Global Energy / Automotive News As Reported; Saudi Arabia increased price of Arab Light crude to $3.20 a barrel for August
London, 06 July, 2023, (Oilandgaspress) : Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday.
OPEC Energy and Oil ministers attending the 8th OPEC International Seminar in Vienna met on the sidelines of the event. The Ministers took the opportunity to review market conditions and agreed to continue consultation with their non-OPEC counterparts, through already put in place mechanisms including JMMC and ONOMM meetings, in their continued efforts to support a stable and balanced oil market. The Ministers also expressed their appreciation to the Kingdom of Saudi Arabia for extending its 1 mbd voluntary cut for the month of August. They also thanked the Russian Federation for its additional voluntary reduction of exports by 500 kbd and Algeria for its additional voluntary cut of 20kbd for the month of August 2023. Read More
Saudi Arabia lifted the pricing of its flagship crude to Asia . Saudi Aramco set the official selling price of its flagship Arab Light crude at a premium of plus $3.20 a barrel for August, according to a price list seen by Bloomberg. The kingdom also lifted prices for its Arab Medium and Arab Heavy crudes to the region, while cutting those for its Super Light barrels. Asia accounts for 60% of the country’s market. Read More
Iveco Group’s gets full control of Nikola Iveco Europe
Iveco Group N.V. (MI: IVG) announces that, following the finalization of the definitive agreements with Nikola Corporation as per the terms sheet described on 9th May 2023, its subsidiary Iveco S.p.A. has acquired the full and sole ownership of the German company resulting from the former joint venture Nikola Iveco Europe, now to be renamed as EVCO (Electric Vehicles COmpany). The successful completion of this announced step reconfirms the steady commitment of the Company in playing a leading role in the zero-emission heavy duty transport segment. Read More
BYD to build three production facilities on a former Ford industrial site in Brazil: one for the production of electric and hybrid cars, one for chassis for electric buses and trucks, and a third that will process lithium and iron phosphate for the international market. To convert the site in the Camaçari industrial park in the Brazilian state of Bahia, BYD is ready to spend up to three billion Brazilian reals, the equivalent of around 570 million euros. According to Reuters , the announcement comes after the government signalled its willingness to grant BYD subsidies for the construction of a new electric car centre. Ford closed the site in 2021. Read More
From 3 July 2023, Kia UK Limited is launching its latest range of attractive customer offers, including 4.9 per cent APR on Kia’s award-winning electric cars, two free services and an exclusive 12-month free Kia Charge Plus subscription with all EV6, Niro EV and Soul EVs purchased between 3 July and 1 October 2023.
Kia Electrified Event
Providing another convincing reason to go electric this year, from 3 July 2023 EV6, Niro EV and Soul EV are now available with 4.9 per cent APR and no minimum deposit
[2]. These models also benefit from an enhanced Finance Deposit Contribution (FDC), ensuring customers get the best possible deal. Customers can save £500 on a new EV6, EV6 GT or Niro EV, or £1,500 on a Soul EV.
First two services free : As well as an attractive finance deal, customers purchasing an EV6, EV6 GT, Niro EV or Soul EV will receive their first two services free of charge as part of the Kia Electrified Event, further adding to the convenience of Kia EV ownership.
12 months free Kia Charge Plus Customers buying a new Kia EV6, Niro EV or Soul EV between 3 July and 1 October 2023 will receive a 12-month free subscription to Kia Charge Plus. Voucher codes will be provided directly to new customers of these fully electric models following the registration of their vehicle, or from 1 September if the vehicle is registered beforehand. Read More
Hyundai Motor UK has announced pricing and specification for the all-new KONA Electric range.
With Hybrid and ICE variants already announced, the second-generation KONA Electric completes one of the most comprehensive product line ups in the B-SUV segment, including the widest range of powertrains. Customers can choose from EV (standard or long range), hybrid electric (HEV) and internal combustion engine (ICE) variants as well as sporty N Line versions of each.
All-new KONA offers more generous dimensions compared to the previous generation, with KONA Electric’s exterior proportions increasing all round with a length of 4,350mm (+145mm), a wheelbase of 2,660mm (+60 mm), a width of 1,825mm (+25 mm), and a height of 1,575mm (+20mm). Interior dimensions increase with a higher headroom of 1,015 mm (+10mm) in the front and 972mm rear (+15mm), longer legroom of 1,059mm (+5mm) in the front and 925mm (+77mm) in the rear and an increased shoulder width of 1,435mm (+25mm) in the front and 1,402mm (+17mm) in the rear. Luggage capacity is also considerably increased, with all-new KONA Electric’s luggage area now offering 466 litres of space with the seats up and 1,300 litres with the seats down, compared to the previous generation model’s 332/1,114 litres. Read More
Hyundai Motor Company held a digital world premiere to unveil the all-new KONA, an upscaled multiplayer in the B-SUV segment, led by an all-electric variant (EV) that offers advanced safety and convenience features and class-leading range.
The second-generation KONA offers one of the most comprehensive product packages in the B-SUV segment, including the widest range of powertrains. Customers can choose from EV (standard or long range), hybrid electric (HEV) and internal combustion engine (ICE) variants as well as sporty N Line versions of each.
In an unconventional move, Hyundai Motor developed the new KONA as an EV first, in line with the company’s March 2022 accelerated electrification strategy announcement that will bring 11 new Hyundai EVs to market by 2030.KONA Electric delivers class-leading all-electric range (AER) in the B-SUV segment (WLTP-estimated 490 km)1. It also comes with EV-specific design elements, including frunk storage, active air flaps, interior and exterior Vehicle-to-Load (V2L) outlets, Head-up Display (HUD)2, i-PEDAL driving mode, Smart Regenerative System, electronic-Active Sound Design (e-ASD) and an Eco Package. Read More
Nigerian authorities have added another potential compliance risk for tanker owners: newly-assessed back taxes.
According to Bloomberg, at least two tanker owners have received requests for payment for millions of dollars in previously undisclosed tax liability dating back more than a decade. Intertanko has issued a circular to members (viewed by Bloomberg) that reportedly describes tax assessments reaching into the eight digits, with some assessed liabilities of more than a million dollars per individual vessel. The bills are based on a new law created in 2021, which imposes tax liability on merchant tankers calling in Nigeria. The two tanker owners cited in the report – who asked to remain anonymous – said that they were avoiding Nigerian ports for now in order to avoid the risk of vessel seizure. Read More
In a SEC filing on Wednesday, ExxonMobil Corporation estimated that its second-quarter earnings would be lower than the $11.4-billion profit for Q1, due to up to $2.2 billion lower earnings in the upstream division because of low U.S. benchmark natural gas prices, and another up to $2.2 billion decline in the energy products division, due to lower industry margins. Read More
The Department of the Interior’s Bureau of Ocean Energy Management announced it has approved the plan for construction and operations of the Ocean Wind 1 project offshore New Jersey. Located about 13 nautical miles southeast of Atlantic City, the project will have an estimated capacity of 1,100 megawatts of clean energy – capable of powering over 380,000 homes – and is expected to create more than 3,000 good-paying jobs through development and a three-year construction cycle.
Today’s announcement marks the Biden-Harris administration’s third approval of a commercial-scale, offshore wind energy project in the United States, joining the Vineyard Wind project offshore Massachusetts and the South Fork Wind project offshore Rhode Island and New York, both now under construction and being built by union labor. These projects represent significant progress toward the Administration’s goals of developing 30 gigawatts of clean, renewable offshore wind energy by the year 2030, while protecting biodiversity and multiple uses of the ocean. Read More
Ørsted and ESVAGT have signed an agreement for a sister vessel to the world’s first methanol-powered service operation vessel (SOV), which was announced in 2022, further deepening the companies’ commitment to reducing carbon emissions from the offshore wind supply chain. The SOV will be ready for launch in 2026, where it will operate out of Ørsted’s UK East Coast Hub on a 10-year contract.
The new SOV will be powered by dual fuel engines, capable of sailing on renewable e-methanol produced from renewable energy and biogenic carbon, which will lead to a yearly carbon emissions reduction of approx. 4,500 tonnes. Ørsted has established itself as a pioneer in the field of green maritime fuels by taking Europe’s largest final investment decision on a renewable e-methanol facility, FlagshipONE in Sweden, and Ørsted expects to supply its own methanol for both of the SOVs. Several other maritime companies have placed orders on methanol-powered vessels, demonstrating that the demand for green fuels is materialising rapidly.
An offshore wind farm already has 99 % lower emissions than a coal-fired power station seen over the entire lifetime of the asset, including production, construction, and installation. Ørsted targets to become carbon-neutral in its energy generation and own operations by 2025, and the additional, second green fuel SOV will build on that, as Ørsted works towards its science-based target of reaching net-zero emissions across the full value chain by 2040. Read More
The UAE is expected to witness a significant increase in temperatures, with a noticeable rise of approximately 2.21 degrees celsius by 2050, particularly in the summer season. On July 3, the world recorded its hottest day ever, based on data from the US National Centres for Environmental Prediction.
Experts explain the earth hit its highest recorded global average temperature on July 3, 2023, establishing a new peak since records began. While this doesn’t mean it was the hottest everywhere in the world, the global average temperature was the highest, 17C compared to 16.9C in August 2016.
Citing the UAE Ministry of Climate Change and Environment, Dr Sreejith Balasubramanian, Chair of the Office of Research, Head and Founder of the Centre for Supply Chain Excellence, and Associate Professor, Middlesex University Dubai, said: “In the UAE, the average temperature is forecasted to increase by 2.21C to 2.38C by 2050 and by 3.64 to 3.91C by 2100.” Read More
Free2move announced its expansion into Slovenia, Greece, and Romania, solidifying its commitment to meeting the increasing demand for flexible and sustainable transportation options across Europe. These strategic moves are made possible through partnerships with major importers of Stellantis brands in these regions.Extensive market research has revealed promising business opportunities, especially through synergies with the importers of Stellantis brands in Slovenia (launch in Q4 2022), Greece, and Romania (both launch in Q2 2023). These markets serve as the initial stepping stones for Free2move’s expansion strategy.Free2move has also launched rental activities in Romania through its partnership with Trust Motors Group, represented by IMAG. Read More
Stellantis N.V. today unveiled STLA Medium, a global BEV-by-design platform with state-of-the-art features including best-in-class range of 700 kilometers (435 miles), energy efficiency, embedded power and charging power. The STLA Medium platform offers long range combined with designed-in flexibility to host a variety of vehicles and propulsion configurations in the heart of the market, the C- and D-segments, which accounted for 35 million sales in 2022 – nearly half the 78.5 million vehicles sold globally that year. Today, Stellantis brands offer 26 vehicle nameplates in those segments on a variety of platforms. Up to two million vehicles per year can be built on the STLA Medium platform in several plants across the world, starting in Europe this year.STLA Medium is the first 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, including reaching a 100% passenger car battery electric vehicle (BEV) sales mix in Europe and a 50% passenger car and light-duty truck BEV sales mix in the United States by 2030. Dare Forward 2030 is led by deep emission cuts to slash CO2 in half by 2030, benchmarking the 2021 metrics, and achieve carbon net zero by 2038, with single-digit percentage compensation of the remaining emissions. Read More
Bentley will celebrate twenty years of its mighty W12 engine at this year’s Goodwood Festival of Speed, alongside a showcase of bespoke and coachbuilt Bentleys by Mulliner. The new Speed Six Continuation Series will make its global debut at the internationally famous event, while the Batur makes its dynamic UK debut.
The 6.0-litre twin-turbo W12 is the engine that has powered Bentley to record success for the last 20 years. Powerful, reliable, refined, compact and extremely efficient for an engine of its class, the W12 has been the performance backbone of the brand since the launch of the Continental GT in 2003. Now, as Bentley continues on its Beyond100 journey to full electrification, the W12 is entering the final phase of production, with the last engine due to be built in April 2024.To mark the life of the W12, Bentley has created a special series of cars across the Speed models in the range. The Edition 12 family of cars includes a suite of W12-inspired details, with 120 examples each of Continental GT, Continental GTC, Flying Spur and Bentayga Speed being produced. A Flying Spur Speed Edition 12 will showcase these features, including new Opalite paintwork, at Goodwood. Read More
With first deliveries of the Bolide – an incomparable track-only Bugatti limited to 40 units only – set to commence next year, Bugatti recently invited future owners to its home in Molsheim for a bespoke motorsport-inspired experiential journey. The carefully curated visit merged the craftsmanship of Bugatti with a visceral dive into the rich on-track heritage that first inspired the concept of the Bolide. Their immersion into Bugatti’s remarkable racing past then began with an on-road experience with Luigi Galli, Specialist Heritage and Certification at Bugatti, in the most successful racing car of all time – the Bugatti Type 35. Between 1924 and 1930 it is said to have secured more than 2,000 motorsport victories. Once equipped with a race suit matching designs of the past – and even a leather helmet, very much the norm for the late 1920s motorsport scene – customers could experience how revolutionary this car was, and just how well its performance stands up today. In its day, its lightweight, pared-back design and pure driving experience were incomparable and in the modern era it is hard to imagine a better distillation of Bugatti DNA. Read More
Lamborghini will unveil its new LMDh racing prototype at this year’s Goodwood Festival of Speed. The new car is set to compete in the world’s most important endurance races: the Hypercar class of the 2024 FIA World Endurance Championship including the 24 Hours of Le Mans; and in the GTP class of the IMSA WeatherTech Sports Car Championship Endurance Cup, which includes iconic races such as the 24 Hours of Daytona and 12 Hours of Sebring.
The car will debut from Thursday 13 July on a dedicated stand next to the Lamborghini Lounge adjoining Ristorante 1963, to be presented by Lamborghini Chairman and CEO Stephan Winkelmann,Chief Technical Officer Rouven Mohr and Head of Motorsport Giorgio Sanna, together with their Partner Iron Lynx. Read More
Mercedes-Benz explores how the rapid evolution of artificial intelligence (AI) might change our society – and whether creativity will remain something uniquely human or not. To get to the heart of these questions, host Ricardia Bramley dives into the world of AI art and its implications for creative workflows with a digital artist who goes by the name BLAC.ai. She invites an AI model to reflect on itself and tell us more about the nature of both human and artificial intelligence. Bramley also explores what it takes to turn today’s mostly single purpose AI tools into tomorrow’s all-knowing all-rounders. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $72.12 | Up |
| Crude Oil (Brent) | USD/bbl | $76.88 | Up |
| Bonny Light | USD/bbl | $75.16 | — |
| Saharan Blend | USD/bbl | $76.08 | — |
| Natural Gas | USD/MMBtu | $2.65 | Down |
| OPEC basket 05/07/23 | USD/bbl | $76.60 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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