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Global oil demand growth will trickle nearly to a halt in the coming years and peak this decade, according to the International Energy Agency, with Chinese consumption set to slow down after an initial pent-up recovery.  

“The shift to a clean energy economy is picking up pace, with a peak in global oil demand in sight before the end of this decade as electric vehicles, energy efficiency and other technologies advance,” IEA Executive Director Fatih Birol said in a statement.

In its latest medium-term market report, published Wednesday, the agency forecasts that global oil demand under current market and policy conditions will rise by 6% from 2022 to reach 105.7 million barrels per day in 2028 on the back of the petrochemical and aviation sectors.

Annual demand growth, however, will thin down from 2.4 million barrels per day this year to 400,000 barrels per day in 2028.

“The downturn in advanced economies renders the global outlook even more dependent on China’s post-Covid pandemic reopening being able to maintain its early momentum, which should eventually lift global trade and manufacturing,” the agency said, while stressing Beijing’s “pent-up” consumption will peak mid-2023 after a 1.5 million-barrels-per-day rebound but lose momentum to just an average 290,000 barrels per day year-on-year from 2024 to 2028.

An “unprecedented reshuffling of global trade flows” and emergency releases from the strategic petroleum reserves of IEA members last year “allowed industry inventories to rebuild, easing market tensions” amid demand pick-up, the world energy body said.

On the supply side, the IEA expects oil producers outside the influential coalition of the Organization of the Petroleum Exporting Countries and its allies — known as OPEC+ — to “dominate medium-term capacity expansion plans,” including the U.S. and other American producers. Global supply capacity will rise by 5.9 million barrels per day to 111 million barrels per day by 2028 in IEA estimates, with growth lulling amid a U.S. slowdown. This will lead to a spare capacity cushion of 4.1 million barrels per day, focused in OPEC heavyweights Saudi Arabia and the UAE.

Russian output remains “clouded,” with the IEA predicting declines as a result of sanctions on Moscow’s seaborne crude and oil products exports since the end of last year, along with the departure of Western companies that facilitated production. The IEA now sees Russian supplies likely to ease by a net 710,000 barrels per day for the six-year forecast period to 2028.

“Moscow’s ability to self-finance its oil industry operations and its access to Chinese equipment and services may stave off a far steeper decline. But a toughening of western financial measures imposed on Russia could also result in a sharper downtrend,” the agency said. It estimates that 2.5 million barrels per day of Russian crude has been diverted from Western consumers to now find Asian buyers, creating a “two-tier market.”

‘A real transformation coming’

The IEA continued to ring alarm bells over ongoing upstream oil and gas investment, which it predicts will reach its highest since 2015 at $528 billion in 2023, simultaneously covering demand and surpassing “the amount that would be needed in a world that gets on track for net zero emission.”

“Oil producers need to pay careful attention to the gathering pace of change and calibrate their investment decisions to ensure an orderly transition,” Birol said in a statement.

Toril Bosoni, head of the oil industry and markets division at the IEA, told CNBC’s “Street Signs Europe” on Wednesday that the global energy crisis that followed the onset of the Covid-19 pandemic and Russia’s invasion of Ukraine had “really accelerated” the transition away from fossil fuels.

“So, while we are still having strong growth and demand for oil this year as we’re seeing that last leg of the Covid recovery, over the medium term we’re really seeing that all these policy measures that governments have put in place [and] the changes that consumers are making for pricing and other reasons are making an impact.”

In a landmark 2021 report, the IEA had urged no new oil, gas or coal development if the world is to achieve net zero by 2050 — in a move widely criticized by several OPEC+ producers, who advocate for dual investment in hydrocarbons and renewables, until such a time that green energy can unilaterally fulfill global consumption needs.

“There’s a real transformation coming,” Bosoni said on Wednesday, citing the uptake of electric vehicles and energy efficiency measures across all sectors.

In its Oil 2023 report, the IEA notes that achieving the global net-zero emissions goal would require both policy and behavioral changes while observing the oil demand impact of electric vehicles.

“The adoption of tighter efficiency standards by regulators, structural changes to the economy and the ever-accelerating penetration of EVs are expected to powerfully moderate annual growth in oil demand throughout the forecast.” The IEA assumes more than one in four cars in 2028 will be an EV, with sales near 25.9 million.

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E-quipment highlight: Oshkosh Striker Volterra Aircraft Rescue and Fire Fighter

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E-quipment highlight: Oshkosh Striker Volterra Aircraft Rescue and Fire Fighter

The Oshkosh-built Striker Volterra electric ARFF vehicle (Aircraft Rescue and Fire Fighter) packs advanced battery technology and multiple power options to deliver consistent emergency response performance no matter how long it needs to be in action.

Oshkosh has been manufacturing ARFF vehicles since it first launched the MB-5 for use by the US Navy back in 1968, and they’ve been pushing the envelope of disaster response performance ever since. The company’s latest ARFF, the electric-drive Striker Volterra shown here, features a slanted body with front bumper designed for maneuvering through the ditches and rough terrain they might encounter on a damaged runway. It’s also big — but it’s big for a purpose. Because ARFF vehicles don’t have to navigate the confines of city streets, they can be built bigger, carry more water, more rescue equipment, and more personnel than conventional fire trucks.

But that’s not why you’re reading about this on Electrek. You’re here to read about the Striker Volterra’s advanced battery tech, electric drive motors, and duty cycle-extending genset that effectively makes it a big EREV. More sympathetic I could not be, but — alas! — OshKosh hasn’t officially revealed those specs.

That said, it’s probably safe to assume they’re pretty similar to those used on the big Pierce fire fighting chassis developed for the Gilbert, Arizona fire department, which uses (you guessed it) an OshKosh-developed battery pack, electric drive system, and onboard diesel generator that can provide power to the electric system. That vehicle packs a 244 kWh battery pack good for up to six hours of operation on battery power alone.

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The OshKosk electric Striker Volterra ARFF shown here is a Class 5 6×6 “rapid response” model capable of hauling up to 4,000 gallons of water (over 16 and a half tons, if you’re curious) and “firefighting foam” across an airport at speeds of up to 50 mph, which is positively moving for a machine this size. Plus, it supports zero-emission pumping, surpassing the NFPA required 2-hour continuous pump operation without using diesel.



Again, OshKosh hasn’t shared power and performance specs, but has confirmed that its electric drive Striker Volterra is 28% quicker to 50 mph than its Scania diesel-powered siblings, and that truck packs 550 hp and more than 1,750 ft‑lb torque. So — yeah. It’s got some juice.

Other key benefits, according to OshKosh, include a 75% reduction in total carbon footprint when compared to a conventional internal combustion engine ARFF vehicle based on the manufacturer’s estimated duty cycle, the eliminated need for long diesel idling times, and the ability to run on full-electric when entering, leaving and idling in the fire station, significantly reducing firefighter’s exposure to harmful emissions.

You can find out more by reading the official OshKosh ARFF vehicle reference guide here.

Electrek’s Take


Why Choose The Striker Volterra Electric ARFF Vehicle?
Striker Volterra ARFF; via OshKosh.

With the relatively short distances driven and extreme loads involved, airports present a nearly ideal use case for battery-electric vehicles in general, and their immediate off-the-line torque, improved efficiency, and ability to operate much more quietly than diesels (facilitating communications) could make all the difference in an emergency situation where lives are quite literally on the line.

Plus, as demand for on-road fossil fuels drops, airports and airlines (historically responsible for about 4% Earth’s global warming) are becoming a bigger and bigger slice of a rapidly shrinking pie when it comes to fossil fuel emissions.

Or, as OshKosk puts it: As airports continue to prioritize sustainability and operational efficiency, the Striker Volterra electric ARFF stands out as a forward-thinking solution that meets today’s demands while preparing for tomorrow’s challenges.

It’s a bit pitchy, but I couldn’t agree more.


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Lexus RZ just got a +$10,000 bonus offer, making it its cheapest vehicle to lease

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Lexus RZ just got a +,000 bonus offer, making it its cheapest vehicle to lease

Thanks to a new $10,000 bonus offer introduced this month, the cheapest Lexus you can currently lease is now the 2025 electric RZ. Is it worth checking out?

The cheapest Lexus you can lease is the 2025 RZ

Lexus slashed over $10,000 off the price of the 2025 RZ compared to the 2024MY by introducing a new entry-level 300e FWD trim.

Following the launch of a new promotion this June, Lexus is offering up to $11,500 off 2025 RZ models. The RZ is now the cheapest Lexus vehicle you can lease, starting at $399 for 36 months. With $1,999 due at signing, you’ll end up with an effective monthly cost of $455. Not too bad for a nearly $45,000 luxury electric SUV.

The offer is for the 2025 Lexus RZ 300e FWD with an MSRP of $44,314. In comparison, the 2025 Lexus UX 300h FWD Hybrid, with an MSRP of $39,615, is listed at $349 for 36 months.

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With $3,999 due at signing, the monthly effective cost is $460, or $5 more than the RZ. If you’re looking for a higher trim, the RZ 450e is available with up to $11,500 in lease cash.

Lexus-cheapest-lease-RZ
2025 Lexus RZ 450e Luxury (Source: Lexus)

The entry-level 2025 Lexus RZ 300e FWD model offers a range of up to 266 miles, while the AWD 450e variants achieve a range of up to 220 miles.

Inside, the electric SUV features a standard 14″ infotainment system with wireless Apple CarPlay and Android Auto support. With 37.52″ of rear legroom, the electric SUV has nearly as much second row space as a Ford Explorer (39″).

Lexus-cheapest-lease-RZ
2025 Lexus RZ interior (Source: Lexus)

Although it’s a good deal compared to other Lexus vehicles, other luxury electric SUVs from Acura, Cadillac, and Genesis may still offer better value.

Acura is currently offering nearly $30,000 in lease cash on 2024 ZDX models in select states, with leases starting as low as $299 per month for 24 months. With $2,999 due at signing, the effective monthly rate is only $423. The ZDX offers up to 313 miles of range and more rear legroom (39.4″).

Cadillac’s new entry-level electric SUV, the 2025 Optiq, with an MSRP of $54,390, is listed for lease at just $409 for 24 months. However, it does include a $4,909 due at signing, resulting in an effective monthly rate of $614. The Optiq has up to 302 miles of range and 37.8″ of rear legroom.

2025 Lexus RZ model Starting Price* EPA-estimated Driving Range
RZ 450e AWD $48,675 220 miles
RZ 450e Premium AWD w/ 18″ Wheel $52,875 220 miles
RZ 450e Premium AWD w/ 20″ Wheel $54,115 196 miles
RZ 450e Luxury AWD $58,605 220 miles
RZ 300e FWD $43,975 266 miles
RZ 300e Premium FWD w/ 18″ Wheel $48,175 266 miles
RZ 300e Premium FWD w/ 20″ Wheel $49,415 224 miles
RZ 300e Luxury FWD $53,905 266 miles
2025 Lexus RZ electric SUV prices and range (*Includes Delivery, Processing, and Handling fee of $1,175)

Meanwhile, you can snag a 2025 Genesis GV60 (MSRP of $52,350) for $349 for 24 months right now. With $5,999 due at signing, the effective rate is $598.

The new Lexus promotion follows Toyota, which introduced up to $19,000 in savings on its electric SUV, the bZ4X, earlier this month. Both are making room for updated models that will arrive soon.

Looking for your next luxury electric SUV? We can help you find deals in your area. Check out our links below to see what’s available.

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Crypto CEO accused of laundering $500 million linked to sanctioned Russian banks

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Crypto CEO accused of laundering 0 million linked to sanctioned Russian banks

Signage is seen at the United States Department of Justice headquarters in Washington, D.C., August 29, 2020.

Andrew Kelly | Reuters

Federal prosecutors in Brooklyn have charged the founder of a U.S.-based cryptocurrency payments firm with operating what they allege was a sophisticated international money laundering scheme that moved over half a billion dollars on behalf of sanctioned Russian banks and other entities.

Iurii Gugnin, a 38-year-old Russian national living in Manhattan, was arrested and arraigned Monday and ordered held without bail pending trial.

Gugnin faces a 22-count indictment accusing him of wire and bank fraud, violating U.S. sanctions and export controls, money laundering, and failing to implement legally required anti-money laundering protocols.

“The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the U.S. financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive U.S. technology,” Assistant Attorney General Eisenberg said in a statement.

Prosecutors said Gugnin used his companies — Evita Investments and Evita Pay — to process about $530 million in payments while concealing the origins and purposes of the funds. Between June 2023 and January 2025, he allegedly funneled the money through U.S. banks and cryptocurrency exchanges, primarily using tether, a widely used, dollar-pegged stablecoin.

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Clients included individuals and businesses linked to sanctioned Russian institutions such as Sberbank, VTB Bank, Sovcombank, Tinkoff, and the state-owned nuclear energy firm Rosatom.

To carry out the scheme, Gugnin allegedly misrepresented the scope of his business, falsified compliance documentation, and lied to banks and digital asset platforms about his ties to Russia. Prosecutors say he masked the source of funds through shell accounts and doctored more than 80 invoices, digitally erasing the identities of Russian counterparties.

Investigators also cite internet searches indicating he knew he was under scrutiny, including queries like “how to know if there is an investigation against you” and “money laundering penalties US.”

The Justice Department said Gugnin maintained direct ties to members of Russia’s intelligence service and officials in Iran — countries that do not extradite to the U.S.

He is also accused of helping the export of sensitive U.S. technology to Russian clients, including an anti-terrorism-controlled server.

Gugnin was profiled last fall in a Wall Street Journal article about high-net-worth renters in Manhattan, where he reportedly paid $19,000 per month for an apartment.

If convicted on bank fraud charges, he faces a statutory maximum sentence of 30 years in prison, but if convicted on all counts, Gugnin could be given a consecutive maximum sentence significantly longer than his lifetime. 

Deputy Treasury Secretary on crypto crime: Need additional tools from Congress to catch bad actors

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