By Charles Kennedy of OilPrice.com

Saudi Arabia’s crude exports plunged to a 28-month low in August as the world’s largest crude oil exporter continued to cut its production to “stabilize” the market, data from the Joint Organizations Data Initiative (JODI) showed on Monday.   

Saudi crude oil exports fell to 5.58 million barrels per day (bpd) in August, down by 428,000 bpd from July—the lowest level in 28 months, according to the latest available data in JODI, which compiles self-reported data from many countries.

The Kingdom’s crude oil exports have been steadily falling since March this year, from a high of over 7.5 million bpd in January, due to the OPEC+ cuts in which Saudi Arabia reduced production by around 500,000 bpd, and to the voluntary Saudi cut of 1 million bpd, which is now extended until the end of this year.

In August, Saudi Arabia’s crude oil production dropped by 95,000 bpd to 8.92 million bpd, the lowest in 27 months, according to the JODI data published today. The Kingdom started to implement the voluntary cut of 1 million bpd in July this year.

After extending the production reduction for a month for two consecutive months, Saudi Arabia said in September it would extend the extra cut until the end of 2023.

Earlier this month, Saudi Arabia and Russia, the key OPEC+ partners, said they are keeping their oil supply cuts in November despite the crude oil price rally in September.

Both Saudi Arabia and Russia reiterated that the ongoing oil supply cuts were aimed at keeping “stability and balance on the oil markets.”

The Saudi production cuts and the drop in its crude oil exports have been tightening the oil market in recent months. The lower supply sent prices soaring to the highest level so far this year at the end of September.

The ban on gas and diesel vehicles is officially making its way across the globe, with Stockholm the next city in the queue. 

The Swedish capital now has a plan in place to ban gas and diesel cars in part of the city beginning in 2025, according to Bloomberg. The ban is going to begin in a 20 block area around the capital's finance hub, the report says.

The same area also houses the city's main shopping attractions. It'll only allow "electric cars, some hybrid trucks and fuel cell vehicles", the report says, citing rules reported by SVT that will be presented mid-week.

Stockholm is poised to become a trailblazer among major capitals by considering the prohibition on a scale previously unseen. The proposal surpasses the efforts of cities like Paris, Athens, and Madrid, which have also set their sights on banning diesel cars.

In the same vein, some cities like London have implemented measures like low-emission zones, where drivers of older combustion engine vehicles are required to pay daily fees for access to the city center.

It's uncertain whether the plan will boost electric vehicle sales in Sweden, given the current cost-of-living crisis affecting EV sales. Mobility Sweden recently lowered its 2023 forecast for new EV registrations from 40% to 35% of total registrations.

In other places, Brussels banned non-essential and non-local car traffic on 10 central city streets in December. London expanded its ultra-low emission zone in August, marking one of the world's most ambitious vehicle emissions policies. However, UK Prime Minister Rishi Sunak delayed the UK government's plan to ban the sale of new petrol and diesel cars until 2035.

In Norway's capital, Oslo, known for its EV adoption, the municipal environment agency recommended introducing a zero-emission zone in the inner city. Initially, it would target heavy transport and trucks in 2025 before extending to cars in 2027.

Lars Stromgren, a local lawmaker who is responsible for traffic policy, told Bloomberg: “We want to create a better living environment for the people who live and work here.”

Authored by John Cody via Remix News,

At the same time the governing left-liberal coalition crashes in the polls, the right-wing Alternative for Germany (AfD) is surging ahead, reaching a new record high in a major state-run poll.

AfD leaders Alice Weidel and Tino Chrupalla.

According to the most recent ARD Deutschlandtrend poll, all parties of the ruling traffic light coalition only have 33 percent of the vote, while the AfD is now stronger than the SPD and the Free Democrats (FDP) combined, reaching 23 percent of the vote.

According to Infratest dimap, the three-party ruling coalition has reached a new low among Germans. Only 15 percent back the SPD, while 13 percent would vote for the Greens and 5 percent for the FDP. Given that 5 percent is needed to enter parliament, the FDP is under threat of being removed entirely, which is putting the coalition on increasingly shaky ground.

AfD party co-leader Alice Weidel celebrated the new record high, writing: “New record also in the ARD Germany trend: The AfD is now at 23% here too! In addition, 50% of citizens would like the AfD to be in government where it has performed strongly. A great confirmation of our work!”

Neuer Rekord auch im #ARD-Deutschlandtrend: die #AfD liegt nun auch hier bei 23 %! Außerdem wünschen sich 50 % der Bürger die AfD dort in der Regierung, wo sie stark abgeschnitten hat. Eine tolle Bestätigung unserer Arbeit! #DeshalbAfD #BereitfuerMehr pic.twitter.com/mDFfvv8v69

— Alice Weidel (@Alice_Weidel) October 13, 2023

The poll showed all three governing parties dropping one point compared to polling from a week ago. For the Social Democrats, this is the worst result during this legislative period; in the federal election approximately two years ago, SPD had 25.7 percent of the vote. Meanwhile, FDP has seen its vote cut in half since 2021, when it received 11.5 percent of the electoral vote.

The AfD is enjoying a record lead over the SPD, coming in at an unprecedented eight points. Meanwhile, the Christian Democrats and Christian Socialists (CDU/CSU) continue their run on top of the polls, coming in at 29 percent, a bump of one point compared to last week. The Free Voters and the Left Party would each have 4 percent.

Voters’ top concern is immigration, while climate change becomes a non-issue

Voters also say their top concern is mass immigration, with 44 percent of voters naming this as the most important political problem that politicians should address. This issue towers over the other problems facing the country, with armed conflicts/peace/foreign policy only coming in at 18 percent, while the economy comes in at 11 percent and inflation and taxes at 10 percent.

Regarding the environment and climate change, only 1 percent of Germans list this as the most pressing issue.