Top Energy/Automotive News; OPEC basket price at US$80.63/bl
London, 13 July, 2023, (Oilandgaspress) : Organization of the Petroleum Exporting Countries (OPEC) on Thursday forecast the global oil demand to increase by 2.25 million barrels per day (bpd) in 2024, an annual growth of 2.2 percent, as the expected “solid global economic growth amid continued improvements in China” will boost oil consumption. WTI for August delivery settled at US$75.75 a barrel on the New York Mercantile Exchange. Brent crude for September delivery settled at US$79.40 a barrel on the London ICE Futures Exchange.
The WEC racing series starts the second half of the season with the 6 Hours of Monza. On the historic race track near Milan, the two factory teams from Porsche and Cadillac will be competing with the new LMDh system within the hypercar category. Bosch is the official systems engineering lead for the hybrid system. Additionally, Bosch is the exclusive supplier for the electric motor (MGU), the inverter (MCU) and the hybrid control unit (HCU) as well as the electric braking system (EBS) that is also capable of recuperation. The hybrid system is flexible and can be combined with different vehicle and engine concepts, while still offering a high level of performance. In drive mode, it delivers a permanent output of 50 kW, and up to 200 kW in recuperation mode. The LMDh system features high-cost efficiency thanks to standardized parts, enabling vehicle manufacturers and teams to compete under attractive conditions at endurance classics such as Le Mans, Daytona, Sebring or Monza. Read More
Against the background of the robust cash position, the Board of Management and the Supervisory Board of Daimler Truck Holding AG have decided today to conduct a share buyback program. Beginning August 2023, own shares worth up to €2 billion (not including ancillary acquisition costs) are intended to be acquired on the stock exchange over a period of up to two years and shall subsequently be cancelled. The share buyback program will be based on the authorization by the Shareholders’ Meeting of Daimler Truck Holding AG on November 5, 2021, authorizing the Board of Management to acquire, with the approval of the Supervisory Board, own shares up to a maximum of ten percent of the share capital until October 31, 2026.
The share buyback shall be carried out in accordance with the safe harbour regulations of Art. 5 of Regulation (EU) 596/2014 in conjunction with the provisions of Commission Delegated Regulation (EU) No 2016/1052. The Group is increasing the full-year guidance for the following key figures:
Revenue Daimler Truck Group: €56 to €58 billion (previously: €55 to €57 billion).
Revenue of Daimler Truck Group’s Industrial Business: €54 to €56 billion (previously: €53 to €55 billion).
Group investments and R&D costs: slight increase (previously: on prior year level).
Free cash flow of the Industrial Business: significant increase (previously: slight increase). Read More
After its first full year as an independent listed company, Daimler Truck Holding AG (Daimler Truck) hosts its Capital Market Day 2023 in Boston (Massachusetts, USA). The main topics are the guidance increase for 2023, the confirmation of 2025 ambitions, an enhanced capital allocation policy, and the path towards
2030, transforming the Company for sustainable growth.
“Daimler Truck is doing very well. We are increasing our guidance for 2023. We are firmly on track to deliver on our 2025 ambitions. And we are ready to take Daimler Truck to the next level by 2030 – aiming for above 12% adjusted return on sales for the Industrial Business in sunny conditions. We are initiating a share buyback program of up to two billion euros over a period of up to two years to make sure our shareholders fully benefit from our successful development.
Our flexible technology strategy enables us not only to navigate the historic transformation of our industry, but to capture all opportunities associated with it. In short: Daimler Truck is transforming for sustainable growth – to the benefit of our employees, our customers and our shareholders,” says Martin Daum, Chairman of the Board of Management of Daimler Truck.
Strong momentum and increase of guidance for 2023 to 8.5-10% adjusted ROS After a strong first quarter in 2023 and an increase in unit sales in Q2, Daimler Truck continues to see a positive momentum for the remaining financial year. In the second quarter of 2023, worldwide unit sales of the Group increased by 9.0% versus the prior year quarter, selling in total 131,888 units (Q2/22: 120,961). All segments contributed positively to this year-over-year increase: Trucks North America +14.7% with 50,618 units (Q2/22: 44,124), Mercedes-Benz +1.1% with 39,236 units (Q2/22: 38,812), Trucks Asia +9.2% with 40,097 units (Q2/22: 36,704)
and Daimler Buses +21.8% with 6,181 units (Q2/22: 5,075). These developments result in an increased Group revenue guidance between €56 billion and €58 billion (previously: €55 billion – €57 billion). Read More
The latest IEA’s Monthly Oil Statistics report including April 2023 data shows that for Total OECD: • Total OECD production of crude oil, NGL and refinery feedstocks increased by 4.7% in April 2023 compared to April 2022.
• Refinery gross output of total products decreased by 0.1% on a year-on-year basis.
• Net deliveries of total products increased by 1.5% in April 2023 compared to April 2022. • Oil stock levels on national territory increased by 6 046 kt in April 2023 compared to the closing stock levels in March 2023 and closed at 477 million metric tons. Read More
Dana Incorporated (NYSE: DAN) announced today that it has been named to the inaugural list of “America’s Greatest Workplaces 2023” by Newsweek magazine. Dana was the only Tier One supplier focused primarily on mobility markets to make the list.
In cooperation with research firm Plant-A Insights Group, Newsweek conducted an independent study to find America’s Greatest Workplaces. The study determined the results through a large-scale independent survey of over 389,000 company reviews completed by employees working for U.S. companies with a workforce of at least 1,000 or more.
“At Dana, we value people by celebrating diversity, treating others with respect, and putting safety, inclusion, sustainability, and integrity at the heart of everything we do,” said Maureen Pittenger, senior vice president and chief human resources officer for Dana. “Being named one of America’s Greatest Workplaces validates our efforts to provide a place to work where our people and culture can both flourish.”
Nancy Cooper, global editor in chief of Newsweek, added: “How do you find a great workplace – one that treats employees respectfully, pays them fairly, provides training and advancement opportunities, and supports a healthy work-life balance? Newsweek and market-data research firm Plant-A Insights are proud to introduce ‘America’s Greatest Workplaces 2023,’ highlighting companies that are committed to offering a positive working environment.” Read More
Hanseatic city of Hamburg has a new temporary attraction for residents and visitors: until July 20, a three-dimensional LED billboard at “Überseequartier”, part of the HarbourCity in a desirable inner-city location, is sure to attract attention. The motif is the Mercedes-AMG SL, and thanks to sophisticated projection technology, it appears to be emerging from the surface of the picture. The virtual roadster interacts with passers-by in a variety of ways, and in real time:
the SL reacts to the colour of the person’s clothing, and adopts it like a chameleon.
If the person makes a hand gesture, the position or view of the vehicle changes as if remote-controlled.
If the person moves faster, the LED image becomes more varied and diverse.
If the person raises their arms or holds them out, the SL reacts to these movements and changes its direction of travel, for example. A QR code on the billboard provides interested parties with further information and access to all relevant Mercedes-AMG websites and social media channels, including the vehicle configurator. Read More
The Iraqi Cabinet has approved the recommendation of the Energy Ministerial Council for the construction of a third offshore oil export pipeline.
The 48-inch pipeline will have a capacity of 2 million barrels per day (bpd), and is planned to be completed in 400 days.
It will be built by the Dutch company Boskalis at a total cost of $416.9 million, supported by a Japanese loan. Read More
Egypt on Wednesday unveiled its first locally-produced oil rig in Ain Sokhna port in northeastern Egypt. The 2,000-horsepower automatic trailer-mounted onshore oil drilling rig was manufactured by an Egypt-China joint venture.As the producer of the excavation digger, Egyptian Petroleum HH Rig Manufacturing S.A.E Co. was co-funded by subsidiaries of China’s Honghua Group Ltd and Egyptian General Petroleum Corporation. Read More
Renault Scénic E-Tech electric will be unveiled this year at IAA Mobility in Munich. Watch this space in September for more about this new family-friendly, all-electric vehicle, and what will make it more trailblazing, more daring and more attuned to the times than ever. Read More
Bentley Motors today announces the appointment of Andreas Lehe as the new Board Member for Manufacturing, commencing 1 September 2023. Lehe will report directly to Adrian Hallmark, Chairman and CEO. Lehe joins Bentley from AUDI AG, where he most recently held the role of Head of Strategic Planning, responsible for the continuous development of Audi’s production strategy, digitisation of production and logistics as well as the associated global production network. He has also held several senior roles across Audi Mexico and is well known for having delivered one of the most successful start-ups of a modern paint shop in the Volkswagen Group. This wealth of production and commercial experience is crucial as he joins Bentley at one of the most pivotal times in the luxury marque’s history. Read More
Lamborghini Squadra Corse today launches its first hybrid endurance racing prototype, the SC63, at Goodwood Festival of Speed. The SC63, which will begin testing within weeks, is set to compete in 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, comprising classic races such as the 24 Hours of Daytona and 12 Hours of Sebring. Lamborghini has partnered with Italian team Iron Lynx to run the car in international competition and has signed world-class drivers from the world of Formula 1 and endurance racing.
The LMDh project represents a new concept of racing and fits the Direzione Cor Tauri strategy presented in 2021: a roadmap for electrification leading the company to hybridize the entire model range by the end of 2024 enhancing driving emotions and performances at the same time. Thanks to the SC63 this approach has been applied also to the motorsport programme representing a new pillar of the Lamborghini Manifesto: Driving Humans Beyond.The SC63 features an all-new 3.8-liter twin turbo V8 engine that has been developed by Lamborghini engineers specifically for the racing program. The engine is a ‘cold V’ configuration, meaning that the turbos are mounted outside the vee angle of the engine which makes them easier to cool and to service. Furthermore, the ‘cold V’ solution lowers the mass and optimizes the car’s centre of gravity. This solution, combined with a specifically developed aero balance and attitude, has been identified as the most effective to achieve the best tyre grip, and perfect balance, drivability and consistent speed both over a single lap but also across long distance races. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $75.97 | Up |
| Crude Oil (Brent) | USD/bbl | $80.39 | Up |
| Bonny Light | USD/bbl | $81.46 | Up |
| Saharan Blend | USD/bbl | $80.55 | Up |
| Natural Gas | USD/MMBtu | $2.57 | Down |
| OPEC basket 12/07/23 | USD/bbl | $80.63 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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