Breaking: India will buy Russian oil despite Trump's threats: Report
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Asharq Al-Awsat
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OPEC+ Countries Reaffirm Commitment to Market Stability
The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on August 3, 2025, to review global market conditions and outlook. In light of a steady global economic outlook and healthy market fundamentals, reflected in low oil inventories, the eight participating countries will implement a production adjustment of 547,000 barrels per day in September 2025. This adjustment follows the December 5, 2024 decision to gradually and flexibly return the 2.2 million barrels per day voluntary cuts, starting from April 1, 2025. This is equivalent to four monthly increments, SPA reported. The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3, 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. They will meet on September 7, 2025.
ArabGT
an hour ago
- ArabGT
Tesla Hit with $243 Million Verdict Over Fatal Crash
A courtroom in Florida may have just drawn a new line in the sand for autonomous driving. In a landmark ruling, a jury ordered Tesla to pay $243 million in damages following a fatal 2019 crash involving its Autopilot system. But beyond the headline figure, what really stands out is the message: when technology falls short, it can—and will—be held accountable. The tragedy claimed the life of Naibel Benavides Leon and left her former partner, Dillon Angulo, with lifelong injuries. Both were standing beside their parked Chevrolet Tahoe when a Tesla Model S, driven at high speed by George McGee, slammed into them. McGee had reportedly dropped his phone and was reaching for it when he ran a stop sign and red light—without any warning from the Autopilot system. The jury didn't let Tesla off the hook. While the driver bore a significant share of the blame, the court also held Tesla responsible—arguing that the design of Autopilot allowed for misuse, and that public claims from Elon Musk about its safety may have misled consumers. The verdict awarded $129 million in compensatory damages and $200 million in punitive damages. Tesla was found liable for 33% of the total. For Tesla, this is more than just a legal blow. It's a moment of reckoning. The company pushed back, insisting the crash was due solely to human error and warning that this kind of ruling could slow progress in developing life-saving technology. 'No car—then or now—could have avoided this accident,' Tesla said in a statement. But for Dillon and the family of Naibel, this ruling was something else entirely: a recognition that something broke down when it mattered most, and that someone needed to be held responsible. Legal experts are calling it a turning point. Professor Alex Lemann of Marquette University noted, 'We've seen many fatal Autopilot crashes, but this is the first time Tesla has been hit with a major financial judgment. It changes things.' And it comes at a sensitive time. As Tesla navigates slowing EV sales and rising pressure to justify its massive market valuation, the spotlight is back on whether its bold promises about autonomy and AI are outpacing reality. At its core, this case raises a vital question: in a world racing toward automation, what happens when the machines we're told to trust fail us? The answer, at least in this Florida courtroom, is that someone must answer for it.
ArabGT
an hour ago
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American Automakers Lead This Week's Biggest Automotive Headlines
The automotive industry experienced a dynamic surge of developments last week, spanning notable shifts in electric vehicle demand, record-setting performance triumphs, and the revival of some of America's most iconic models. From innovations on the production line to historic runs on legendary racetracks, these changes underscore the fast-paced transformation of a sector that demands constant attention from industry watchers and enthusiasts alike. Here's a comprehensive look at the standout stories shaping the conversation this week. Chevrolet Breaks Records: Corvette ZR1X Becomes Fastest American Car at Nürburgring Chevrolet made history on Germany's Nürburgring Nordschleife as the 2025 Corvette ZR1X clocked a blistering lap time of 6:49, securing its position as the fastest American production car ever to conquer the challenging track. What elevates this achievement beyond raw performance is that all three entries—the Z06, ZR1, and ZR1X—were driven not by pro racers but by GM's own engineers. This strategic move demonstrates not only Chevrolet's technical prowess but also the brand's belief in real-world engineering credibility, bridging the gap between development and authentic track-tested capability. BYD Faces First Output Drop in Over a Year Amid Fierce Local Competition China's electric vehicle giant BYD, long seen as a pillar of growth in the EV market, reported its first production dip in 17 months, with July output slipping by 0.9%. Sales saw only marginal growth at 0.6%, prompting the company to scale back amid an increasingly brutal price war and intensifying domestic rivalry. The slowdown comes after a long phase of aggressive expansion, hinting at a potential recalibration in the world's largest EV market. Chevrolet Bolt to Return in 2027 as Affordable Long-Range EV General Motors has confirmed the return of the beloved Chevy Bolt, revamped as a next-generation electric model set for release in 2027. Built on GM's Ultium platform, the new Bolt is expected to offer an estimated 300-mile range and carry a competitive price tag near $30,000. The announcement breathes new life into the budget EV segment, promising practicality without compromising modern tech and range. Trade Truce Between US and EU Offers Relief to Automotive Sector In a move likely to bring greater predictability to global supply chains, the US and European Union have agreed to reduce tariffs on European imports to 15%—a notable drop from the anticipated 30%. The deal, finalized during a summit in Scotland between President Donald Trump and European Commission President Ursula von der Leyen, marks a welcome de-escalation of trade tensions. The automotive and aerospace industries stand to benefit directly, with more accessible transatlantic exchange and lower cost burdens on manufacturers. Ram TRX Returns in 2026 with Legendary Hellcat Power The muscle truck is back. Stellantis has officially confirmed that the high-performance Ram TRX will return to the market in 2026, once again powered by the ferocious Hellcat V8 engine. Its reappearance reaffirms the enduring appeal of raw American horsepower, even as the industry accelerates toward electrification. For performance truck enthusiasts, it's a powerful reminder that combustion still has its place in the era of change.
