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An oil refinery, operated by Bharat Petroleum Corp., in Mumbai, India.

Dhiraj Singh | Bloomberg | Getty Images

India’s ability to import more Russian oil may have hit a limit for the rest of the year, analysts tell CNBC, citing infrastructural and political constraints, as well as limitations to Russian oil flows.

“India will look to continue Russian crude imports, but perhaps it has reached its limit, hampering any additional barrels,” according to Janiv Shah, senior analyst at Rystad Energy.

Since the Kremlin’s invasion of Ukraine in February last year, India’s refiners have been snapping up discounted Russian oil.

Moscow has since leapfrogged to become India’s leading source of crude oil, accounting for about 40% of India’s crude imports. June marked the 10th consecutive month-on-month increase in India’s imports of Russian crude, data from commodity intelligence firm Kpler showed.

“An unprecedented feat in recent history, especially given the volumes in question — 2.2 million barrels per day in June,” Kpler’s lead crude analyst, Viktor Katona said.

And that’s the highest volume that India’s imports of Russian oil can go — at least for the rest of the year, according to his predictions.

Any additional supply coming out of Russia … that flows into Asia, I suspect it’s done. It’s maximum amount now.

Daniel Hynes

senior commodity strategist, ANZ

“I would say 2.2 million b/d will be the peak this year … We believe India’s imports of Russian crude will see a slight downward correction to two million barrels per day. That will be the sustainable level of buying,” he said.

However, the volume of crude oil consumed and processed by India’s refineries has now hit a “seasonal peak” and would only trend downwards from here, Rystad Energy’s Shah told CNBC in an email. 

His sentiments were echoed by Katona, which highlighted that in addition to refineries being currently shut, demand for oil is set to trickle down too.

“For the first time this year, some of Indian refiners will be undergoing maintenance which was just not the case in January to May 2023 when there were no turnarounds at all. Everyone was firing on all cylinders,” said Katona.

India’s monsoon season started in early June, and the summer period is often associated with lower demand for oil products as a result of lower mobility and construction, Katona added.

Fuel demand in India, the world’s third largest oil consumer, usually enters a lull during the four-month monsoon season. India’s total oil demand in June slipped 3.7% month-on-month to 19.31 million tonnes, according to data from India’s Petroleum Planning and Analysis Cell.

‘Finite limit’ to Russian oil flows?

Technically, the Indians could be buying more, but they don’t want to antagonize the Middle East too much.

Viktor Katona

lead crude analyst, Kpler

Russia also pledged to trim its crude oil exports earlier in July.

“India has talked about the inability to really pick up significantly additional cargoes from Russia,” Hynes added.

However, that’s not to say that India’s refiners will not attempt to try for another all-time high import of Russian oil next year, said Kpler’s Katona.

“Most probably in the March-to-May period again,” he said, pointing out that demand at that time will be “unrestricted from the Indian side and Russian export availability will be once again boosted by refinery turnarounds.”

Politics matter: India and the Middle East

However, India needs to maintain its relationship with other exporters too, especially key suppliers in the Middle East.

According to Rystad data, 55% of India’s recent seaborne medium sour imports were from Russia, while imports from the Middle East sank to a “historic low of 40%.”

“India may be approaching a limit in its reliance on Russian crude, as it would still need to secure long-term supply agreements with Middle Eastern suppliers,” Shah said.

Crude import from the Middle East region dropped 21.7% to 8.68 kilo tonnes in June compared to the start of the year, data from Refinitiv showed.

Medium sour crude supplies to India tend to come under annual term contracts, which have minimum purchase agreements.

“Technically, the Indians could be buying more, but they don’t want to antagonize the Middle East too much,” said Kpler’s Katona. “Politics matter, too,” he said. 

However, Indian buyers are particularly price-sensitive, and could still forsake other countries’ crude for Russia’s at the right price.

“Indian refiners can always take more Russian [crude] at the expense of other grades, e.g the Middle Eastern ones, if the price disparity widens,” said director of Refinitiv Oil Research in Asia, Yaw Yan Chong.

Russian exports to India have soared more than 10 times since February last year, shooting from a pre-invasion average of just 350,000 metric tonne per month to a post-invasion average of 4.57 million metric tonne per month from March 2023 onwards, he said.

Yaw expects India will still pursue Russian imports at elevated levels “for as long as Russian [crude] are under [sanction] and shunned by their traditional European buyers.”

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E1 Series gains more star power as NBA great LeBron James joins as owner of Team AlUla

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E1 Series gains more star power as NBA great LeBron James joins as owner of Team AlUla

Young Electric Boat Racing League E1 continues to expand its lineup of race teams as it approaches its second UIM E1 World Championship Season in 2025. Several big names in sports and entertainment signed on for season 1, but this next Championship series includes a new name – LeBron James, who will lead Team AlUla.

As you may or may not know, the UIM E1 World Championship is a new electric racing boat series first announced in 2022. It kicked off its inaugural season in February 2024 with the Jeddah GP, held in Saudi Arabia.

Since its inception, E1 co-founders Rodi Basso and Alejandro Agag have put together an impressive roster of team owners and continue to grow the league to draw more attention to sustainable motorsport and deliver stiffer competition.

Before season 1 of the UIM E1 World Championship Series, several familiar names joined as team owners, including Formula 1 veteran Sergio Perez, superstar DJ Steve Aoki, musician Mark Anthony, and, most recently, Will Smith.

Additional teams are owned by sports legends like Rafael NadalDidier Drogba, and the NFL’s Tom Brady, whose team won the inaugural electric boat racing championship this past November. Today, E1 has announced a new team ahead of season 2, and it’s another world-renowned professional athlete who knows how to win – LeBron James.

Lebron James team
The Team Alula Racebird / Source: E1

LeBron James to lead Team AlUla in E1’s second season

The E1 Series shared news of LeBron James joining as its latest team owner this morning, mere days before the nascent electric boat racing league kicks off its second season once again in Jeddah, Saudi Arabia. That venue is fitting, considering LeBron James will lead a new squad called Team AlUla.

“AlUla” comes from an ancient oasis city in Saudi Arabia by the same name that is home to Hegra, the Kingdom’s first UNESCO World Heritage site. James’ new team will be piloted by racers Rusty Wyatt and Catie Munnings. The sure-fire NBA hall of famer spoke about becoming the latest E1 racing team owner:

As a lifelong fan of sports and competition, the opportunity to own an E1 team that represents such a high level of innovation in sports is incredibly exciting, E1 is a new type of global competition that’s revolutionizing water racing and I’m proud to be at the forefront of its expansion in season two.

Per E1, James has support from Co-Team Principals John Marlow and Barny Whitwham, who have a combined 30 years of experience working in commercial and technical roles in FIA Formula 1 and World Rally Championship motorsport teams.

Keep an eye out for LeBron James and Team AlUla competing in the Racebird seen above during season two of the UIM E1 World Championship presented by PIF. Racing kicks off this Saturday, January 25, during the Jeddah GP. Here’s the 2025 E1 race calendar as it currently stands:

  • January 24-25: E1 Jeddah GP
  • February 21-22: Visit Qatar E1 Doha GP
  • TBA
  • July 18-19: E1 Monaco
  • August 22-23: E1 Lake Como GP
  • TBA
  • November 7-8: E1 Championship, Miami

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Formula E 600kW mid-race charging is finally ready, for real this time, we swear

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Formula E 600kW mid-race charging is finally ready, for real this time, we swear

After years of waiting and many false starts, Formula E is finally going to debut its mid-race charging system, which will give cars a quick boost of energy charging at a rate much faster than current road cars can.

For years now, we’ve been hearing about FIA plans to introduce charging stops to electric racing.

In gas car racing, some series allow mid-race fueling and some don’t. The World Endurance Championship, which runs the 24 Hours of Le Mans, obviously needs to fill up several times during the race. But Formula 1, which hosts shorter races, eliminated mid-race fueling in 2010.

Plans to bring mid-race charging to Formula E started in 2021, when the FIA started kicking around plans for an Electric GT racing series with 700kW charging.

But the FIA already had one electric racing series, Formula E, which had debuted in 2014. At the time, each driver had two cars, and would swap mid-race to a fresh car with new batteries.

Battery-swapping had been considered, but it would be too complicated to set up at temporary race facilities in city downtown areas, as many Formula E tracks are.

Then, in 2018, Formula E debuted a new “Gen 2” car which had a big enough battery not to need a charge mid-race, and later a “Gen 3” car in 2022, which had much stronger regenerative braking, capable of 600kW of braking power. Gen 3 also has an “Attack Mode” feature that lets cars unlock additional power for a short period each race, adding to strategy and mixing up the race order.

That 600kW charging ability could also be used for mid-race charging, so Formula E said that it was working on a system to allow for this. It announced that mid-race charging would come at some point in the 2023 season, but then pushed back those plans until 2024, and pushed them back again, this time with an uncertain date.

The issues involved building the charging system in temporary facilities and ensuring safety of the system (and of pit stops in general, which is always a concern when cars are driving rapidly near people). But after winter testing prior to this season, Formula E now says the system is ready to go.

So, once again, Formula E is ready to announce that mid-race charging is definitely, totally, positively, 100% certain at the upcoming Jeddah E-Prix, on February 14-15 in Jeddah, Saudi Arabia.

Formula E thinks that proving this high-power charging technology could help road cars to charge more quickly, which could have myriad benefits for electric cars in general.

The series is calling the system “Pit Boost,” and it will consist of a 34-second pit stop that provides around 10% additional charge to the cars (about 4kWh). While 10% isn’t a lot, 34 seconds is also not a lot of time. For comparison, one of the fastest-charging cars out there, the Ioniq 5, can charge from 10-80% in 18 minutes, which means 10% charge takes 2.5 minutes – five times as long as Formula E cars will manage the feat.

The stop will be mandatory for all drivers to take at some point in the race, and will mean new strategy options for drivers. Taking the stop means getting more energy, which means that your car won’t have to do as much energy saving to get to the end of the race – but it also means giving up your position on track, which can be hard to get back if you do it late in the race.

However, we’ve never seen it happen before, so it will be interesting to see what kind of strategic options develop.

If you’re interested in seeing how it turns out, tune in to the Jeddah E-Prix on February 14-15 to see what happens. It’s a doubleheader race weekend, with night races both on Saturday and Sunday, February 14-15, at 5pm UTC, 9am PST, 12pm EST, and 8pm local time. You can check out how to watch the race in your area by going to Formula E’s “Ways to Watch” section. In the US, Roku should be the most reliable way to watch.


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JackRabbit’s new solar charging kit keeps your e-bike topped up from the sun

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JackRabbit's new solar charging kit keeps your e-bike topped up from the sun

JackRabbit, the maker of pint-sized electric microbikes, is back with a new product designed to quickly recharge their batteries from pure, uncut photons mainlined into an e-bike directly from the sun. In true independent charging form, the Solar Charging Kit from JackRabbit keeps riders rolling even when there’s not a convenient AC outlet in sight.

Unveiled this week, the Solar Charging Kit consists of a single folding solar panel and a tiny voltage converter that is configured to output 42.0V, which is the exact voltage required by JackRabbit’s little e-bike batteries. There’s also an added USB-A and a USB-C charging port for powering other devices in addition to charging JackRabbit batteries.

“This Solar Charging Kit plugs directly into your bike,” explained the company, “letting you recharge without needing an outlet, but with a speed comparable to the charger that comes with the OG/OG2 (42V, 2A).”

That would mean the panel outputs around 80W of solar power, which the company says can recharge its batteries in just three hours. That fairly quick recharging speed is helped by the fact that JackRabbit’s batteries are a mere 151 Wh, or around a third of the size of most e-bike batteries.

If that sounds small, then you’re right – it is. But JackRabbit is all about going micro, offering barely 25 lb rideables that are easy to store and bring on adventures, even when they aren’t actually being ridden.

With small batteries that fit under the 160Wh limit for many airlines in the US, the batteries can be quickly charged and taken to the widest number of locations. And for riders that want to go further than a single 10-mile (16-km) battery will allow, extra batteries are small enough to fit a pants pocket. The company also offers much larger Rangebuster batteries, though they won’t pass by TSA and make it onto an airplane in your personal item.

It sounds like the Solar Chargking Kit should be able to charge up JackRabbit’s large RangeBuster batteries, though likely in more than three hours.

The $349 Solar Charging Kit is a bit pricier than building something similar yourself, but it’s also safer and more convenient than hacking together your own battery charger since it’s designed to work with JackRabbit’s batteries right out of the box.

Technically it’s only inteded for JackRabbit’s micro e-bikes (themselves technically seated scooters, even if they look and feel more like a typical bike), but it’d probably work for just about any 36V e-bike that requires 42.0V to charge.

This isn’t the first time we’ve seen solar charging kits for electric bikes, and it’s a trend that is certainly appreciated by outdoors and camping enthusiasts, festival goers, or anyone who finds themself and their bike spending extended periods in the great, sunny outdoors.

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