Oil prices eased in Asian as concerns over slow demand from top crude importer China grew after bearish trade and inflation data, outweighing fears over tighter supply arising from output cuts by Saudi Arabia and Russia.
The reduction will put Saudi crude output near 9 million barrels per day over October, November and December and will be reviewed on a monthly basis.
Riyadh first applied the 1 million-barrels-per-day reduction in July and has since extended it on a monthly basis. The cut adds to 1.66 million barrels per day of other voluntary crude output declines that some members of the Organization of the Petroleum Exporting Countries have put in place until the end of 2024.
Fellow heavyweight oil producer Russia — which leads the contingent that joins OPEC nations in the OPEC+ coalition — also pledged to voluntarily reduce exports by 500,000 barrels per day in August and by 300,000 barrels per day in September. Russian Deputy Prime Minister Alexander Novak on Tuesday said that it will extend its 300,000 barrels-per-day reduction of exports until the end of December 2023 and will likewise review the measure on a monthly basis, according to the Kremlin.
The cuts are described as voluntary because they are outside of OPEC+’s official policy, which commits every non-exempt member to a share of production quotas. OPEC Secretary-General Haitham al-Ghais has previously said that resorting to voluntary reductions outside of OPEC+ decisions does not suggest divisions in policy views among alliance members.
The Ice Brent futures contract with November delivery was up $1.07 per barrel to $90.07 per barrel at 2:13 p.m. London time, with WTI futures higher by $1.40 per barrel to $86.95 per barrel.
Saudi stakes
Saudi Arabia faces a difficult juggling act between implementing oil production cuts and the blow to its crude-reliant economy. Losses incurred by trimming production — and, indirectly, marketing volumes — could be partially offset by increases in Riyadh’s sale prices and in the global oil prices that underpin them.
After languishing below $75 per barrel for the better part of the first half of the year, global futures prices shot up by more than $10 per barrel over the summer, most recently boosted by security risks in OPEC member Gabon and the threat of disruption in the Gulf of Mexico, in the wake of Hurricane Idalia.
The Paris-based International Energy Agency expects increasing supply tightness in the second half of 2023 as demand recovers in China, the world’s largest crude importer.
Saudi Arabia depends on oil revenues to support several so-called “giga-projects” designed to diversify its economy. Crude output cuts and a fall in oil prices earlier this year led to a slowdown in Riyadh’s GDP, which expanded by an annual 1.1% in the second quarter, down from 3.8% in the previous quarter and 11.2% in the same period of 2022.
Saudi state-controlled Aramco typically sells crude supplies through annual contracts that often state minimal volumes to be made available to clients. While Aramco and its customers can mutually agree to forego this requirement, customers can insist on receiving their contracted volumes — which would push Saudi Arabia to either withdraw from its dwindling stocks or increase production.
At stake is also the prospect of conceding market share to Russia and Iran which produce similar-quality crude to Saudi Arabia and have primarily directed their exports to China, offering heavily discounted prices.
Iran’s oil minister Javad Owji in the middle of August said in Google-translated comments reported by state news agency IRNA that his country was producing as much as 3.19 million barrels per day, despite ongoing U.S. sanctions that have deprived Tehran of European and most Asian buyers.
Affordably carry cargo with Heybike’s single or dual-battery Hauler e-bike starting from a $999 low
As part of its Prime Day e-bike Sale, Heybike is offering its Hauler Cargo Single-Battery e-bike at $999 shipped, while the dual-battery counterpart is down at $1,399 shipped. You’d normally shell out $1,499 and $1,899 for these two setups at full price, though discounts regularly bring things down to $1,199 and $1,599, which we have seen go lower a few select times in 2025. Only once before have we seen these two low prices appear, back during the brand’s Memorial Day Sale, with you getting another chance at the $500 savings here today.
Heybike’s Hauler e-bike comes as an affordable means to transport precious cargo, with the 750W brushless geared hub motor peaking at up to 1,400W to tackle inclines and for better pick-up when you’ve got packages, groceries, and more on board. It can max out at 28 MPH speeds in states where it’s allowed, and comes with the two battery options that largely depend on how much travel time you need, with the solo-battery setup giving you up to 55 miles of pedal assisted support and the dual-battery setup increasing that travel range up to 85 miles.
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The Heybike Hauler e-bike boasts a 440-pound payload, as well as foldable running boards for when you want to bring a passenger along, not to mention the obvious integrated rear cargo rack that doubles as the seat. For the price right now, you’re also getting a solid lineup of features, including hydraulic front suspension, hydraulic disc brakes, puncture-protected tires, a Shimano 7-speed derailleur, an auto-on LED headlight, a brake-lighting integrated taillight, and an LCD screen for data and setting adjustments.
Get sectional backup support with EcoFlow’s DELTA Pro and transfer switch + free power bank at $1,709 low
It’s the final day of EcoFlow’s early Prime Day Sale, and the brand’s final flash sale is in full swing through the rest of the day. The flash savings here are taking up to 54% off three units – two power station bundles and a bundle for the brand’s newest AC/heater solution. Leading the sale is the DELTA Pro Portable Power Station that comes with a free transfer switch for $1,709.05 shipped, after using the code EFPDAFF5 at checkout for an additional 5% savings – plus, you’ll also be getting a free RAPID 5,000mAh power bank thrown in too. We’ve been seeing many different flash sales focusing on the DELTA Pro at this same rate during this sale, which usually carries a $3,699 MSRP, though it is regularly sitting around $1,999 from Amazon (currently $1,784 there). Not only are you getting another chance at the biggest savings and the best price here, but you’re doing so while also getting the means for sectional home backup support.
One of the best and most expansive of EcoFlow’s legacy models, the DELTA Pro power station is ready to cover your campsites, outdoor gatherings, and home backup emergencies with a 3,600Wh LiFePO4 capacity that you can expand as high as 25kWh with future investments. There are 14 port options here, through which the station provides up to a steady 3,600W output that can surge up to 7,200W to cover larger appliances. It comes with three primary means to recharge: plugged into a standard outlet, through your car’s auxiliary port, or by connecting up to a maximum 1,600W solar input. The included transfer switch gives you sectional backup support of up to six circuits in your home or on an RV, with it pre-wired for easier installation.
You can also pick up the brand’s DELTA 3 Portable Power Station with a free protective bag at $529 shipped, down from its usual $778 pricing. This is a smaller and more affordable backup option that has a 1,024Wh LiFePo4 capacity and can be expanded up to 5,120Wh with various expansion batteries from across the DELTA ecosystem. It provides 1,800W output, surging to 2,200W when needed, and has 13 total output ports to use for connections to devices and appliances. It also boasts an expanded list of recharging options, including through an AC outlet, with a max 500W solar input, through car charging, generator charging, or there’s the multi-charging option of AC and solar together.
The last of these offers gives you the latest WAVE 3 Portable AC and Heater with an add-on battery and a free bag at $899 shipped, coming down from $1,299. With the battery included here, you can get up to 8 hours of wireless cooling/heating in your tent, car, or anywhere else you’re settling down. The 1,800W output here can “drop temperatures by 15 degrees in 15 minutes,” while the 2,000W heating output hits similar speeds, “raising the temperature by 17 degrees in 15 minutes” – with it able to cover 120 to 180 square feet spaces. There’s even some cool smart control expansions here, including the PetCare mode that automatically starts cooling once temperatures reach 77 degrees, among others.
Get 13.3 feet of reach with Worx’s telescoping Nitro 20V 8-inch cordless pole chainsaw at $119 annual low
Amazon is offering the best pricing of the last year on the Worx Nitro 20V 8-inch Cordless Pole Chainsaw at $119 shipped. Normally, you’d have to shell out $170 for this tool at full price, which we’ve seen discounts taking as low as $120 once over the last 12 months, with prices otherwise keeping above $129. While it has gone lower in past years, you’re looking at the best price we have tracked since summer 2024, giving you $51 in savings off its going rate.
You’ll have plenty of reach to trim high branches with this Worx Nitro pole chainsaw, especially with the telescoping pole allowing for tool-free extensions up to 13.3 feet – plus, it weighs in at just 8 pounds, making it easy to manage and operate, despite varying operator sizes. The 8-inch bar and chain has three different cutting angles (0 degrees, 15 degrees, and 30 degrees) it can be set to, with the automatic oiler keeping things lubricated and running smoothly as you work. What’s more, your comfort has been taken into account with the 180-degree rotating rear handle, allowing you to easily switch between vertical and horizontal cutting positions.
Bring home EGO’s 56V 21-inch cordless electric mower with a 5.0Ah battery and rapid charger at $365
Amazon is offering the EGO Power+ 56V 21-inch Cordless Electric Lawn Mower with 5.0Ah battery and rapid charger at $364.60 shipped. This package would normally go for $430 at full price, which we’ve mostly seen it keeping at over the last 12 months, with few large price cuts on the books in that timeframe. While we have seen it go as low as $309 in the past, over the last 12 months, the rate we’re seeing today has only been beaten out by a short-lived drop to $350 back in April, with it otherwise being the best price we’ve spotted this year thanks to the $65 markdown.
You’ll get a much more budget-friendly means to tackle lawn care with this 56V 21-inch model over EGO’s higher-end mowers, giving you the torque of a gas engine without the noise and fumes. With the included 5.0Ah battery, the brushless motor will get up to 45 continuous minutes of runtime, while the rapid charger can have it back to full at much faster rates than a standard charger. There are six cutting height levels to adjust between (from 1.5 to 4 inches), as well as the versatility to side discharge, mulch, or collect clippings into the two-bushel bag. Not only does it come with an IPX4 weather-resistance construction, but it starts up at the push of a button and folds to a more compact size for easier storage options.
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.
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One of Arizona’s biggest grid battery storage projects is now online and helping power homes as the summer heat ramps up.
Recurrent Energy, a subsidiary of Canadian Solar, just brought its 1,200 MWh Papago Storage facility in Maricopa County into commercial operation. The big grid battery is now supplying stored electricity to Arizona Public Service (APS), the state’s largest utility, in time for peak air-conditioning season.
Papago is the first of three Recurrent projects with APS. Together, they’ll provide 1,800 MWh of storage and 150 MW of solar power. That’s enough to run about 72,000 homes for four hours and provide year-round solar for another 24,000 homes.
“Summer is here, and we’re ready to serve APS customers with the energy they need when they need it,” said APS director of resource acquisition Derek Seaman.
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The Arizona Corporation Commission chair, Kevin Thompson, noted that bringing online one of Arizona’s largest battery storage projects during a critical time when energy demand is skyrocketing is a milestone.
Canadian Solar’s e-STORAGE arm built the project and will keep it running under a long-term agreement.
Recurrent CEO Ismael Guerrero said, “We’re proud to deliver flexible capacity that meets the state’s growing energy needs and grateful for APS’s continued partnership.”
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. 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. They have 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 Advisers to help you every step of the way. Get started here. –trusted affiliate link*
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Porsche promises the new electric SUV will “set new standards,” and it’s already proving it. Ahead of its upcoming launch, the Porsche Cayenne EV proved its might by towing a 100-year-old classic car and trailer weighing around 3 tons in public.
Porsche Cayenne EV flexes its performance in public
The Porsche Cayenne EV is already smashing records, and it’s not even out yet. Last month, a prototype beat every gas-powered SUV, setting a new SUV record at the Shelsley Walsh hill climb by more than four seconds.
Now, it’s at it again. Porsche showcased a near-production-ready Cayenne EV prototype in England for the first time as part of a public film shoot.
The camouflaged Cayenne EV showcased its impressive power by towing a 100-year-old classic car weighing over 2 tons. Including the trailer, the total weight was around 3 tons.
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British TV presenter Richard Hammond took the Cayenne EV from his workshop in Hereford to his garage, towing the classic car behind.
According to Hammond, the electric SUV “handled it effortlessly,” adding, “We were trailing significant weight behind us, but you wouldn’t know it.”
Porsche Cayenne EV towing a 3-ton trailer and classic car (Source: Porsche)
Porsche designed the Cayenne EV and its high-voltage system, “to be one of the first BEVs in the world to achieve a towing capacity of up to 3.5 tonnes.” Depending on the configuration, it will be just as capable, if not more, than the current combustion-engine Cayenne.
As Michael Schätzle, Vice President of the Product Line Cayenne, explained, “That’s why we didn’t want to make any compromises in the development of the all-electric model.”
Porsche Cayenne EV prototype at Shelsley Walsh 2025 (Source: Porsche)
The Porsche Cayenne EV was initially set to launch this year, but it’s now expected to debut in production form later this year as a 2026 model. A “conspicuously camouflaged prototype” will be on display at the Goodwood Festival of Speed from July 10 to July 13.
More information, including prices and specifications, will be revealed closer to launch. However, we do know that it will be based on the PPE platform, the same one underpinning the Macan EV and the Audi Q6 e-Tron.
The Macan EV has an EPA-estimated range of 308 miles. On the European WLTP scale, it’s rated at 613 km (381 miles). However, Porsche said the platform will receive “comprehensive upgrades” for the Cayenne.
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