London, (Oilandgaspress) –– Oil prices could drop to $50 per barrel if OPEC+ member countries do not comply with the agreement to limit production, stated Saudi Arabia’s Energy Minister, Abdulaziz bin Salman, according to The Wall Street Journal.He specifically highlighted Iraq, which exceeded quotas by 400,000 barrels per day in August, and Kazakhstan, which plans to increase production as the Tengiz oil field, producing 720,000 barrels per day, resumes operations. Read More
The African Union has committed to bring 300 gigawatts of renewables online by 2030 – more than quadruple the 72 gigawatts the continent had last year – in order to reach its decarbonization and energy access goals. The Africa Power Transition Factbook 2024, produced by BloombergNEF (BNEF) with support from Bloomberg Philanthropies, finds that the target means annual deployments will need to jump from 8GW today to 32.5GW per year for the rest of the decade.
Progress has been made. Africa’s installed renewable energy capacity has doubled over the last decade. However, neither country-level targets nor BNEF’s deployment forecast are aligned with the African Union’s 300GW goal. BNEF’s 2030 forecast for wind and solar additions falls 43% short of the necessary build, and even the upper range of country-level targets misses it by 35%. This points to a major delivery gap, as the continent looks to expand energy access. Read More
Countries are not on track to meet the target of tripling renewable energy capacity by 2030, but the goal is still within reach. That is according to a new report Unlocking Investment to Triple Renewables, released at the Global Renewables Summit in New York City from BloombergNEF (BNEF) with support from Bloomberg Philanthropies. Strategic investment in battery storage and electricity grids and more support for emerging markets and developing economies are key to getting on track. At the COP28 climate conference, held in Dubai last year, nearly 200 Parties agreed to take action to triple global renewables capacity from 2022 levels by the end of the decade. This aligns with BNEF’s own Net Zero Scenario, which models a realistic pathway to reach net-zero emissions by 2050 while limiting global temperature rise to well below 2 degrees Celsius.
In the 10 months since that agreement was made, the energy transition has proceeded at a considerable pace thanks to rapidly falling costs for solar and batteries, and the continued affordability of wind. BNEF now expects around 10.3 terawatts of renewable power capacity to be in operation by 2030, up from 4.1 terawatts at the end of 2023. Nonetheless, this is still 13% short of what is needed for a net-zero pathway. Read More
The US’s transition to a net-zero economy by 2050 represents a $41 trillion investment opportunity in the country’s energy system, according to the New Energy Outlook: US, published today by research provider BloombergNEF (BNEF). The report details a pathway for the US energy system to reach net-zero emissions using the lowest-cost technologies available. The window for the US to get on track to hit its 2030 Nationally Determined Contribution (NDC) target is closing. The new report shows that getting there requires immediate action across multiple sectors. However, achieving that goal would position the US well to reach net zero by 2050 – and help keep global warming below 2C. The US power sector has a critical role to play – not just in decarbonizing itself, but in scaling up to enable zero- or low-carbon electrification across transport, industry and buildings. Read full article
America’s energy independence and surpluses, as a result of the fracking revolution, dramatically changed the equation. Russian production may be sanctioned by the West but has found ready markets in India and China.
In Britain, at least, renewable energy, which in the last quarter accounted for 51.6pc of electricity generated, has eased our dependence. Read Press Release
UK: British cycling legend and the all-time Tour de France stage wins record holder Sir Mark Cavendish has taken delivery of a new Aston Martin DBX707, marking the start of his role as the luxury automaker’s first-ever Global High Performance Ambassador.
Embodying Aston Martin’s intensity on road and track, Sir Mark’s appointment continues to champion a high performance culture at Aston Martin, along with shining a spotlight on its class-leading performance cars through unique creative collaborations. This new role expands the ultra-luxury performance brand’s presence in international sport, including its participation at the pinnacle of motorsport, Formula 1®.
Known globally as the ‘Manx Missile’ for his unparalleled speed on two wheels and his insatiable thirst for success, Cavendish wasted no time in taking the ultra-luxury performance SUV for a drive around the famed roads of the Isle of Man, where he was born and still has a home.
An Olympic medalist and former Road Race World Champion, Cavendish has represented Britain for over two decades and is celebrated for his extraordinary career, highlighted by a record-breaking 35 stage wins at the Tour de France, more than any other rider in history. His dominance extends to the track as well, where he has claimed gold in both the Madison and Scratch Race disciplines. Widely regarded as one of the greatest road sprinters of all time, Cavendish’s deep understanding of high performance makes him a true one-of-a-kind and will play a key role for Aston Martin. This new position will enable Aston Martin to tap into Cavendish’s knowledge to continue building on the high performance culture within the brand whilst bringing insight from the world of high performance competition into the brand’s product and marketing plans and will represent the company at selected events. Read Press Release
Electric car comedown continues as brands react to fall in EV demand
The global downturn in sales of EVs has been triggered by a cocktail of diverging policies on green incentives, range and charge anxiety among drivers and the fact prices haven’t come down as much as experts had forecast.
As such, 2024 has been awash with a wave of U-turns by legacy car firms in response to a lower-than-expected appetite for electric vehicles. According to JATO Dynamics’ data for 28 European markets, a total of 125,070 EV units were registered in the eighth month of the year, marking a 36 per cent fall in year-on-year sales – the biggest deceleration recorded since January 2017. Read more
Demand for electric cars across Europe is ‘on a continual downward trajectory’ after a ‘spectacular’ collapse in sales in Germany and France.
In the latest sign that the brakes have been slammed on the electric vehicle (EV) revolution, figures showed just 92,627 battery-only powered cars were registered in the European Union last month. That was down 44 per cent on August last year. The average cost of a new battery-only vehicle is 31 per cent higher than petrol or diesel models at £51,000. Read More
Renault Group and SUEZ step up their long-term partnership, which encompasses recycling waste metal and recovering end-of-life vehicles, with strategic agreements aimed at supporting the ecological transition in the automotive sector. Together, Renault Group and SUEZ, a world leader in waste recycling and recovery, will put The Future Is NEUTRAL in a position to speed up its expansion and rank among the standard-setters in the automotive industry’s circular economy. Read Press Release
The toughest endurance off-road race in the world demands the best drivers to take on the ultimate task and Ford Performance has embraced this challenge for the forthcoming Rallye du Maroc, the traditional curtain-raiser for the legendary Dakar Rally. The Ford Performance team in Morocco will be led by two of the most renowned off-road racers in the world – none other than Matthias Ekström and Carlos Sainz Sr.
WRX champion Ekström and four-time Dakar champion Sainz join American off-road ace Mitch Guthrie Jr. and two-time Dakar champion Nani Roma to round out the Ford 2025 Dakar Rally driver lineup. All drivers and their navigators have previous Dakar competition experience.
“Our goal has always been to build a diverse and powerful team, and with the additions of Mattias and Mitch, we’ve achieved that,” said Mark Rushbrook, global director of Ford Performance Motorsports. “We have a blend of Dakar champions and rising stars, all equipped with the capability to push the Ford Raptor T1+ to its full potential. The Rallye du Maroc is our last chance before Dakar to push man and machine to the limit and we intend to do just that.” Read More
Bugatti Tourbillon
Across Bugatti’s 115-year legacy, the brand has always been built on pushing boundaries, and the creation of a new platform for the next generation of hyper sports car is no exception. While the Veyron and Chiron² platform had formed the backbone of Bugatti for two decades, the Tourbillon presented the perfect opportunity to redefine the pinnacle of automotive excellence once again with an all-new architecture.For Bugatti, starting with a clean sheet of paper was not a necessity – it was an opportunity. The team used this chance to rethink every element of the car. Allowing the Tourbillon to emerge as something entirely unique, something that is even more emotional and dynamic than its legendary predecessor.
One of the most groundbreaking aspects of the Tourbillon, the powertrain combining a naturally aspirated V16 engine and three electric motors represents a marvel of engineering and packaging. The entirely new platform allowed the Molsheim team to integrate the powertrain and all other of its technical features in the most optimal way.
At the front of the car, five of a total eight radiators are strategically positioned. Two radiators on the outside channel air directly to the engine, while the ones in the center direct airflow from Bugatti’s iconic horseshoe grille to cool the cabin and electrical components with ultimate efficiency.
Behind the luggage compartment, the electric axle – comprising two 250kW electric motors – has been seamlessly integrated. This setup not only provides full four-wheel drive capability but also allows for torque vectoring, which dramatically improves performance and handling by diverting torque to either front wheel as needed.
Core to the new platform is a centrally housed, T-shaped battery that delivers 800 HP of electric power and acts as a structural part of the monocoque. Positioned in the middle for a perfectly balanced center of gravity, the 24kWh battery unit enables over 60 km of range in pure electric mode. This new architecture also delivers a fixed seating position with a movable pedal box and steering wheel, minimizing both the height and weight of the Tourbillon. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $73.69 | Up |
| Crude Oil (Brent) | USD/bbl | $77.51 | Up |
| Bonny Light 02/10/24 , CBN | USD/bbl | $78.14 | Up |
| Dubai | USD/bbl | $73.51 | — |
| Natural Gas | USD/MMBtu | $2.97 | Up |
| Murban Crude | USD/bbl | $77.38 | Up |
| OPEC basket 02/10/24 | USD/bbl | $74.62 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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