Following today’s OPEC+ meeting, where members agreed to lift their production ceiling by 75,000 bpd, Saudi Arabia announced it will voluntarily cut its production by 1 million bpd in February and March. News sent oil prices sharply higher in mid-day trading, with the WTI up 5.0% at $49.99/bbl and Brent up 5.0% at 53.65/bbl. Natural gas was 3.8% higher at $2.68/MMBtu.
Saudi Arabia and Russia disagreed Monday over whether OPEC+ should boost crude output amid rising global COVID-19 infections, with a second meeting scheduled Tuesday to iron out internal divisions.
Container freight rates from Asia to the U.S. are soaring as severe congestion clogs the ports of Los Angeles and Long Beach.
European freight forwarders are rejecting U.K. deliveries over fears of post-Brexit border chaos that could prevent shippers from returning with a backload or delay drivers with long lines at new customs checks. Spot shipping rates from France to the U.K. quadrupled last week.
Amazon purchased seven passenger jets to be converted into freighters ahead of a new $1.5 billion air cargo hub opening at the Cincinnati/Northern Kentucky International Airport.
With omnichannel shopping increasing 50% last year and likely persisting beyond 2021, Nielsen data shows that grocers and retailers must increasingly adopt an online presence as an essential business component.
Truck maker Hino has suspended operations potentially until October after failing to meet tightened CO2 and greenhouse gas emissions standards for heavy trucks.
Logistics conditions remain strained, with trucking demand exceeding availability, continuing congestion at ports, and backlogs at warehousing and packaging facilities due in part to operating challenges related to the pandemic. Shipping containers are in short supply, with demurrage charges rising.Clients are advised to provide expanded lead times on orders to help ensure delivery dates.
There were 180,477 new COVID-19 cases in the U.S. yesterday and 1,903 fatalities.
U.S. COVID-19 hospitalizations topped 128,000 yesterday, a record, after more than 2,800 new patients were added in a single day. Rising hospitalizations continue to strain the healthcare system, with more and more hospitals treating patients in hallways and waiting rooms after reaching capacity.
Moderna raised its forecast for COVID-19 vaccine production from 500 to 600 million doses in 2021, with 200 million doses slated for the U.S. and at least 40 million headed to Canada.
The FDA dismissed proposals to administer only a single dose of the Moderna and Pfizer/BioNTech vaccines in order to double the available supply pending testing results confirming a single dose can be effective.
Christmas and New Year’s travel set a new pandemic high last weekend, with more than 1.3 million people traveling though U.S. airports Sunday.
The head of the Chicago Federal Reserve bank expects super-easy monetary policies, including record low interest rates, to persist in 2021 even as vaccines bring the pandemic under control.
The U.S. automobile industry is poised for a strong rebound in 2021 after vehicle sales fell 15% last year, interrupting an unprecedented decade of growth.
3D printing is penetrating operating rooms: Israeli doctors performed the first ever augmented reality, three-dimensional eye surgery, where a 3D printer was used to recreate a man’s damaged eye socket.
Global tourism collapsed in 2020 to a level not seen in three decades:
Brexit has already affected the finance industry, with a large chunk of European stock trading moving from London to venues in Amsterdam, Paris and other cities on the first trading day of the new year.
Shareholders approved Fiat Chrysler’s $52 billion plan to merge with Peugeot maker PSA, creating the world’s fourth largest auto group that will be renamed Stellantis.
As we enter a new year, our President and CEO shared this message and video with our Mployees and business partners.
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