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Oil rigs on platforms in Gaoyu Lake in east China’s Jiangsu province Friday, Sept. 17, 2021.

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Oil and gas will continue to be leading sources of energy for decades to come on the back of a lagging energy transition, major industry players said at the Energy Asia conference held in Malaysia’s capital Kuala Lumpur this week.

“We think the biggest realization that should come out of this conference … is oil and gas are needed for decades to come,” said John Hess, CEO of U.S. oil company Hess Corporation.

“Energy transition is going to take a lot longer, it’s going to cost a lot more money and need new technologies that don’t even exist today,” he continued.

When it comes to clean energy, the world needs to invest $4 trillion a year — and it’s nowhere close, Hess said.

According to the International Energy Agency, global investment in clean energy is set to rise to $1.7 trillion in 2023.

The demand projections for [India] are such that we are forced to put up new refineries.

A.S. Sahney

Executive Director of Indian Oil Corporation

Hess said oil and gas are key to the world’s economic competitiveness, as well as an affordable and secure energy transition.

The oil market will be more constructive in the second half of the year, with production going up to 1.2 million barrels a day in 2027, he predicted. He noted that the biggest challenge the world has is the underinvestment in the industry.

“The world is facing a structural deficit in energy supply, in oil and gas, in clean energy,” he said.

Likewise, at the the conference’s opening address, OPEC’s Secretary General projected global oil demand will rise to 110 million barrels a day by 2045. The growth comes on the back of rapid urbanization over the next few years, Haitham Al Ghais said.

John Hess, chief executive officer of Hess Corp., speaks during the Energy Asia Summit, in Kuala Lumpur, Malaysia.

Bloomberg | Bloomberg | Getty Images

In an e-mail exchange Tuesday, the largest U.S. oil producer ExxonMobil reiterated the same.

The company expects oil to remain the largest primary source of energy for at least two more decades given its vital place in the commercial transportation and chemical industry.

“Liquids are projected to remain the world’s leading energy source in 2050, even as demand growth slows beyond 2025,” Erin McGrath, ExxonMobil’s public and government affairs senior advisor, told CNBC.

“Overall, demand for liquids is expected to rise by about 15 million barrels per day by 2050. Almost all the growth will come from the emerging markets of Asia, Africa, the Middle East and Latin America.”

Main drivers?

Asia will continue to spur the demand for oil and gas, as the region’s growth is set to overtake the U.S. and Europe by the end of the year.

“This is the region where the growth in energy demand will be, and more to come,” S&P Global’s Vice Chairman Dan Yergin said at the energy conference. He said Southeast Asia’s population alone is 50% greater than the European Union’s.

Growth in LNG markets last year were driven by China, India, Korea, Japan and Vietnam, the chairman of French petroleum energy company TotalEnergies said.

“The demand is in Asia. The demand is here, you have 5 billion people moving population, [asking] for a better way of life. And so this is where we must look to the future,” said Patrick Pouyanne, CEO of TotalEnergies.

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Likewise for oil, one of India’s largest oil companies has increased refining capacities.

“We are probably one of the few companies, one of the few countries who are going to increase refining capacities in the next three to four years by 20%,” said A.S. Sahney from Indian Oil Corporation at a separate panel discussion.

“That shows our belief in [the] continuance of fuel,” the executive director said, acknowledging that energy transition is here to stay.

“But at the same time, the demand projections for the country are such that we are forced to put up new refineries,” he continued.

According to the IEA, India is expected to see the largest increase in energy demand of any country —demand is forecast to rise more than 3% when it becomes the world’s most populous country by 2025.

Saudi Arabia’s state-owned oil giant Aramco is also banking on hopes that China and India will drive oil demand growth of more than 2 million barrels per day, at least for the rest of this year.

Once the broader global economy starts to recover, the industry’s supply demand balances could tighten, said CEO Amin Nasser during his speech at the summit.

Oil demand an ‘ancient story’

Commodities trading firm Vitol is less bullish, predicting that demand for crude will peak in 2030 — two years later than the IEA’s forecast.

“We got it peaking in about 2030 and a gradual decline out to 2040 … And then [a] rapid decline thereafter as the EV fleet and energy transition takes over,” Vitol CEO, Russell Hardy, said during a panel discussion.

While the industry faces good fundamentals in the next few months, Russia’s continued oil production and sputtering Chinese growth complicate forecasts of where prices will go.

Read more about energy from CNBC Pro

“The supply side is slightly overblown, particularly [in] Russia where there were quite a lot of expectations for production loss as a result of the difficulty of getting oil to market because of the sanctions,” Hardy said.

“Because of the global economic malaise at the moment, Chinese recovery is stalling a little bit,” he continued, pointing out that China’s demand for oil has not been as strong as expected.

He observed that Europe and the U.S. have one and a half million barrels a day less demand today compared to 2019 as more consumers are pushed toward renewable sources in Europe and Asia.

“So the demand is an ancient story.”

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July Prime Day 2025 Green Deals: EVs, power stations, tools, appliances, more

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July Prime Day 2025 Green Deals: EVs, power stations, tools, appliances, more

It’s that time of the year once again, with Amazon’s Prime Day officially kicking off with plenty of amazing Green Deals and beyond – with several even continuing from earlier July 4th events. The savings train has officially rolled into the station, and this year we’re getting four days of deals that are dropping prices to some of the lowest of the year, alongside many of our favorite eco-friendly tech brands also offering direct parallel sales too. You’ll find price cuts on EVs, power stations, electric tools, ENERGY STAR-certified appliances, and much more below, curated together in this one-stop shopping hub. Don’t miss your chance to electrify your life at the best prices while they last during this event. We will be regularly updating this hub over the course of the event, so check back later if nothing catches your eye yet.

July Prime Day 2025 Green Deals

EcoFlow power stations

Prime Day Power Station Green Deals

Segway Xyber e-bike

Prime Day EV Green Deals

ECOVACS robot lawn mower

Prime Day Garden and Lawncare Green Deals

aiper smart device

Prime Day Appliance and Device Green Deals

***All prices subject to change at any time…cash in while you can!

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Rivian R1 Quad kick turns into the new EV Halo car brand

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Rivian R1 Quad kick turns into the new EV Halo car brand

Rivian flew us out to Lake Tahoe to show off the crazy capabilities of its new quad-motor powertrain on both its R1T pickup truck and R1S SUV. Rivian’s original R1S and R1T were quad-motor vehicles, but as of the second generation of the R1 platform, only dual and tri-motor variants existed. So why quad? Why now?

First of all, let’s get the specs out of the way. The new Rivian Quad is a beast, all the way from its $120,000 price tag to its over 1,000 horsepower and 1200 lb-ft torque.

  • Prices for R1T start at $115,990 USD / $190,990 CAD and the R1S starts at $121,990 USD / $201,990 CAD – Deliveries begin summer 2025
  • Launch Edition R1T starts at $119,990 USD / $196,990 CAD and Launch Edition R1S starts at $125,990 USD / $207,990 CAD. Rivian is reintroducing Launch Edition for the Gen 2 Quad, celebrating the configuration that first defined our commitment to all-electric performance and adventure.
  • Destination and freight charge is $1,895 USD / $2 ,695 CAD
  • Powertrain: Horsepower: 1,025 hp Torque: 1,198 lb.-ft.
  • Performance 0 – 60 MPH 2 .5 sec R1T, 2 .6 sec R1S, ¼ Mile Time 10.5 sec, VMax 130mph
  • Range: EPA-estimated up to 3 74 miles of range (Up to 400 miles in Conserve mode)
  • Charge Port: NACS (North American Charging Standard)

How does one characterize this massive spec monster in the larger vehicle landscape? Before we try to get our head around that, there is more.

The Rivian R1 Quad brings back tank turn as a new feature: Kick Turn – And it is actually useful.

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From our history books, we know that one of the features that the original R1 Quads touted was the ability to turn in a circle/spin on its axis by having its right side wheels spin one way and its left side wheels spin the other. While the ‘tank turn’ disappointingly never made it to the original production vehicles, Rivian hadn’t let go of the idea.

Kick Turn.

The New R1 Quads bring back the ability to turn/spin on a dime when offroading. However, this isn’t just a parlor trick. It is actually useful when negotiating tight switchbacks.

Here’s what it is like to invoke the “Kick Turn” from inside the vehicle. Unintuitively, you don’t want to turn the steering wheel. Instead, you simultaneously push both steering wheel buttons in the direction you want to turn.

The same maneuver from behind:

I was able to use and master the kick turn pretty quickly after trying it for the first time and it is sooooo fun….and useful. Rivian says that the kick turn should only be done on gravel and loose dirt. But I could see ejecting out of a parallel parking spot with this feature…or doing a U-Turn on a country road.

I imagine the wear on the tires that are already taking a beating from this super heavy vehicle doing 2.5 second 0-60s is massive. Rivian says that the standard tires are guaranteed for 30,000 miles but imagine that loses a few miles every time a kick turn is invoked.

Perhaps most devestating, the original Rivian Quads won’t get the Kick Turn functionality. As an owner who was excited about the tank turn functionality when making my buying decision, I’m not pleased. Rivian says that the controllers for the original Quad Motors aren’t tuned and accurate enough to master the move. I’m ready to sign a petition that Rivian try anyway.

Quad offers four different wheel and tire options:

  • 22” Super Sport
  • 22” Sport Burnished Bronze
  • 20” All-Terrain Dark
  • 20” Dune Satin Graphite All-Terrain

Also, there will be Launch Editions:

Rivian is reintroducing Launch Edition for the Gen 2 Quad, celebrating the configuration that first defined our commitment to all-electric performance and adventure. The new Launch Edition Quad will feature an exclusive “Launch Edition” IP badge and a suite of special features, including:
Two standard colorways:

  • Launch Edition exclusive: the return of Launch Green paint with Black Mountain + Brown
    Ash Wood interior
  • Storm Blue paint with Slate Sky + Walnut Wood interior
    Additional included features:
  • Lifetime Rivian Autonomy Platform+
  • Lifetime Connect+
  • Camp Speaker
  • Gen 2 Key fob

NACS native

One more nice thing about the Rivian R1 Quad is that it is the first Rivians, and one of the first non-Teslas overall, to have the NACS port standard. This allows the vehicle to charge at most Tesla chargers without adapter. The flip side however is that it will need the included CCS adapter to charge at most other network charging stations including Rivian’s own RAN charging network, at least until the networks and Rivian switch their chargers over to NACS. We had success on a V4 Supercharger near Lake Tahoe but obviously weren’t able to test the charging speed or charging curve since the vehicles we were given started at 80%.

One other nice trick is that the Quad has a control panel that allows the driver to make their own drive modes.

RAD Tuner (exclusively on Quad, coming in September): Developed by the Rivian Adventure Department, a team of engineers, software developers and designers who create and test features that push the boundaries of our vehicles.

Rivian drivers will have better control over their vehicle’s dynamic behavior. Through intuitive sliders, you can fine-tune ride handling while creating personalized and savable drive modes.

Start from scratch or build upon presets like “Rally” or “Sport.” There are even preset modes that were born from real-world triumphs:

Desert Rally mode was meticulously engineered during the 2023 Rebelle Rally, a grueling competition where the R1T made history as the first fully-electric vehicle to ever win

Hill Climb mode was honed at the legendary Pikes Peak International Hill Climb, where
in 2024, our R1T conquered the race as the fastest production truck to ever make the
ascent.

Oh and Rivian now lets you record Launch Mode with Launch Cam so those 2.5 second 0-60s where you beat the Ferrari off the line can now be downloaded and shared with friends on social media. The videos include real-time stats like speed and distance overlays. Unfortunately Rivian no longer includes an interior camera to capture passengers’ reactions.

Electrek’s take

At a starting price near $120K and realistically over that with some bells and whistles, the Rivian R1 Quad vehicles aren’t going to have mass appeal. In fact, I don’t think these will even be Rivian’s top sells since the $80,000 Rivian vehicles with dual motors are almost as good (and better on efficiency).

However, Rivian is really trying to build its brand ahead of the R2 launch and this vehicle is as adventurous as it gets, electric or otherwise. Think about it: This is a 7-seat, off roading monster that will beat almost any supercar off the line…and can now spin on a dime.

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Kia reveals the sleek new EV5 for Europe with up to 329 miles range

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Kia reveals the sleek new EV5 for Europe with up to 329 miles range

Kia is entering Europe’s most competitive EV segment with the upgraded EV5. It’s slightly smaller than the Tesla Model Y, but Kia says the EV5 is “a cornerstone” to its growth strategy in Europe.

Kia EV5 lands in Europe

After launching the EV5 in China in November 2023, Kia’s electric SUV quickly became a hit. It’s already leading Kia’s comeback in the world’s largest EV market.

Although Kia has introduced the EV5 in other markets, including Australia and New Zealand, this is the first time it has revealed specs for the upgraded version specifically designed for Europe.

The upgraded EV5 is powered by an 81.4 kWh battery offering up to 329 miles of WLTP range. Unlike the Chinese version, which uses a BYD LFP Blade battery, the European version features a nickel-manganese-cobalt battery pack.

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It will be available in baseline and GT-line models. All EV5 variants can recharge from 10% to 80% in as little as 30 minutes.

Both variants are offered in FWD with up to 215 hp (160 kW) and 218 lb-ft (295 Nm) of torque. Kia’s electric SUV also includes bi-directional charging, including vehicle-to-load (V2L) with up to 3.6 kW of power.

Kia-EV5-Europe
Kia EV5 GT-Line for Europe (Source: Kia)

The exterior remains essentially unchanged from the version sold in China, featuring an upright stance similar to that of the larger EV9.

The European-spec EV5 measures 4,610 mm in length, 1,875 mm in width, and 1,675 mm in height, which is slightly smaller than the Tesla Model Y. It’s closer in size to the Hyundai IONIQ 5.

Kia-EV5-Europe
Kia EV5 baseline trim for Europe (Source: Kia)

Inside, the EV5 “creates a lounge-like environment” with comfort-focused seats that include massage functions, heating, and ventilation.

The interior is centered around Kia’s new ccNC (connect car Navigation Cockpit) infotainment system. The setup includes dual 12.3″ driver clusters and infotainment screens in a panoramic display, plus a 5.3″ climate control display.

Kia-EV5-Europe-interior
Kia EV5 GT-Line interior (EU) (Source: Kia)

Kia will build the upgraded EV5 for Europe in Korea, unlike the Chinese version, which is produced by its joint venture Kia Yueda.

Although prices have yet to be confirmed, the EV5 will sit between the EV3 and EV6 in Kia’s lineup. Given the EV4 starts at £34,695 ($47,700) and the EV6 is priced from £39,235 ($53,200), the EV5 is expected to start at below £40,000 ($55,000) in the UK.

Kia-EV5-Europe-interior
Kia EV5 GT-Line interior (EU) (Source: Kia)

Sjoerd Knipping, Kia Europe’s COO, said that “The EV5 is a cornerstone of Kia’s European growth strategy.” He added that the electric SUV is “tailored to the way Europeans live, work, and drive.”

Kia has already confirmed the EV5 will be sold in other global markets, including Canada. However, it will not arrive in the US.

The company said it will launch the EV5 “exclusively for the Canadian market” in North America. It will be available with FWD and AWD powertrains, as well as two battery sizes: 60.3 kWh and 81.4 kWh, offering a range of up to 310 miles (500 km).

What do you think of Kia’s new electric SUV? Would you buy one over the Tesla Model Y or the Hyundai IONIQ 5? Let us know in the comments.

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