trucking test covering 4,494 miles over three weeks.

The Tesla Semi underwent significant changes over the years of delays.

Tesla officially unveiled the “production version” in 2022, but the vehicle never entered volume production. It is expected to finally happen at the end of the year at a new factory in Nevada.

When unveiling the “production version”, which turned out not to be the final production version, Elon Musk said that the Tesla Semi has an efficiency of 1.7 kWh per mile.

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In September 2024, Tesla reported improvements in its own fleet after covering 250,000 miles. It claimed to be achieving 1.6 kWh per mile.

Last year, two Tesla Semi customers got closer to what Musk claimed in 2022. DHL got 1.72 kWh per mile in their own test, and Saia got 1.73 kWh per mile.

Now, Tesla Semi appears to have improved quite a bit in a new real-world test by logistics company ArcBest.

The company claims to have put Tesla Semi through regular operations, varying from lane dispatch to regional runs over three weeks:

Over a three-week period, ABF operated a Tesla Semi across typical dispatch lanes, including over-the-road routes between service centers in Reno, Nevada and Sacramento, California. The pilot also included regional runs in the Bay Area and rail shuttle operations.

ArcBest claims that Tesla Semi averaged 1.55 kWh per mile during the three weeks:

The electric Semi logged 4,494 miles, averaging 321 miles per day with an overall energy efficiency of 1.55 kWh per mile.

Efficiency in the trucking business varies considerably based on several factors, including the load, but it is nonetheless an impressive performance.

Dennis Anderson, ArcBest chief innovation officer, commented on the test program:

“Freight transportation is a vital part of the global economy, and we know it also plays a significant role in overall greenhouse gas emissions. While the path to decarbonization presents complex challenges — such as infrastructure needs and alternative fuel development — it also opens the door to innovation. Vehicles like the Tesla Semi highlight the progress being made and expand the boundaries of what’s possible as we work toward a more sustainable future for freight.”

Tesla says that the truck should enter volume production toward the end of the year and customer deliveries are expected to start next year.

While the efficiency of the electric truck has improved, we previously reported that its price has increased significantly.

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Environment

Range Rover finally has a logo, just in time for the brand’s first electric SUV

Published

5 hours ago

July 9, 2025

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Range Rover now has its own logo for the first time. The luxury automaker is unveiling a sleek new look as it gears up to launch its first electric SUV later this year.

Range Rover introduces its first logo

Since it launched its first vehicle in 1970, the Range Rover badge has become an iconic status symbol. You can’t miss the classic Range Rover look.

With its first EV due out later this year, the luxury automaker is preparing for a new era. JLR revealed the new Range Rover logo, a first for the luxury automaker, during an investor presentation.

The new logo is a stark contrast to the “Range Rover” badge we are accustomed to seeing, featuring a minimalist design similar to the Rolls-Royce emblem.

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JLR told Autocar that the new logo won’t replace the signature Range Rover badge at the front or rear. Instead, it will be used to complement it.

“The Range Rover Motif has been developed as a smaller symbol for where our familiar Range Rover device mark does not fit, such as on a label or as part of a repeating pattern, and within event spaces where an emblem is more appropriate,” the company said.

With Range Rover’s first electric SUV set to hit showrooms later this year, will we see it featured on the new EV? JLR confirmed in May that the Range Rover Electric now has over 61,000 clients on the waitlist.

The company claims the new EV is undergoing “the most intensive testing any Range Rover vehicle has ever endured” ahead of its big debut later this year.

According to Thomas Müller, Range Rover’s executive director of product engineering, the electric SUV is already outperforming some of its top gas-powered models.

JLR has already begun testing new EV production lines at its Solihull, UK, plant in preparation for the new Range Rover model. Next year, the luxury brand is expected to introduce the smaller Sport and Velar EV models.

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