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OPEC + is postponing the decision until this Friday. The prospect of gradual opening of taps makes oil rise – Oil

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OPEC + is postponing the decision until this Friday.  The prospect of gradual opening of taps makes oil rise - Oil

Members of the Organization of the Petroleum Exporting Countries and their allies (the so-called OPEC + group) met this afternoon, but decided to postpone any decision until Friday, as the terms of the production agreement have not yet been agreed. And that’s because the UAE doesn’t seem to agree with everything that’s being proposed.

As far as we know, all indications are that OPEC + has decided to continue the gradual opening of its taps. After placing an additional 2.1 million barrels per day on the market in the first seven months of the year, several sources told Reuters and Bloomberg that a decision will now be made to increase their exports by another two million barrels per day between August and December.

Crude oil prices have reacted sharply to these signs, trading at October 2018 highs, expecting more black gold to continue to flow gradually – thus easy to satisfy at a time when demand continues to rise in the context of the economic recovery.

The “benchmark” for the US West Texas Intermediate (WTI) for August delivery continued to climb 2.74% to $ 75.48 a barrel. The July contract for Brent crude from the North Sea, traded in London and the benchmark for European imports, will rise 1.88% to $ 76.02. When rumors of production volumes began to circulate, the price soared more than 3% in New York and more than 2% in London.

The rise in prices was helped by the fact that the increase in production, determined for August, could be 400,000 barrels per day, when it was expected to reach half a million barrels per day. According to the agreement, which will be on the table, every month – from August to the end of the year – 400,000 barrels per day will be delivered, which is two million.

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Thus, the oil market has many opportunities to increase production – and the additional two million barrels per day until December will not be able to meet the expected demand for consumption. According to OPEC, world oil supplies in the fourth quarter will be 2.2 million barrels per day below demand.

OPEC + precautions to prevent market flooding are associated with the resumption of new cases of COVID-19 in many regions, especially in Asia and Europe. In addition, the Iranian factor must be taken into account, since the resumption of the nuclear deal will lead to the lifting of sanctions against Tehran and the appearance of more black gold on the market.

The general expectation of increased consumption this year and a consistent drop in crude oil inventories in countries such as the United States and China, where refineries are operating at full capacity, have spurred price support, and the likely OPEC + decision removes fears of inflationary pressures – because if large producing countries will not choose more, prices may rise.

It should be recalled that in May last year, in response to a sharp drop in demand as a result of restrictions caused by the pandemic, OPEC + agreed to cut supply by 9.7 million barrels per day. The idea is to end these production phase-out efforts by the end of April 2022. The current decline is 5.8 million barrels per day, including oil, which has since re-entered the market at the end of 2020 and in those first seven months of 2021.

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The OPEC + group said on Tuesday, quoting Reuters, that it estimates demand will grow by 6 million barrels a day this year. But he sees risks of oversupply in 2022 due to “great uncertainty”, namely an imbalanced global recovery and the possibility that the delta variant of the coronavirus will continue to increase the number of infections.

For this reason, a source from the cartel told the British agency yesterday that the agreement to cut supplies could go beyond April 2022, so that the almost six million barrels that OPEC + members hold on the market will not reach the market by that date. Metro. However, OPEC + sources told Reuters that the UAE was not satisfied with the possibility that this agreement would be in force until the end of next year, having blocked the decision for today.

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Economy

Everything has been delivered. 10 Bugatti Centodieci are already in the hands of the owners

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Everything has been delivered.  10 Bugatti Centodieci are already in the hands of the owners

OAll Bugatti Centodieci have been delivered, the Molsheim-based brand said on Monday. Cristiano Ronaldo received the number 07 in October this year. and Bugatti has now revealed that the latest unit – #10 – is already in the possession of its owner.

“The Centodieci combines all the values ​​of the Bugatti brand in an extraordinary package: rarity, innovation, heritage, craftsmanship and unrivaled performance. The production batch of 10 units was so in demand by our customers that it was sold before the Centodieci. was even officially presented,” said Christophe Piochon, president of Bugatti.

This latest example is finished in Quartz White with carbon fiber trim on the bottom and matte grilles. The brake calipers are painted in Light Blue Sport, as is the logo on the rear that refers to the EB110, the iconic Bugatti model that inspired this Centodieci. Inside, the predominant color is also blue, as you can see in the images above.

This block is powered by the same block as the other nine instances. The 8.0-liter W16 with four turbines is capable of developing 1600 hp. In terms of performance, this allows the Centodieci to hit 100 km/h in just 2.4 seconds and reach a top speed of 380 km/h.

Recall that each unit costs the owners eight million euros before taxes.

Read also: We already know when the Bugatti Centodieci fell into the hands of Ronaldo.

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Economy

The first Dacia hybrid. “The cheapest hybrid family on the market”

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The first Dacia hybrid.  "The cheapest hybrid family on the market"

BUT Dacia revealed this Monday that the hybrid engine has been available since March on the Jogger, the Romanian brand’s model known to be available with a seven-seat variant.

The Jogger Hybrid 140, Dacia’s first hybrid, will hit dealerships in March, but customers can expect and order it as early as January.

The price has been revealed by Dacia and since it’s only available in the seven-seater SL Extreme, it starts at €28,800. The brand claims it is “the most affordable hybrid family car on the market.”

Available in six existing colors to celebrate the launch of this hybrid, there will be a slate gray version, as you can see in the images above.

Equipped with a 1.6 liter four-cylinder petrol engine with 90 hp, the Jogger is also powered by two electric motors (a 50 hp engine and a high-voltage starter-generator). The total power is 140 horsepower. The electric transmission is automatic, four-speed, connected to an internal combustion engine, and two speeds are connected to an electric motor. This combined technology was possible, according to Dacia, only due to the lack of clutch.

Combined with the energy recovery levels of the 1.2kWh (230V) battery pack and the efficiency of the automatic transmission, regenerative braking delivers all-electric traction on 80% of urban journeys and saves up to 40% of fuel compared to a combustion engine vehicle.

Read also: Dual-fuel Dacia Jogger Eco-G. We tried 5 seater and LPG…

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Economy

See how Tesla tests its electric Semi truck in the worst-case scenarios

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Tesla Semi camião elétrico testes

Tesla has finally been able to bring its long-awaited Semi to market. This electric truck promises to revolutionize transportation and bring all the unique characteristics of this type of electric vehicle to this class of vehicles.

Now that the first units have been delivered, there is hope that they will finally be mass-produced and reach more transport companies. With so many promises to be kept, a new video is now emerging showing Tesla testing its Semi truck under worst-case scenarios.


Tesla Semi is already on the market

Like all Tesla electric vehicles, Semi follows the same line of creating a unique design associated with a platform with the most modern technology available. The proof is in what was presented to the public and surprised most people.

To prove the quality of this new proposal, Tesla published in your LinkedIn account new video. In it, he reveals some of the testing he's done to determine the strength and quality of the Semi's design and its (potential) durability.

Tests to prove its durability

It has been revealed that the Tesla electric truck is subjected to numerous tests and its application in the worst scenarios that drivers may face. It doesn't stop at the ruggedness of the Semi's designs, but goes further and focuses on the motors and batteries themselves.

This is the proof that many have been waiting for to ensure that this new proposal is not limited to a lot of autonomy. Its resistance is great and will provide greater durability, further enhancing the Semi's value and performance.

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high quality electric truck

Tesla has already showcased the Semi's quality with a video showing its truck driving roughly 500 miles on just one charge. The big news here is that he managed to make this long journey with a maximum load of about 37 tons.

Now Tesla remains to widely place the Semi on the market. At the moment, only a few companies have access to this new product, with a very long list of pending deliveries, who want to start mass-using this electric truck offering.

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