Green Car Congress

AUGUST 12, 2015

With record production of 10.564 million barrels per day in June 2015, Saudi Arabia has been one of the major driving forces behind the current oil price slump. The Saudis have kept their production levels high since last year in order to drive other players (especially US shale drillers) out of business.

Oil Prices 150

Oil Prices Saudi Arabia Oil Price 150

Green Car Congress

MAY 23, 2016

The 2 June 2016 OPEC meeting will be held amid a backdrop of oil prices near $50 per barrel, a sharp drop in Nigerian production due to sabotage, turmoil in Venezuela, Saudi Arabia operating with a new oil minister, and Iran aggressively pumping close to pre-sanction levels. There will always be a need for additional production.

Saudi Arabia 150

Saudi Arabia Iran Store Oil 150

Baua Electric

JANUARY 12, 2024

Volvo has joined Tesla in stopping its EV production in Europe due to the threat of violence from Iran-backed Houthi fighters attacking commercial ships traveling in the Red Sea. Tesla and Volvo are among several companies having to direct ships away from the Red Sea amid the threat of attacks, Automotive News Europe reports.

Volvo 52

Volvo Yemen Iran Production 52

Green Car Congress

AUGUST 13, 2015

In the last quarter of 2014, in the face of possible oversupply, Saudi Arabia abandoned its traditional role as the global oil market’s swing producer and therefore it role as unofficial guarantor of existing ($100+ per barrel) prices. The Saudis obviously miscalculated the degree to which their shift would negatively impact oil prices.

Saudi Arabia 150

Saudi Arabia Oil Iraq Iran 150