Energy/Automotive News| WTI Crude $74.09/bbl, Brent $79.36/bbl, Opec $79.70/bbl
London, 23 January 2024, (Oilandgaspress): – Oil prices up. Continued tensions in the Middle East, fluctuations in U.S. production, and shifts in global demand are factors crucial for what happens in the oil market in the short term.
Fiat Topolino one-offs dedicated to Mickey Mouse color
FIAT paid homage to Disney ‘s 100th anniversary with an exclusive gift, by designing the five theme-based versions of the new Fiat Topolino dedicated to Mickey Mouse. One designed with the special collaboration of the Disney artist Giorgio Cavazzano and the other four, designed by FIAT Centro Stile and inspired by Disney Creatives, rooted in a distinct ambiance and artistic movement: historical, modern, street, and abstract.
The showcase of the five artworks is intended as a gift for everyone, curious tourists, families, and the devoted public of both brands – FIAT and Disney – and the enchanting city of Turin itself, deeply enlivened by the chromatic vibrancy and artistic value of the small in stature but huge in appeal one-offs. An initiative dedicated to creativity and popular culture, serving as a robust bridge open to all, allowing exploration of the diverse worlds within the fascinating context of the Lingotto. It is a democratic journey into the realm of art: a lively and colorful path where the five creations represent just a small artistic taste compared to what awaits curious visitors in Casa 500 and La Pista 500. Here, the experience culminates in a cultural explosion of significant educational value. Read full article
The Jeep® brand is celebrating another year of firsts in 2024, preparing to launch its first global battery-electric vehicle (BEV) and expanding its lineup of legendary SUVs. Meet the all-new, all-electric premium Jeep Wagoneer S, which will be sold in the U.S. in the fall of 2024 and then in key markets around the world.
Offered exclusively as a BEV, the Jeep Wagoneer S offers standard 4xe capability with all-terrain management, advanced Jeep brand-focused technology and impressive performance credentials, including 600 horsepower and a lightning fast 0-60 mph time of around 3.5 seconds. Driven by aerodynamic efficiency, its sleek exterior design is uniquely marked by a reimagined LED-lit class-exclusive seven-slot Jeep brand grille.
The new Jeep Wagoneer S is part of the Jeep brand’s ongoing global electrification initiative that is transforming 4xe into the new 4×4 in pursuit of the brand’s vision of accomplishing Zero Emission Freedom. The plan is in full support of the net zero carbon emissions targets set by Stellantis during the Dare Forward 2030 long-term strategic plan. Read full article
Alfa Romeo’s excellent sales performance in 2023 places the brand at the top of the premium segment. In the global rankings of the top 15 premium brands (excluding the 100% BEV segment), Alfa Romeo stands out as the brand that has grown the most year-on-year. Such a result fills us with pride, as a result of the stability and discipline in the implementation of the product plan unveiled in 2021. Profitability, the highest standards in terms of quality and compliance with the plan: these are the founding pillars of the Italian brand’s global strategy, with a major focus on strengthening at a global level, to consolidate its presence in every region around the world.
Globally, sales in 2023 grew by 30%, with a strong and steady increase of 46% in Europe. Driving the region’s performance were Italy (up 73%), Germany (+71%), Belgium (+62.0%), France (+20%), the Netherlands (+78%), and Switzerland (+20%).
Middle East & Africa remains the regions with the highest growth, recording a rise of 74%, supported by the Turkish market at +155%. Also contributing with an increase in sales of 7%, the India Asia Pacific region, where in 2023 Alfa Romeo consolidated its presence in Singapore and Hong Kong.
In North America, the Tonale’s debut in September was greeted with great enthusiasm. America is definitely a region with very great potential, and solid foundations for growth from the amazing results in quality from the sector’s Initial Quality Study (IQS), conducted by global leader in consumer studies, consulting services and data analysis JD Power. The study highlights the extraordinary result achieved by Alfa Romeo, which recorded a clear improvement compared to 2022. J.D. Power interviewed Alfa Romeo customers 90 days after purchase and monitored any issues that occurred across 100 vehicles (PP100), to assess Alfa Romeo’s performance.
Alfa Romeo has taken the top of the podium among premium brands, and came third in the industry. Year-on-year, Alfa Romeo climbed as many as 24 positions in 2023 – the best performance in terms of growth in last year’s IQS.
With the same enthusiasm, Alfa Romeo is focused on the China region to take advantage of all the opportunities this area has to offer to a much-loved brand in the Far East. With the arrival of Tonale, the line-up is now complete, an ideal condition for growth. Read full article
With the 2024 FIA World Endurance Championship (WEC) due to kick off on 24-25 February at the official prologue in Qatar, Team Peugeot TotalEnergies has begun final preparations for the new campaign, determined to keep improving this season. Since Stoffel Vandoorne joined last year, the team has had the opportunity to review the driver line-ups in the two PEUGEOT 9X8 cars entered in the WEC. The team is determined to find improvements in the slightest details, in what is set to be a very competitive championship.
Team Peugeot TotalEnergies is rounded off by Malthe Jakobsen who will be the team’s reserve driver. After being named Official Junior Driver in 2023, the Dane will continue his growth with the team in 2024. After the Prologue, the team’s drivers will line up at the opening race of the season on March 2, also in Qatar, at round one of the 2024 FIA World Endurance Championship. Read full article
The success of FIAT’s electric jewel is confirmed by brilliant sales results: since its launch in 2020 the 500e has been the most sold electric city car in Europe and the best-selling EV of Stellantis Group.
Last year the 500e was number 1 in Europe in the A+B BEV segment with a market share of 14,7%, increased by 0,3 p.p. compared to 2022, despite the decrease of the segment -5%. In addition, it ranked first in Italy, Germany, Spain, Belgium, and Austria; second in France, and fourth in Portugal and Poland.
In Europe, Fiat 500e sold nearly 65,000 units.
Looking at the BEV industry, in a context of growing attention to environmental issues, in 2023 the 500e placed itself on the podium in Italy and Germany and fourth in France and Spain. Considering the BEV industry in the 10 largest European markets, Fiat 500e ranked fourth.
Designed and made in Turin, the 500e is a symbol of Italian creativity and is winning over fans of Made-In-Italy products throughout the world. Its success is also highlighted by the 42 international prizes, making it the most awarded FIAT model ever. Read full article
Stellantis N.V. unveiled STLA Large, its all-new, highly flexible, BEV-native platform that is the foundation for a wide range of upcoming vehicles for global markets in the D and E segments. The platform enables several segment-leading capabilities including embedded energy, charging efficiency, high-performance vehicle dynamics and Trail Rated off-road driving. Full-size vehicles based on STLA Large are the core of customer demand in prime global markets and will be used first in the North American market on Dodge and Jeep® brands, followed by other brands including Alfa Romeo, Chrysler and Maserati. There will be eight vehicles launched from 2024-2026.
The STLA Large platform is engineered with unparalleled technology flexibility that enables greater levels of vehicle diversity and top-rank quality and customer satisfaction from a base set of componentry, along with robust and cost-efficient manufacturing processes that can be duplicated in multiple assembly plants. Upcoming products will cover a full spectrum of vehicle types, from cars to crossovers to SUVs, all of which will give customers the electric propulsion benefits of instant torque response combined with zero emissions. Brand-specific product announcements will begin this year.STLA Large is one of four global BEV platforms, outlined on EV Day 2021, that underpin the Company’s future products and are key to achieving the bold targets of the Stellantis Dare Forward 2030 strategic plan. It is the second platform to be revealed following the release of best-in-class STLA Medium in July 2023. STLA Large will be installed in several plants in Europe and North America and available in multi-energy variants, including hybrid and internal combustion. The iconic brands of Stellantis will tailor STLA Large vehicles to best fit the needs and desires of their customers, ranging from family oriented to high performance to highly capable off-road 4×4 to luxury.
The platform’s inherent flexibility enables engineers and designers to adjust the wheelbase, overall length, overall width and height, and ground clearance. A variety of suspension modules and powertrain cradles can be employed to suit vehicle specific performance objectives that include ride, handling and comfort. Engineers can adjust key dimensions, such as the front spindle to the driver foot, the front and rear overhang, or the passenger compartment floor, to fine-tune vehicle capabilities and performance. Read full article
Saab receives order to produce T-7A fuselage systems
Saab has received an award from Boeing to produce T-7A aft fuselage systems. The order value for Saab is USD 101.7 million (approximately SEK 1 billion) and the order was booked in the fourth quarter 2023.
The T-7A aft fuselage systems will be produced at Saab’s advanced manufacturing facility in West Lafayette, Indiana.
“What we are building is the most modern and forward-looking advanced pilot training system on the market and I am confident that this is a programme that will deliver aircraft for many years to come. This order ensures the ramp-up of serial production to meet both current and future customers’ increased needs,” says Lars Tossman, head of Saab’s Aeronautics business area.
The order from Boeing comes after the first two T-7A Red Hawks successfully arrived at U.S. Air Force bases for developmental flight tests. The first T-7A went to Edwards Air Force Base and the second went to Eglin Air Force Base. Read full article
Delta Secures License to Hydrogen Energy Technology from UK-listed Ceres to Develop its Fuel Cell and Electrolysis Solutions. Delta Secures License to Hydrogen Energy TechnologyDelta Electronics, Inc. (hereinafter referred to as “Delta”), a global leader in power and thermal management and provider of IoT-based Smart Green Solutions, today announced the signing of a long-term collaboration
agreement, which includes technology transfer and licensing, with Ceres Power Limited, subsidiary of
London Stock Exchange-listed Ceres Power Holdings plc (hereinafter referred to as “Ceres”) to access
Ceres’ Hydrogen energy stack technology portfolio for approx. GBP43 million. Ceres is a global leader in solid oxide fuel cell and electrochemical technology. Through this partnership, Delta expects to integrate Ceres’ energy stack technology with its own industry-leading power electronics and thermal management technologies to develop solid oxide fuel cell (SOFC) and solid oxide electrolysis cell (SOEC) systems for hydrogen energy applications, with production expected to start by the end of 2026, with strong ambition for future scale-up. These SOFC and SOEC systems are expected to enhance the capabilities of Delta’s green solutions for a myriad of sectors, such as, chemicals, energy, transportation, steel and more. Read More
Vanzetti Engineering, the Italian company specialising in the design and manufacture of cryogenic equipment for Liquefied Natural Gas (LNG) and air gases, had a satisfactory end to the year 2023. Its growth, that confirms the trend of previous years, was mainly driven by the dual fuel marine market. The company ended the fiscal year with revenues of around 33 million euros, an order book of over 62 million euros, and an order growth trend CAGR of +20%: a figure that exceeds the average growth of the cryogenic pump market, which, according to the results of an industry analysis carried out by the company together with its stakeholders, is around +10%. Vanzetti Engineering’s order book is expected to grow over the next three years in line with the market benchmark, albeit with less traction than in the last five years. This forecast is based on several factors related to both some market variables and Vanzetti Engineering’s new projects for the near future.
First of all, we must consider the possible slow recovery of the automotive LNG market in Europe, which is temporarily held back by the price of LNG due to the current geopolitical situation and electricity incentive policies. The increased competitive tension of methanol and ammonia in the alternative fuels market in the marine sector must also be taken into account, as well as the consolidation of the extension of production capacity with the relative strengthening of the organisation, while maintaining the high levels of quality and reliability that characterise the company and its products.
Among Vanzetti Engineering’s new projects that promise to have a positive impact on future growth are the design of a new family of retractable pumps, which places the company in a strategic position to seize emerging opportunities in the “Small Scale LNG Terminal” market, as well as access to new segments of the marine dual fuel market through the strengthening of the high and low pressure product range. Vanzetti Engineering also aims to regain market share in the industrial gases sector, planning strategic investments for expansion into new geographical markets such as Asia and North America. Read More
Saudi Tadawul Group Holding Company (STG), a leading diversified capital markets group in the MENA region, has entered into a binding agreement with existing shareholders of DME Holdings Limited to acquire a 32.6% stake in Dubai Mercantile Exchange (DME), one of the leading international commodities exchanges (the Agreement). As a result, Saudi Tadawul Group will become the joint largest shareholder in DME Holdings Limited alongside CME Group, with other shareholders including the Oman Investment Authority and Dubai Holding as well as global financial and commercial industry leaders. The Agreement also includes an ability for STG to increase its shareholding in the future. The shares acquired represent a mix of new and existing shares, with the proceeds from the new shares used to fund DME’s growth.
STG’s investment represents a significant opportunity to leverage world-class capabilities and expertise, accelerating DME’s growth as a regional commodities leader that is well-positioned to capture global commodities demand. The Agreement will support a strategic move towards leveraging the Middle East’s geographic proximity to both key commodity production hubs and end-markets, with DME serving as a bridge between production and end-markets. The partnership will enable the new Gulf Mercantile Exchange to capture demand for energy, metals, and agricultural commodity markets and support the ongoing global transition to a sustainable economy through the launch of next-generation derivatives contracts as part of the transition to a sustainable economy.
Founded in 2007 and headquartered in the UAE, DME is home to the DME Oman Crude Oil Futures Contract (DME Oman), that generates the world’s largest amount of physically delivered crude oil. The DME Oman contract serves as the third-most important crude oil benchmark globally, which is used by five national oil companies based in the Gulf Cooperation Council countries. DME and the DME Oman contract operate to the highest standards of international financial regulation. Its use is authorized by the Dubai Financial Services Authority (DFSA) and all trades executed on DME are cleared through CME Clearing, which is regulated by the U.S. Commodity Futures Trading Commission (CFTC).
Under the terms of the Agreement, ensuring the integrity of the DME Oman contract has been of particular importance to all parties. As such, it has been agreed that no changes to any aspects of the DME Oman contract will result from the transaction contemplated by the Agreement. In addition, to avoid conflict of interest and safeguard the twin imperatives of neutrality and price discovery, no Saudi Arabian crude oil contract will be traded, sold or bought on, or indexed to, nor will Saudi crude be delivered against, the DME Oman contract via DME.
The transaction is subject to closing conditions, including as to regulatory approvals. Following the completion of Saudi Tadawul Group’s investment, DME will continue to operate as usual from its headquarters in Dubai International Financial Centre (DIFC) and will remain regulated by the Dubai Financial Services Authority. CME Group will continue to provide its industry-leading CME Globex trading technology and clearing services to Gulf Mercantile Exchange. The CFTC’s role in overseeing CME Clearing’s operations to protect the integrity of transactions executed on the DME and mitigating risk to traders will remain unchanged. Read More
Russia has increased military attacks on Ukraine’s energy system, significantly undermining the security of the country’s power supply. The bombing campaign – which lasted throughout the 2022/23 heating season and resumed in recent months – has targeted a wide range of energy infrastructure, from power plants to oil refineries and district heating facilities. The World Bank recently estimated that Ukraine’s energy sector has sustained USD 12 billion in damages during the war.
In light of Russia’s continued attacks, safeguarding power system resilience and boosting electricity security are key priorities for Ukraine. The International Energy Agency (IEA), which has deepened its relationship with Ukraine since Russia’s invasion, is stepping up to provide support – sharing data and analysis, and working directly with policy makers as they look to both address the country’s immediate energy needs and develop plans for the longer term. Read More
The world’s capacity to generate renewable electricity is expanding faster than at any time in the last three decades, giving it a real chance of achieving the goal of tripling global capacity by 2030 that governments set at the COP28 climate change conference last month, the IEA says in a new report.
The amount of renewable energy capacity added to energy systems around the world grew by 50% in 2023, reaching almost 510 gigawatts (GW), with solar PV accounting for three-quarters of additions worldwide, according to Renewables 2023, the latest edition of the IEA’s annual market report on the sector. The largest growth took place in China, which commissioned as much solar PV in 2023 as the entire world did in 2022, while China’s wind power additions rose by 66% year-on-year. The increases in renewable energy capacity in Europe, the United States and Brazil also hit all-time highs.
The latest analysis is the first comprehensive assessment of global renewable energy deployment trends since the conclusion of the COP28 conference in Dubai in December. The report shows that under existing policies and market conditions, global renewable power capacity is now expected to grow to 7 300 GW over the 2023-28 period covered by the forecast. Solar PV and wind account for 95% of the expansion, with renewables overtaking coal to become the largest source of global electricity generation by early 2025. But despite the unprecedented growth over the past 12 months, the world needs to go further to triple capacity by 2030, which countries agreed to do at COP28. Read More
Sophisticated endurance tests successfully mastered
Before the extensively revamped version of the Taycan comes to market in spring 2024, the all-electric sports car is currently undergoing final intensive testing. The sports sedan, Cross Turismo and Sport Turismo models of the new generation have put in some 3.6 million test kilometres on proving grounds, racetracks and public roads all around the world. And under the most extreme conditions, too: temperatures ranged from +53 degrees Celsius in California’s Death Valley to -41 degrees Celsius north of the Finnish Arctic Circle. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $74.01 | Up |
| Crude Oil (Brent) | USD/bbl | $79.25 | Up |
| Bonny Light | USD/bbl | $80.48 | Up |
| Saharan Blend | USD/bbl | $81.92 | Up |
| Natural Gas | USD/MMBtu | $2.37 | Down |
| OPEC basket 22/01/24 | USD/bbl | $79.70 | Up |
Dana Incorporated (NYSE: DAN) announced today that the company was recognized as a “Top Employer 2024” in 16 countries in which it operates. The company was also selected as a Top Employer across Europe and North America due to overall cross-country performance in those regions.
According to the Top Employer Institute, the respected award recognizes companies for drivers of high performance, including employee development, well-being and work environment, talent acquisition, inclusion, and engagement.
Dana’s operations in Brazil, Canada, Mexico, and Spain earned Top Employer honors for the first time, joining company facilities in Belgium, China, Germany, Hungary, India, Italy, Lithuania, the Netherlands, Sweden, Switzerland, the United Kingdom, and the United States for having a people-focused culture. These countries account for more than 90 percent of the company’s sales and employees.
“At Dana, we place people at the center of everything we do,” said Maureen Pittenger, senior vice president and chief human resources officer for Dana. “Being recognized as a Top Employer across so many different countries demonstrates Dana’s passion in cultivating a collaborative and inclusive culture where all our people have opportunities to thrive.” Read full article
The new Mercedes-AMG CLE 53 4MATIC+ Coupé (combined fuel consumption 9.7-9.3 l/100 km; combined CO₂ emissions 220-212 g/km)[2] is now available for order from sales partners or online. The sporty, two-door coupé is powered by a 3.0-litre in-line six-cylinder engine with twin turbocharger and an additional electric compressor that produces 330 kW (449 hp). It provides a maximum torque of 560 Nm (with overboost to 600 Nm for 10 seconds). The integrated second-generation starter generator briefly delivers an additional 17 kW (23 hp) of boost and 205 Nm of torque. It also feeds the 48-volt electrical system. Other technical features of the new model include the AMG SPEEDSHIFT TCT 9G transmission and the fully variable AMG Performance 4MATIC+ all-wheel drive. The base price for the new Mercedes-AMG CLE 53 4MATIC+ Coupé is €91,511.00.
Standard equipment includes the AMG RIDE CONTROL suspension with adaptive damping and active rear-axle steering. The car also features the Parking package with back-up camera, the AMG performance steering wheel in nappa leather and the PRE-SAFE system. The 65-litre tank allows a long range. Read more
Hyundai Motor Company and Rhizome announce the relaunch of ‘Seven on Seven’ (7×7) to take place on January 27, 2024, at the New Museum in New York City. After a hiatus during the pandemic, the iconic art and technology program returns this year with a focus on artificial intelligence (AI). The event will be live streamed on the New Museum’s YouTube channel for a global audience.
7×7 pairs leading artists with visionary technologists and tasks them to make something new, with the results presented at a public, experiential conference. Presented by Hyundai Motor through an ongoing partnership with Rhizome of the New Museum, the 2024 edition of 7×7 is co-organized by Michael Connor, Co-Executive Director of Rhizome, and Xinran Yuan, independent curator and producer. This is the first in-person edition of 7×7 to be held since 2019.
“Through our continuing partnership with Rhizome of the New Museum, Hyundai Motor builds on years of forming deep connections with leading arts institutions and communities,” said DooEun Choi, Art Director at Hyundai Motor Company. “In working with Rhizome of the New Museum for this relaunch, we aim to bring this iconic program to a new level and to a new global audience, surfacing the issues in art and technology that shape our culture and society towards the future through dialogue, collaboration, and transformative experiences of art.”
Hyundai Motor’s partnership with Rhizome of the New Museum, which was founded to explore the infinite possibilities arising from the convergence of art and technology, began in 2021 with ‘World on a Wire,’ an internationally touring exhibition and online project that included a series of artist commissions. ‘World on a Wire’ explored simulation as an artistic practice, with a particular emphasis on augmented reality and virtual reality.
The partnership continues in 2024 with the relaunch of Rhizome’s iconic 7×7 program. This edition includes a new focus on AI, underscoring Hyundai Motor’s dedication to fostering innovation and creativity by championing visionary creators and artists. 7×7 2024 draws together creative pairings from across disciplines to consider how AI may alter our understanding of love, humor, improvisation, biology, politics and history. Among these collaborative projects, 7×7 2024 will feature an experimental performance created with Boston Dynamics’ Spot® The Agile Mobile Robot. Read full article
Rig Count: U.S. +1 to 620 Canada +10 to 223
U.S. Rig Count is up 1 from last week to 620 with oil rigs down 2 to 497, gas rigs up 3 to 120 and miscellaneous rigs unchanged at 3.
Canada Rig Count is up 10 from last week to 223, with oil rigs up 7 to 140, and gas rigs up 3 to 83.
International Rig Count is down 23 rigs from last month to 955 with land rigs down 23 to 735, offshore rigs unchanged at 220.
The Worldwide Rig Count for December was 1,739, down 55 from the 1,794 counted in November 2023, and down 95, from the 1,834 counted in December 2022.
| Region | Period | Rig Count | Change |
| U.S.A | 19 January 2024 | 620 | +1 |
| Canada | 19 January 2024 | 223 | +10 |
| International | December 2023 | 955 | -25 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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