China, Saudi Arabia stress importance of oil market stability as Xi visits Riyadh
Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022.
Anadolu Agency | Anadolu Agency | Getty Images
China and Saudi Arabia stressed the importance of global oil market stability and Riyadh’s role in achieving this balance, following a three-day Saudi visit by Chinese President Xi Jinping.
“The People’s Republic of China welcomed the Kingdom’s role as a supporter of the balance and stability in the world oil markets, and as reliable major exporter of crude oil to China,” said a joint statement published by Riyadh’s state-owned Saudi Press Agency.
China is the world’s largest crude oil importer, while Saudi Arabia is the greatest exporter of such resources and chairs the influential OPEC+ producers’ alliance.
Xi met both King Salman bin Abdul-Aziz Al Saud and his heir, Crown Prince and Saudi Prime Minister Mohammed bin Salman, according to Chinese official news agency Xinhua. The talks have so far resulted in the signing of a “comprehensive strategic partnership agreement” and 12 agreements and memoranda of understanding in topics including hydrogen, direct investment and economic development.
The two countries on Friday affirmed they will continue to “firmly support each other’s core interests,” sovereignty and territorial integrity, further pledging joint cooperation to ensure the “peaceful nature of Iran’s nuclear program” and urging Tehran’s cooperation with the International Atomic Energy Agency.
The Chinese head of state has extended an invitation for King Salman to visit China “at a mutually convenient time,” the statement said.
Xi arrived in Riyadh on Dec. 7 for a three-day visit at a time when Beijing seeks to revitalize its economy, while Saudi Arabia nurtures eastern relations after an energy policy conflict with the U.S.
Washington closed a rift with Riyadh on Dec. 6 with the District of Columbia federal court dismissal of a lawsuit against Saudi Crown Prince Mohammed bin Salman, accused with the killing of dissident U.S-based journalist Jamal Khashoggi. The decision followed a recommendation from U.S. President Joe Biden’s administration that the prince should receive sovereign immunity, after his appointment as Saudi prime minister through an exemption of Riyadh’s governing code, weeks prior.
Saudi-U.S. energy interests continue to diverge. Washington has repeatedly urged OPEC+ to release further crude supplies into the markets and ease the toll on consumers that contend with limited energy access in the wake of Russia’s Ukraine invasion and resulting sanctions. The OPEC+ October decision to reduce production quotas by 2 million barrels per day starting in November, which was upheld on Dec. 4, led to a brief war of words between U.S. and Saudi officials.
The timeline of China’s economic rebound frames the demand outlook in the crude markets, which remain rattled by concerns over broader global appetite for transport fuels amid mounting inflation rates and recessionary signals.
On the supply side, energy markets await further clarity on the Russian production impact of an EU ban that came in force on Dec. 5. Alongside it’s implementation was a program by the G-7 largest global economies that seeks to facilitate shipping and transport services for non-G7 Russian purchases transacted under a price cap.
The Brent crude contract for February delivery was trading at $76.13 per barrel at 11:55 a.m. London time Friday morning, down by 2 cents from the Dec. 8 settlement. The front-month Nymex WTI contract was at $71.79 a barrel, adding 33 cents from Thursday’s close price.
The State of California is moving to ban the sale of Tesla cars amid claims that the company and its CEO, Elon Musk, have misled buyers about the self-driving capabilities of their cars. We’ve also got market-leading news out of Vietnam and a pricey, pricey lesson for one VW ID.Buzz buyer on today’s lesson-learning episode of Quick Charge!
We also ask what this might mean for the recent Uber/Lucid autonomous taxi tie-up and go through a full rundown of the fastest depreciating EVs on the market (and yes, there are four Tesla models in the top 10 … because the Cybertruck was too new to qualify).
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If you’re considering going solar, it’s always a good idea to get quotes from a few installers. 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.
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Sunrun is putting tens of thousands of home batteries to work in Puerto Rico as the island’s electric grid faces a summer of high temperatures and energy shortfalls.
The company says it’s now dispatching energy from over 37,000 residential batteries to help grid operator LUMA keep the lights on. That stored power is being used to prevent rolling blackouts when demand spikes and centralized power plants can’t keep up.
Sunrun’s emergency power contribution has grown more than tenfold since last summer. LUMA expects more than 75 energy shortfall events between now and October, with each dispatch sending electricity to the grid for four consecutive hours. During several recent evenings, Sunrun and other virtual power plant (VPP) operators provided enough energy to offset a 50-megawatt generation gap, LUMA said.
Sunrun CEO Mary Powell said Puerto Rico’s aging infrastructure and intense weather patterns make home battery support increasingly critical:
It’s going to be a very difficult summer, which is why Sunrun has ramped up our dispatch capabilities, using tens of thousands of home batteries to support the grid and people of Puerto Rico.
She added that distributed power plants like Sunrun’s serve the same role as natural gas peaker plants – offering fast, reliable power during high-demand moments – but with clean energy.
Sunrun customers enrolled in the VPP will get paid too. Each participating battery earns about $200 minimum for the season, and customers who allow more of their stored energy to go to the grid earn even more. Sunrun also earns revenue for operating the VPP.
Read more: The US’s largest virtual power plant now runs on 75,000 home batteries
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.
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Volkswagen is advertising ID.4 leases starting at just $99 a month. It’s hard to find any car lease these days for under $100 a month, but for $45,000 electric SUV, it’s almost unheard of.
Volkswagen offers ID.4 leases as low as $99 a month
The Volkswagen ID.4 was the third top-selling EV in the US in January after the 2025 model year went back on sale.
Volkswagen’s electric SUV starts at $45,095 with an EPA-estimated driving range of 291 miles. It’s available in five different trims: Pro, AWD Pro, Pro S, AWD Pro S, and AWD Pro S Plus.
The base 2025 VW ID.4 Pro RWD is equipped with 282 hp from a single rear electric motor. Inside, it features a 12.9″ infotainment system with Android Auto and Apple CarPlay support, heated front seats, dual-zone climate control, and Volkswagen’s new ID.Cockpit digital instrument display.
Upgrading to the AWD version will gain a tow hitch and an additional 53 hp, for a combined maximum of 335 hp. The added power comes at the cost of some range, with an EPA-estimated range of 263 miles.
Volkswagen was already offering 2025 ID.4 leases as low as $129 a month, but some dealers are listing it for even less this month.
A California dealership, Volkswagen of Garden Grove, has the 2025 ID.4 Pro RWD listed for lease at just $99 per month. The offer is for 24 months with $2,995 down. According to the dealer, the offer includes a $5,000 cash back bonus, good on a new ID.4 purchase or lease.
We thought the 2025 Hyundai IONIQ 5 was a good deal with leases starting at just $179 per month, but for $99, now that’s a steal.
Looking for deals on the Volkswagen ID.4 near you? You can use our link to find and view offers on the 2025 Volkswagen ID.4 in your area (via a trusted affiliate link)
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