London, (Oilandgaspress) –– OPEC’s forecast global demand maintained a 2024 demand growth projection of over 2 million barrels per day. EIA’s forecast in its Short-term Energy Outlook is way less. The IEA in July projected demand growth at around 0.97 million barrels per day OPEC+ has reportedly scrapped plans to increase production from October The GCC’s electric vehicle (EV) industry will continue to gain pace despite challenges, including the slowing of sales in 2024 and 2025 as the market transitions from first adoptive phase to mass adoption.
The MENA region is also becoming attractive to EV industry investors looking to nearshore their supply chains and reduce overall emissions and risks.
Despite challenges faced by car makers, including Lucid Group, which makes luxury EVs in Saudi Arabia, the overall GCC EV industry will continue to grow, analysts said.
The region is looking to EV manufacturing, including its wider supply chain, such as low emission steel production and refining, as well as the potential sourcing of battery inputs from South America, said Joshua Cobb, senior autos analyst, at BMI.
Saudi Arabia is also home to PIF-backed Ceer, expected to release its first EVs in 2025 following the awarding of a $1.3 billion contract to build its plant earlier this year.
In Abu Dhabi, EV product manufacturer NWTN launched an assembly plant last year in collaboration with Abu Dhabi Ports.
Qatar Investment Authority (QIA) invested $907 million in SK On Co, the world’s largest battery maker in 2023, while Oman backed US-based electric vehicle start-up Our Next Energy (One).
Growth will continue despite the challenges faced by companies like Lucid, which saw $1 billion of Saudi PIF-affiliated investment in 2018 and a further $2.5 billion in two separate investments in in 2024, but announced it was laying off 6% of its workforce in May. Read More
KBR announced it was awarded a 60-month cost-plus-fixed-fee recompete Information Analysis Center Multiple Award Contract (IAC MAC) task order with an estimated value of $140 million to provide operational safety, suitability, and effectiveness engineering tasks supporting the Air Force Life Cycle Management Center (AFLCMC)..As the U.S. Air Force’s trusted partner, KBR will continue to perform research and analyses developing recommendations related to reliability, maintainability, quality, supportability, and interoperability, airworthiness, life cycle management, failure testing, and diminishing manufacturing sources and material shortages issues at Hill Air Force Base in Clearfield, Utah, and other U.S. Air Force locations.
Under the terms of the contract, KBR will continue to actively assist the F-16, A-10 and T-38 System Program Offices on their digital transformation journeys under digital material management initiatives. The team will also continue providing system engineering and integration support for systems such as the A-10 Ground Collision Avoidance System (GCAS) and the F-16’s Secure Mission Data System (SMDS) and JARVIS programs. KBR will develop prototypes for critical safety hardware, such as the T-38 Canopy Transparency, utilizing state-of-the-art rapid prototyping capabilities. Read full article
Worries that the current weak demand outlook in China may spread to the rest of the world was the overriding focus during the reporting week to 3 September, when the Bloomberg Commodity Index suffered a 2% setback, primarily driven by weakness across the growth-dependent sectors of energy and industrial metals. In addition, a stronger dollar helped trigger profit-taking across precious metals, leading to the biggest—albeit still relatively small—reduction in the elevated gold long.
A near 7% slump in crude through technical support levels triggered a combination of long liquidation and fresh short selling, which overall left the combined net long in WTI and Brent at the lowest level in 12 years. Recent and persistent weakness across the refined fuel market helped drive an increase in the net short position in the London and New York diesel futures. Combining the five major crude and fuel contracts, the net long of these fell to the lowest level since 2011, when the ICE Exchange started to collect Brent and gas oil data.
Elsewhere, gold, as mentioned, suffered a small reduction while sellers attacked platinum to flip their net position back to a short. Three weeks of tentative copper buying saw a partial reversal as the High Grade futures price slumped by 5%.
The agriculture sector, meanwhile, saw net buying, driven by the grains sector following another week of sizable short-covering across all the major U.S. grain and oilseed futures. However, despite a 38% reduction from the July record short, the net short across the three major contracts was still a record for this time of year. Elsewhere, a second week of strong sugar buying helped lift the net long to a five-month high. Read full article
Electric vehicles (EVs) are losing value at an “unsustainable” rate as a slowdown in consumer demand sends used car prices tumbling, leasing companies have warned. The British Vehicle Rental & Leasing Association (BVRLA) warned that so-called fleet operators, such as car leasing firms and rental companies, are having to swallow large losses when reselling EVs because of “accelerated, exceptional depreciation”. In most cases, these companies buy new cars and own them for three years before selling them.
Consumers who lease cars during these three-year periods effectively cover the value of losses through monthly payments, which are calculated based on estimates of how much a vehicle is expected to depreciate.
But in the past two years, the typical amount of “residual value” left over at the end of a car’s lease has plunged from 60pc to 35pc, the BVRLA said.
This means a car worth £50,000 when new will now drop to £17,500 in value over three years, instead of £30,000. Read full article
The UK’s transition to Net Zero will only be achieved if complementary sectors are able to come together. For road transport to play its part in that transition, the relationship between the transport and energy sectors must be stronger than ever.
Both sectors will come together as part of the Transport+Energy Forum on 21 November, with the BVRLA forming part of the agenda. Alongside other trade associations working across all sectors, the BVRLA will outline the progress made by members to date, while highlighting where barriers to decarbonisation can be overcome with the support of local authorities and decision makers at all levels. Read More
ROME (Reuters) – Italy backs tariffs proposed by the European Commission on Chinese exports of electric vehicles (EVs), Italian Foreign Minister Antonio Tajani said in an interview published on Monday before he met China’s commerce minister in Rome. Read More
ICE Brent fell towards US$71/bbl last week. Demand worries and weaker prices will likely be the key focus at APPEC, which gets underway in Singapore this week The recent weakness in the market is very much going to be the key talking point at the APPEC week, which gets underway in Singapore this week. Weak Chinese demand is likely to dominate discussions, along with the broader weakness in refinery margins around the globe. This will naturally lead to discussions over what options OPEC+ has to try to stabilise the market. This is something that will become increasingly more difficult next year unless OPEC+ takes action to address the expected 2025 surplus. The US election and its potential impact on the oil market will likely be another theme discussed. A Trump victory could see a more hawkish US stance taken against Iran, potentially providing the opportunity for OPEC+ to unwind voluntary cuts next year.
In addition to APPEC week, which is likely to provide a lot of noise over views on the oil market, there will also be a number of data releases this week. OPEC will release its monthly oil market report on Tuesday and the market will be watching closely to see if the group makes any further revisions lower in its demand forecasts. China will also release its first batch of trade data for August on Tuesday, which will provide some more insight into how Chinese oil demand is performing. Cumulative imports over the first seven months of the year are already down 2.4% year-on-year. The EIA will release its Short Term Energy Outlook on the same day, which will include its outlook for the global market and the latest US crude oil production forecasts. Then on Thursday, the IEA will release its monthly oil market report, where it will share its outlook for the remainder of this year and 2025. . Read More
Organization of the Petroleum Exporting Countries (OPEC) turned 64, celebrating more than six decades of exceptional achievements and success.
Between 10-14 September 1960, representatives of five oil-producing countries – Dr Fuad Rouhani of Iran, Dr Tala’at al-Shaibani of Iraq, Ahmed Sayed Omar of Kuwait, Abdullah Al-Tariki of Saudi Arabia and Dr Juan Pablo Perez Alfonzo of Venezuela – descended on the Al-Shaab Hall in Baghdad to establish OPEC, marking the beginning of a new chapter in the global oil industry.
The vital mission of OPEC and its objectives propelled other oil-producing countries to join the Organization shortly thereafter. These included supporting oil market stability and protecting the right of all countries to exercise permanent sovereignty over their natural resources in the interest of development.
In its 64 years of existence, OPEC has championed cooperation and dialogue among all stakeholders to achieve stability in the global oil market, address challenges through inclusive and realistic approaches, and ensure oil continues to support the development of nations and prosperity of mankind. The most recent vivid demonstration of these efforts is the Declaration of Cooperation and the Charter of Cooperation between OPEC and non-OPEC countries.
In reflecting on the occasion, HE Haitham Al Ghais, OPEC Secretary General, said: “It is without a doubt that OPEC is the champion of the global oil market and international cooperation, as it continues, day in, day out, to focus on ensuring that the oil market is stable and balanced in the interest of all producers and consumers, as well as the global economy, despite the challenges that our industry faces.”
“As we celebrate today OPEC’s unparalleled history of success, I am confident that, with the continuous support of our OPEC Member Countries and the entire OPEC Family, the Organization is set to continue blossoming for years and decades to come,” the Secretary General added. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $70.29 | Up |
| Crude Oil (Brent) | USD/bbl | $72.99 | Up |
| Bonny Light 13/09/24 | USD/bbl | $75.96 | Up |
| Dubai | USD/bbl | $70.92 | Up |
| Natural Gas | USD/MMBtu | $2.32 | Up |
| Murban Crude | USD/bbl | $73.33 | Up |
| OPEC basket 12/09/24 | USD/bbl | $72.42 | Up |
Researchers have developed a new method that can directly charge a battery from a smartphone screen. Developed by a research team affiliated with UNIST, the method can directly supply energy from glass of buildings, cars, and mobile devices through transparent solar cells. The new type of transparent solar cell and module offers high efficiency and maintains glass-like colorless and transparent properties. The transparent solar cell secured colorless and transparentness by introducing an ‘all-back-contact’ design that places all the components of the solar cell on the back. It has achieved high efficiency and aesthetics that transparent solar cells must have at the same time. The material is developed by Professor Kwanyong Seo and his research team at the School of Energy and Chemical Engineering at UNIST. Called Seamless Modularization technology, the method eliminates gaps between devices without using metal wires. In the existing modularization method, the gap between devices and opaque metal wires have solved the problem of damaging the aesthetics of transparent solar cells. Read More
At the IAA Transportation 2024 in Hanover, Europe’s largest trade fair for commercial and industrial vehicles, FIAT Professional will unveil the E-Ducato Cargo Box, a large van featuring exceptional cargo capacity and an uncompromisingly spacious interior, making its world premiere as the perfect example of the new FIAT Professional CustomFit conversion and personalization programme.
The Fiat Professional E-Ducato Cargo Box, produced 100% at the state-of-the-art Atessa production facility in Italy, is a testament to the brand’s commitment to quality and precision. With FIAT Professional CustomFit project, and by keeping the entire transformation process in-house, the brand ensures meticulous attention to detail at every stage. This approach guarantees that every vehicle meets the unique needs of the customer, ensuring that businesses receive a vehicle perfectly tailored to their operational demands.
Along with the Cargo Box, available from October 2024, this approach offers a versatile array of conversion options tailored to the diverse needs of various businesses. These include the Drop Side configuration, the 1-Way Tipper, designed for efficient tipping in a single direction, making it perfect for construction and landscaping tasks. For even greater flexibility, the 3-Way Tipper allows tipping in three different directions, meeting the demands of diverse work environments. The Crew Van configuration accommodates additional passengers while maintaining ample cargo space, making it an excellent choice for teams on the move. Source,
Battery-electric light motor vehicle as a micro-LCV: The Opel Rocks Electric
The Opel Rocks Electric had a very special appearance in Hanover. The smallest vehicle in the Opel portfolio, which young people aged 15 and over can drive in Germany, was in the hold of the new Movano HYDROGEN – equipped with the practical KARGO kit. The battery-electric light motor vehicle with ultra-compact dimensions of 2.41 x 1.39 x 1.52 metres (length x width x height) and the KARGO kit has additional modularly divisible loading volume available. This turns the two-seater into a practical delivery vehicle in no time.
Transporter with passenger car design and technologies: The Opel Combo Electric
The third member of Opel’s IAA Transportation also proposes a convincing offer. The new Opel Combo Electric impressively demonstrates how Opel brings passenger car innovations onto the LCV market. The new edition of the compact Opel LCV is instantly recognisable and unmistakable, with a newly designed front and the characteristic Opel Vizor brand face. In addition to all the proven qualities of the previous version, the new Combo can illuminate the road ahead for the first time with the glare-free Intelli-Lux Matrix Light. This makes the compact van the first to bring state-of-the-art adaptive lighting technology to this market segment. The battery-electric vehicle, which can be ordered from €31,250 excl. VAT in Germany, now offers a locally emissions-free range of up to 354 kilometres (WLTP2), around 80 kilometres more than its predecessor. Together with the Vivaro Electric, the fourth member of the Opel LCV family, the brand can offer a strong all-electric solution for almost any user profile.
The IAA Transportation 2024 in Hanover runs until Sunday, September 22 and is open to visitors daily from 9 a.m. to 6 p.m. Read More
PEUGEOT introduces a 230 hp/170 kW powertrain with a high-capacity battery offering up to 700 KM (E-3008) or 668 KM (E-5008) of range in the WLTP combined cycle. This new powertrain joins the E-3008 and E-5008 range alongside the 210 hp/157 kW powertrain, which offers up to 527 km (E-3008) or 502 km (E-5008) of range.
With the launch of this new Long Range version, the PEUGEOT E-3008 and E-5008 210 and 230 Long Range will benefit from a new battery pre-conditioning system, allowing for optimized charging times during long journeys.
Manufactured in Sochaux and equiped with batteries produced at the ACC gigafactory in Douvrin, the PEUGEOT E-3008 and E-5008 Long-Range exemplify French Tech excellence. The efficient design of the STLA Medium “BEV-by-design” platform allows for a greater amount of energy to be stored between the wheels with a battery that is 15 mm thicker – while preserving the cabin and boot space, that is found on the PEUGEOT E-3008 and E-5008 210 as well as the Hybrid and Plug-in Hybrid powertrains.
The new E-3008, which has broken the mould with its fastback SUV design and the driving pleasure offered by its Panoramic i-Cockpit®, sets a new benchmark by offering the best electric range in its segment.
Thanks to the efficiency of its 230 hp/170 kW powertrain and its new 96.9 kWh usable battery, the E-3008 Electric 230 Long Range is capable of travelling 700 km without recharging (WLTP combined cycle). Read full article
Opel Movano HYDROGEN
With its combination of hydrogen fuel cell drive and plug-in battery, the new Opel Movano HYDROGEN can travel over 500 kilometres (WLTP1) and can be refuelled with hydrogen in under 5 minutes. This is an ideal solution for customers who need to drive long distances with zero local emissions and not lose time refuelling. The electric motor offers 110 kW (150 hp) of power and a maximum torque of 410 Newton meters. The 11 kWh lithium-ion battery provides support when starting or accelerating. Another major advantage of the system: braking energy can be recuperated and fed into the battery as electricity via the electric motor working as a generator. Read full article
Bentley Motors announced that the first fourth-generation Continental GT has completed production, in time for the 136th birthday of Walter Owen Bentley.
With the same specification as the car that featured in the unofficial ‘Underwater Speed Record’ and launch film, the first new Continental GT is finished in Tourmaline Green, with a Gravity Grey and Mandarin interior. The car will begin its life as a UK Press Fleet car, before joining Bentley’s Heritage Collection where it will be retained forever. The car will be followed off the production line by the first customer cars, each one specified in one of the 46 billion configurations possible through Bentley’s standard options list. The Continental GT Speed redefines the ultimate blend of supercar performance, handcrafted luxury and everyday usability. The new model displays a comprehensive exterior and interior redesign, with clean modern detailing, recently established by the new DNA showcased by the coachbuilt Bentley Bacalar and Batur.
Outstanding performance is brought by an all-new Ultra Performance Hybrid powertrain with 782 PS and 1,000 Nm, from a 4.0-litre V8 working in tandem with a 190 PS electric motor. 0-60 mph in 3.1 seconds is the result, with the benefit of 50 miles (81 km) of usable electric-only range (on the EU drive cycle) and a total range of 534 miles (859 km) – creating an everyday supercar. Read full article
Baker Hughes Rig Count: U.S. +8 to 590 Canada -2 to 218
U.S. Rig Count is up 8 from last week to 590 with oil rigs up 5 to 488, gas rigs up 3 to 97 and miscellaneous rigs unchanged at 5.
Canada Rig Count is down 2 from last week to 218, with oil rigs down 2 at 150, gas rigs unchanged to 67 and miscellaneous rigs unchanged at 1..
The Worldwide Rig Count for August was 1,735, up 22 from the 1,713 counted in July 2024, and down 53, from the 1,788 counted in August 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 13 September 2024 | 590 | +8 |
| Canada | 13 September 2024 | 218 | -2 |
| International | August 2024 | 931. | -3 |
The global automotive tire market was estimated at USD 19.12 billion in 2023. The market is expected to upsurge from USD 19.44 billion in 2024 to USD 24.06 billion by 2032 at a CAGR of 2.7% during the forecast period from 2024 to 2032. The automotive tire market is expected to grow significantly due to factors including a rising number of car purchases worldwide, an increase in research and development (R&D) activities, technological developments in the car tire sector, and a rising focus on fuel economy.The automotive tire market growth is experiencing a boost due to several factors. Primarily, there is an increasing emphasis on fuel economy, driving consumers to seek tires that offer better fuel efficiency. Convenience is driving growth in the automotive tire market, with demand for all-season tires eliminating the need for seasonal changes. Moreover, the high maintenance or replacement costs of conventional tires are leading consumers to opt for more durable and cost-effective alternatives, boosting the demand for innovative tire solutions. Furthermore, original equipment manufacturers (OEMs) are adopting advanced manufacturing technology to differentiate their products, offering tires that are more sustainable, durable, and affordable, thus meeting the evolving needs of consumers and further driving the automotive tire market growth. The market is primarily segmented on the basis of rim size, vehicle type, tire type, season type, section width, and region.
Based on region, in 2023, the Asia Pacific region accounted for the largest market share. Read full article
Researchers at the Massachusetts Institute of Technology (MIT) have observed and captured images of a rare “edge state” in ultracold atoms. Using these findings, they can learn to achieve and harness the edge states of electrons in different materials. This breakthrough in the field of quantum physics could lead to the discovery of practically infinite energy sources. The “edge state” of electrons is a special situation where electrons move along the boundaries or edges of certain materials, rather than through the middle. Such frictionless movement of electrons can enable data and energy transfer across devices without any transmission losses, leading to the development of super-efficient electronic circuits and quantum computers. Read full article
Researchers in Europe have developed a solid-state battery with increased energy density using a new method. The battery is claimed to be suitable for modern lithium-ion battery production lines and offers 1,070 Wh/L energy density. The prototype battery was developed by 14 European partners in the SOLiDIFY consortium.
Developed in the state-of-the-art battery lab of EnergyVille in Genk, Belgium, the battery achieved high energy density after combining a thick, high-energy-density cathode (NMC, containing nickel, manganese, and cobalt) separated from a thin lithium-metal anode by a thin solid electrolyte separator.
The manufacturing process requires room temperature and is adaptable to current lithium-ion battery production lines. Researchers claim that the method is expected to cost less than €150 per kWh. Read full article
BP said on Monday it plans to sell its U.S. onshore wind energy business, which has interests in ten operating onshore wind energy assets across seven states. The company intends to integrate onshore renewable power development into Lightsource BP, Europe’s largest solar energy developer, which BP plans to fully acquire. Read full story
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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