Connect with us

Published

2 years ago

on

View of Russian oil port Novorossiysk.

Алексей Облов | Moment | Getty Images

Spot prices of Russia’s crude oil this week surpassed the $60-per-barrel threshold of the Group of Seven’s oil price cap scheme, as Moscow and Riyadh tighten supplies.

The G7 introduced its oil price cap mechanism on Dec. 5 to retain Russian flows in the market while also limiting revenue for the Kremlin’s war coffers.

related investing news

S&P 500 can 'easily' top 5,000 by the end of 2023, portfolio manager says

CNBC Pro

19 hours ago

EU imports of Moscow’s crude were banned that same month. Under the G7 scheme, Western shipping and insurance providers can offer services to non-G7 buyers of Russian crude if the crude oil is acquired at a price below $60 per barrel.

Prices for Russia’s main export crude — the heavy-sulfur, “sour” Urals that loads from the Primorsk, Ust-Luga and Novorossiysk ports — this week exceeded that threshold for the first time since the price cap mechanism was implemented.

Spot assessments from commodities pricing agency Argus show that Urals prices on July 12 reached $60.18 and $60.78 per barrel for Primorsk and Novorossiysk-loaded cargoes, respectively. S&P Global Platts meanwhile valued Primorsk cargoes at $60.32 per barrel on July 11 and Novorossiysk Urals crude at $60.26 per barrel on July 12.

Several crude oil traders — who spoke to CNBC anonymously because of contractual restrictions — attributed the spot Urals price increase to underlying hikes in global oil prices, as Ice Brent futures with September expiry settled above $80 per barrel on July 12. The latest Thursday disruptions in Libya have sustained this level.  

The Organization of the Petroleum Exporting Countries and the International Energy Agency forecast surging demand in the second half of the year.

On supply, some members of the OPEC+ group — comprising OPEC and its allies — are implementing 1.66 million barrels per day of voluntary production cuts until the end of 2024. Crowning this, Saudi Arabia announced an extra unilateral decline of 1 million barrels per day in July and August, while Russia committed to cut exports by an additional 500,000 barrels per day next month.

“With less supply from OPEC+ during the demand-heavy summer months, we expect larger oil inventory declines to become visible and support oil prices,” UBS Strategist Giovanni Staunovo said in a Thursday note.

Urals values also rose as “an ongoing impasse between Turkey and Iraq, blocking some 450,000 b/d of sour Kurdish crude flow via Ceyhan is supporting sour crude values,” S&P Global Commodity Insights told CNBC by email.

Lower U.S. inflation has lightened some of the macroeconomic concerns that have been weighing on the crude complex over the year.

“The US Fed may now be able to scale back its program of interest rate hikes, even if they’re still likely to proceed with a hike in July. That has already begun to weigh on the US dollar while at the same time allowing a rally in equities. Finally, we had some pretty chunky Chinese commodity import data today for June, not least strong crude imports,” Argus Chief Economist David Fyfe said by email.

Quality over quantity

Sour crude demand has itself surged, with dwindling refinery stocks no longer cushioning the impact of lower output, one trader told CNBC. Prices for Urals crude alternatives available, such as Norway’s Johan Sverdrup and Libyan Es Sider, have spiked as a result, other traders said.

“Most Russian crude is at the heavier end of the spectrum, similar to a lot of Middle Eastern oil. Since a lot of Asian oil refineries were built to use higher density ‘heavy’ Middle Eastern material, and that is now in shorter supply because of OPEC, Russian crude has become more valuable to buyers in India, China and the rest of Asia,” said Argus Global Head of Editorial Neil Fleming.

A one-time breach above $60 per barrel for Russian crude prices might not prompt changes to the scheme price ceiling, two traders said, as G7 regulators will likely wait to see if a trend coalesces. One suggested it could push Washington to consider another crude release from strategic petroleum reserves (SPR) to mitigate price hikes, though currently low U.S. inflation might deprioritize that.

“The G7 notionally reviews the price cap every two months, with the IEA asked to provide an assessment of Russian export levels and revenues,” Fyfe said, adding that the bloc had so far been loathe to “upset the dynamic” of leaving Russian crude available while narrowing Russian revenues.

Two traders said that the hike above $60 per barrel would largely impact shipping and insurance arrangements from the so-called “grey” fleet — oil tankers, including Russian-bought vessels, that transport Russian crude bought within the confines of the G7 scheme. Another delivery alternative, they said, is the “dark” fleet — vessels that take Russian crude without investigating its purchase price and sometimes shut off their devices that emit position signals during delivery.   

Russian crude and refined oil exports are already under pressure, the International Energy Agency estimated in its latest report Thursday, losing 600,000 barrels per day in June. Moscow’s export revenues sank by $1.5 billion to $11.8 billion last month, halving from the same period of last year, the IEA found.

Some Russian crude transport is unlikely to be impeded. Supply heading to key buyer India is largely insured by non-Western providers and overwhelmingly carried on Russia’s own fleet, says Kpler Lead Crude Analyst Viktor Katona.

“In case some Indian buyers become wary of transactional risks, the most likely change this is going to bring about is a change in currency. Up until now, most payments were made still in dollars, could be switched to UAE dirhams for instance (yuan would be the politically less palatable option for Indian refiners even if it, too, would provide some sort of stability),” he told CNBC.

Related Topics:
Continue Reading

Environment

Tenways launches Wayfarer e-bike with $577 savings at $1,899, Jackery Explorer 3000 V2 solar bundle at exclusive new $1,249 low, more

Published

1 hour ago

on

October 31, 2025

By

Tenways launches Wayfarer e-bike with 7 savings at ,899, Jackery Explorer 3000 V2 solar bundle at exclusive new ,249 low, more


Happy Halloween, everyone! The holiday is closing out this week’s Green Deals led by the brand new launch of Tenways’ Wayfarer e-bike that is getting $277 in FREE gear and a $300 price cut to $1,899. We also have an exclusive $1,750 savings on Jackery’s Explorer 3000 V2 (HomePower 3000) Portable Power Station bundled with two 200W solar panels at a new $1,249 low, as well as two one-day only deals on a heavy-duty Greenworks snow blower and Anker’s SOLIX C1000X Gen 2 variant, and much more waiting for you below. And don’t forget about the hangover deals from last week that are collected together at the bottom of the page, like yesterday’s combined EcoFlow Halloween Sale and Monthly Madness promotions that end tonight, Rad Power’s extended sale offers, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Tenways launches new Wayfarer e-bike with 85-mile range, Apple Find My, and $577 savings at $1,899

Running alongside its ongoing Early Black Friday Sale, Tenways has launched its Wayfarer e-bike that comes with $277 in FREE gear at $1,899 shipped, after using the on-page code EARLYBIRD300 at checkout. This new model will go for $2,199 at full price once these launch savings end, which is getting a significant $300 markdown that sets the bar for future discounts, while also getting $277 in FREE add-on gear. That gear includes mudguards, a kickstand, and a rear cargo rack to bring some extra versatility. As always with this brand, folks who are medical providers, military, first responders, students, or teachers can receive an extra $100 discounts upon verification.

Whereas Tenways is known for its throttle-less commuters that have smaller motor and battery combos that add to their lightweight designs, the brand’s Wayfarer e-bike is flipping the script as it not only comes with a throttle, but also a larger Bafang 500W rear hub motor (peaking at 750W) powered by a 720Wh battery. This pairing gives you up to 85 miles of pedal-assisted support (with a torque sensor) and up to 35 miles of throttle-led full electric power, maxing out at either 20 or 28 MPH (depending on your local laws).

Advertisement – scroll for more content

Among its features, you’ll find hydraulic disc brakes with power cut-off, Kenda EPS all-terrain puncture-resistant tires, an 8-speed Shimano derailleur, an LED headlight, a brake-activated taillight with turn signaling, a TFT LCD screen for setting adjustments, and more. We’re even seeing some app-based support come in the form of a live dashboard for settings and performance, navigation services, and even Apple Find My integration so you always know where it is. You can learn even more in our original launch coverage.

You can also check out Tenways’ full Early Black Friday Sale with up to $1,116 savings here.

jackery's explorer 3000 v2 (homepower 3000) power station in yard with two solar panels

Score an exclusive $1,750 savings on Jackery’s Explorer 3000 V2 solar bundle with 2x 200W panels at a new $1,249 low

We’ve secured an exclusive deal on the Jackery Explorer 3000 V2 (HomePower 3000) Portable Power Station bundled with two 200W solar panels at $1,249 shipped, after using the exclusive code 9TO5BFJACK at checkout. This solar-expanded package usually goes for $2,999 in full, which we’ve seen regularly keeping down at $1,599 since mid-September, and has only gone as low as $1,499 up until today. It’s starting off with an initial price cut to that $1,499 rate that we only saw once before during Prime Day, with the exclusive bonus savings taking things lower than ever with a combined $1,750 markdown to a new all-time low price.

If you want to learn more about this power station’s capabilities, be sure to check out our original coverage of this exclusive deal here.

man clears snow with Greenworks 80V 24-inch cordless two-stage snow blower

Greenworks’ heavy-duty 80V 24-inch cordless two-stage snow blower kit hits $1,400 (Today only)

As part of its Deals of the Day, Best Buy is offering the Greenworks 80V 24-inch Cordless Two-Stage Snow Blower with two 4.0Ah batteries and dual-port rapid charger at $1,399.99 shipped, with it being unavailable at Amazon currently. While it goes for $2,000 in full here, you’ll find it carrying a lower $1,850 MSRP direct from the brand, which is where it’s currently priced. This is the first time in 2025 we’ve seen this particular model with this package being offered at a discounted rate, and for the rest of the day, you can save $600 off Best Buy’s pricing for the second-lowest rate we have tracked, coming in $100 above the low that we last saw in 2024.

If you want to learn more about this two-stage snow blower, be sure to check out our original coverage of this one-day-only deal here.

man and woman charging phone and drone outdoors with anker solix c1000x gen 2 power station

For the rest of the day, save $325 on Anker’s black SOLIX C1000X Gen 2 power station at $475

As part of its Deals of the Day, Best Buy is offering the very first discount we’ve spotted on the Anker SOLIX C1000X Gen 2 Portable Power Station to $474.99 shipped. Normally going for $800 at full price, this is the first time we’ve seen discounts on this black colorway, as opposed to the standard grey colorway that is sold direct from the brand (currently $449), Amazon (currently $450), and other retailers. For the rest of the day only, you can pick it up with a $325 markdown off the going rate. Keep in mind that this is identical to the standard grey model we’ve seen go as low as $379, and is only notable for folks who would prefer the darker color. You can also browse the newer SOLIX C2000 Gen 2 power station launch deals here.

If you want to learn more about this or the standard C1000 Gen 2 station, you can check out our original coverage of this one-day-only deal here, or get a more in-depth rundown in our hands-on tested review here.

Best Fall EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.


Add Electrek as a preferred source on Google
Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Podcast: Tesla’s ‘flying’ Roadster, Elon’s pay, new EVs from Japan, and more

Published

3 hours ago

on

October 31, 2025

By

Podcast: Tesla's 'flying' Roadster, Elon's pay, new EVs from Japan, and more

electrek podcast

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Tesla’s ‘flying’ Roadster, Elon’s pay package, new EVs unveiled at Japan’s mobility show, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

Advertisement – scroll for more content

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:


Add Electrek as a preferred source on Google
Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Hyundai IONIQ 5 gets a superhero costume from Brian Kim Designs

Published

3 hours ago

on

October 31, 2025

By

Hyundai IONIQ 5 gets a superhero costume from Brian Kim Designs

IONIQ EVO - IONIQ 5 N Wide Bodykit CONCEPT

Just in time for next week’s SEMA show in Las Vegas, Brian Kim Designs has dressed up the all-electric Hyundai IONIQ 5 in a wild concept body with wings, flared fenders, wild colors, and a whole lot more – perfect for Halloween!

Based on the ultra-high performance Hyundai IONIQ 5 N, Brian Kim Designs’ IONIQ EVO concept considers one of the directions high-performance electric vehicles could take as the tuner cars of the future, and explores (what Kim calls) the, “untapped potential of EVs” in the broader aftermarket and customization space.

The IONIQ EVO features aggressively flared fenders that barely cover the high-performance VOLK wheels and sticky summer tire combination. The suspension is lowered slightly, too, to give the concept a bullish, broad shouldered stance that announces to the world that this Hyundai means business.

The colors, too – in a high-energy matte finish, were carefully chose to set help the IONIQ EVO apart from its more pedestrian cousins. You can take a look, below:

Advertisement – scroll for more content

The Kim-designed aerodynamics-enhancing concept also incorporates fin-type side skirt trims, a deep chin splitter, and outlet designs that extract dirty air generated by the wheels. A massive, roof-mounted spoiler with full-length aero fin for enhanced stability at triple digit speeds is, of course, also included.

Of course, all the spoilers in the world won’t make a car faster. For that, you need power – but it’s not quite as easy to get “more” power out of an electric motors as it can be from an ICE. Luckily, the IONIQ 5 N has power and torque to spare. That means that the best way to improve performance isn’t necessarily having more horsepower, but having fewer lbs. for each of the car’s horses to pull aruond.

The VOLK wheels help significantly, as do the lightweight Brembo brakes. To further reduce mass, the bodywork is made of lightweight composites – an approach we’ve seen before in the Lancia Delta-inspired Vanwall, which shed 500 lbs. from the IONIQ 5.

Kim’s website calls the IONIQ EVO exterior design, “an in-house customization concept by Hyundai Motor Company.” Here’s hoping the two get to collaborate again, soon.

Brian Kim Designs | IONIQ EVO

SOURCE | IMAGES: Brian Kim Designs.

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.


Add Electrek as a preferred source on Google
Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending