Brazil Considers Joining the Organization of Petroleum Exporting Countries
Saudi Arabia, the de facto leader of the Organization of Petroleum Exporting Countries (OPEC) formally invited Brazil to join the cartel. President Jair Bolsonaro said he is eager to accept the offer but will first have to talk with his economic and energy teams before agreeing to join. If Brazil joins OPEC, their roughly 3 million barrels per day production would make them the third-largest oil producer behind Saudi Arabia and Iraq. However, big competing strategies lie with Brazil looking to expand their crude oil production capacity, where OPEC is known for cutting production to boost prices.
NACFE Run On Less Regional Demonstration Achieves 8.3 MPG Average
The North American Council for Freight Efficiency (NACFE) has completed its Run On Less Regional demonstration and announced promising results. Over the course of 18 days, NACFE tracked 10 participating trucks (9 diesel and 1 natural gas) hauling real freight and the fuel efficiency the fleets achieved. The fleets picked the driver, truck, and any technology for the test. The final results showed that the fleets achieved an average fuel efficiency of 8.3 MPG, which is well above the stated national average of 6.0 MPG. The nine diesel trucks achieved an average 8.7 MPG. The demonstration proved that as regional haul increases, diesel trucks can become more efficient and can produce fuel savings. It also opens the door to explore alternative energies, with NACFE already started to research and educate on electric vehicles.
Top Energy Stories
California Low Carbon Fuel Standard (LCFS) credit prices extended new records in recent days and came within striking distance of the $210 mark, occurring just days ahead of the program’s quarterly data release.
Brazil’s president welcomed an informal invitation from Saudi Arabia for his country to join OPEC and said he’d be eager to accept.
Top Freight Transportation Stories
Ten fleets taking part in the North American Council for Freight Efficiency (NACFE) Run on Less Regional freight efficiency demonstration averaged 8.3 miles per gallon for the three-week event – a more than 30% improvement over the 6.0 MPG national average.
True driverless cars have arrived from Waymo, the self-driving unit of Alphabet Inc., but the company’s chief executive officer says robot ride-hailing may not be the first form of automotive autonomy to take off commercially.
Daimler Trucks & Buses has announced a goal of achieving a CO2-neutral fleet of new vehicles by 2039 in key regions of the world.
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Top Economic Stories
Orders for long-lasting or durable goods fell in September for the first time in three months and business investment shrank again, reflecting widespread weakness in manufacturing that’s acted as a drag on the broader U.S economy.
The pace of U.S. economic growth slowed slightly during the third quarter as business investment declined, although solid consumer spending and an improvement in the housing sector kept economic growth on track.
Chile’s president, Sebastián Piñera, said his government had canceled plans to host an Asia-Pacific trade summit amid anti-government protests, clouding prospects for the speedy conclusion of a “phase one” trade deal between the U.S. and China.
The Federal Reserve cut interest rates for the third time this year and began to downplay expectations of further cuts for now.