Saudi Energy Minister Prince Abdulaziz bin Salman addresses the opening session of the Middle East and North Africa Climate Week in Riyadh, on Oct. 8, 2023.
Fayez Nureldine | Afp | Getty Images
The influential Saudi and Russia-led oil producers’ alliance is preventively prepared to wait months for guidance from “real numbers” before adjusting policies amid price volatility in the crude market, the Saudi energy minister said Sunday.
“Yes, we may be delayed with a decision on what to do, but I would not forfeit the precautionary approach, even if it goes beyond a month or two, or three or four months, or five months,” Prince Abdulaziz bin Salman told CNBC’s Dan Murphy on the sidelines of the MENA Climate Week in Riyadh.
The Riyadh-headed Organization of the Petroleum Exporting Countries and their non-OPEC allies, together known as OPEC+, last October agreed and have since upheld a decision to remove 2 million barrels per day of production from the oil market. Since then, some OPEC+ members have implemented additional voluntary declines outside of group decisions, with a roughly 1.66 million-barrels-per-day cut stretching until the end of 2024, and with Saudi Arabia and Russia respectively lowering their supplies by an additional 1 million barrels per day and 300,000 barrels per day until the end of this year.
A technical OPEC+ committee, the Joint Ministerial Monitoring Committee, convened Oct. 4 to review market fundamentals and individual country compliance with production obligations. It concluded its assembly without calling for an emergency ministerial meeting to adjust output strategy.
Asked whether the group might need to entertain further coordinated production action to maintain market stability at the start of 2024, Prince Abdulaziz said: “We hope we should not,” but stressed, “Don’t you ever discard what OPEC+ can do for the purpose of attending to this market.”
The recent supply crunch and recoveries in demand initially propped up prices near $95 per barrel, but recently once more tumbled on macro-economic concerns spurred by a high interest rate environment. Oil prices have been a key contributor to global inflation since Moscow’s full-scale invasion of Ukraine, especially in Europe and G7 countries, where consumers have lost access to sanctioned Russian barrels.
Further weighing on prices, the Paris-based International Energy Watchdog last month predicted that demand for oil, gas and coal will peak by 2030 — triggering vocal objections from OPEC, whose officials have repeatedly and controversially advocated for simultaneous investment in fossil fuels and renewable supplies in order to avoid short-term energy shortages.
“We want to demonstrate to the world that we are going to be using every source of energy,” Prince Abdulaziz reiterated on Sunday, noting that the kingdom is “dead serious about attending to the issue of climate change. We’re not the naysayer. In fact, we have a conviction that the science is saying that it is there and we have to attend to it.”
The energy transition commitment of OPEC+ countries — including of group member the United Arab Emirates, which will host the COP28 conference that kicks off in late November — has been heavily criticized because of the high carbon emissions generated by the production and consumption of fossil fuels.
Conflict impact
Observers are following the market open to see which way oil futures prices turn, following two days of renewed turbulence in the Middle East, where Palestinian militant group Hamas launched a lethal and decisive attack against Israel that claimed at least 600 Israeli lives at the time of writing, according to official Israeli communications. The hostilities took place a day after the 50th anniversary of the fourth Arab-Israeli war. Critically for crude markets, the offensive of 1973 led to a global energy crisis, resulting from an embargo of Saudi-led Arab oil producing nations — which back the Palestinian cause — against the U.S. for supporting Israel.
The latest conflict erupts at a high-stakes point in Middle Eastern diplomacy, after months of the U.S. doggedly pushing for a normalization of ties between Israel and Saudi Arabia — who earlier this year resumed relations with arch-rival Iran, historically a supporter of Hamas.
Asked on whether OPEC+ has the toolkit to address the latest Israeli-Hamas escalation, Prince Abdulaziz deferred comment to the Saudi foreign ministry, but stressed that the oil producers’ alliance “dealt with the ups and we’ve dealt with the downs” of global challenges, including the Covid-19 pandemic.
“I honestly believe that the best thing I could say is that the cohesion of OPEC+ should not be challenged. We’ve been through the worst, I don’t think we will have to go through any terrible situation at all,” he added.
Starting with the 2026 Cadillac Optiq, all future GM EVs will have a built-in NACS port, including the new Chevy Bolt. In the meantime, GM introduced several new charging adapters for current Chevy, Cadillac, and GMC EV owners.
GM launches new NACS adapters for EVs
You know how the iPhone seems to get a new plug every year? GM compared the transition to NACS to the evolution of USB-C in smartphones and laptops and the HDMI standard for TVs.
With a similar movement with EV charging transitioning to the NACS standard, GM aims to make the transition as seamless as possible.
Starting with the 2026 Optiq, Cadillac’s new entry-level electric SUV, all future GM EVs will be equipped with an NACS charge point as standard. And yes, that does include the upcoming 2027 Chevy Bolt EV, which is expected to make its official debut by the end of the year.
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The company introduced four new chargers this week to “help ensure that every customer can navigate this transition,” including NACS-to-CSS, CSS-to-NACS, and several others.
2026 Cadillac Optiq EV (Source: Cadillac)
GM’s new adapters are mainly designed to help drivers access Tesla’s Supercharger Network. However, the company is also offering an adapter for NACS-equipped EVs to connect to its Level 2 PowerShift home charger. Another adapter for NACS-equipped models enables vehicle-to-home (V2H) capabilities.
The new adapters are in addition to the NACS DC Adapter that GM began selling last year, so drivers could use Tesla Superchargers.
To help you understand which adapter you need, GM has created a helpful graphic. Although it may seem like a lot, the new adapters are really just designed to help current owners get the best charging experience while GM works to add native NACS ports to all its upcoming EVs.
GM electric vehicle adapters (Source: GM)
With over 46,000 electric vehicles sold in the second quarter, GM is starting to chip away at Tesla’s dominant lead in the US. Thanks to the new Equinox EV, or “America’s most affordable 315+ range EV,” Chevy became the fastest-growing electric vehicle brand in the US earlier this year.
With leases starting at just $279 a month, the Chevy Equinox EV is hard to pass up right now. If you want to test out one of GM’s electric vehicles for yourself, you can use our links below to find Chevy, Cadillac, and GMC EVs near you.
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ChargePoint (NYSE: CHPT) and Eaton just unveiled ChargePoint Express Grid, powered by Eaton, a V2X‑ready ultrafast EV charging platform with full‑site power gear that pushes passenger EV charging up to 600 kW and brings megawatt‑level power for heavy‑duty fleets.
It’s designed to overcome grid constraints and make it easier and cheaper to roll out high‑power charging as more EVs hit the road.
The system is V2G‑enabled and can sync onsite renewables, energy storage, and EV batteries with local energy markets to help fleets cut fueling costs. With participating utilities and at scale, it can also help balance the grid.
How it works
Eaton custom engineers each Express configuration and ships the site‑ready power package, with an optional skid‑mounted setup to speed installation, trim equipment needs, and simplify connections to the grid and distributed energy resources (DERs).
Eaton plans to commercialize solid‑state transformer technology in the next year through its acquisition of Resilient Power Systems to support DC applications for the EV market and beyond.
ChargePoint CEO Rick Wilmer said the new ChargePoint Express architecture, particularly the Express Grid variant, will “take DC fast charging to levels of performance and cost not previously imagined.” He added, “Combined with Eaton’s end-to-end grid capabilities, ChargePoint is delivering solutions to help EVs win on pure economics, regardless of tax incentives or government support.”
Eaton’s Paul Ryan, vice president and general manager of energy transition, called it “industry‑changing technology” that can be deployed faster while achieving new levels of reliability and efficiency “at a significantly lower cost.”
Express solutions are available to order for select customers in North America and Europe, with deliveries beginning in the second half of 2026.
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Quick specs
Platform: ChargePoint Express Grid, powered by Eaton
Capability: V2X (with integrated V2G)
Power: Up to 600 kW for passenger EVs; megawatt‑level for heavy‑duty
Deployment: Site‑ready power package; optional skid‑mounted configuration
Grid/DER: Built to sync renewables, storage, and vehicle batteries with local energy markets
Timeline: Orders open (select customers, North America & Europe); deliveries start H2 2026
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Only in China can a company specializing in robot vacuums be bold enough to design, manufacture, and sell EVs. Additionally, China is the only place where such a business could actually work. A company named Dreame Technology is transcending smart appliances and wants to deliver ultra-luxury BEVs. Better still, it’s already targeting Bugatti as its main competitor. Dreame big!
Dreame Technology was founded in 2017 with the goal to, per its website, “revolutionize daily life for our global consumers.” Dreame currently offers a number of electronics that do just that, including robot vacuums, robotic pool cleaners, and hair dryers.
Over the last eight years, Dreame has accumulated manufacturing know-how and its team understands much of the technology behind electric mobility, but does that mean it’s capable of transitioning into a bona fide BEV automaker?
We saw Chinese smartphone behemoth Xiaomi, announce a similar strategy back in 2021. Now, a mere four years later, Xiaomi Automobile’s two flagship BEVs are among China’s most sought-after, and the company is setting world speed records with its technology.
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Dreame Technology has likely drawn some inspiration from Xiaomi, but its automotive development plans actually predate the company’s existence. Today, the robot vacuum maker has already assembled a massive team to “Dreame up” its first all-electric model—one it says will compete against the Bugatti Veyron.
Dreame’s current product offering / Source: Dreametech.com
From robot vacuums to luxury EVs? Meet Dreame
As reported by CnEVPost, Dreame Technology officially announced its entry into the ultra-competitive BEV industry in China, beginning with an ultra-luxe model planned for a 2027 debut that will compete against the Bugatti Veyron.
The flagship EV from the robot vacuum developer will be powered by Dreame super motors as well as an intelligent ecosystem that differs from traditional luxury vehicles, enabling “seamless integration” with user smart homes and smartphones. Per Dreame Technology:
Today, Dreame officially announces its entry into automotive manufacturing to build the world’s fastest car.
While Dreame’s decision to evolve beyond robot vacuums and pool cleaners into BEVs may seem hasty, the company explained that its plans for vehicle development actually date back to 2013, four years before the current iteration of the company was established.
Per the company, it has already assembled an automotive team of nearly 1,000 people, which it will continue to expand as development of its flagship BEV model continues. The company added:
We may not be the earliest to embark on this journey, but we will be the most determined.
What do you guys think? Can a robot vacuum company deliver the world’s fastest BEV? Can it even deliver an all-electric model that can compete in China’s saturated market? Xiaomi did it, so there’s hope. This will be a developing story to keep an eye on.
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