Iran Discovers New Oil Field
Last week Iran claimed to have found a new oil field that consists of 53 billion barrels in new crude oil reserves. This would increase the countries proven oil reserves by a third. If the claim is accurate, it is a significant discovery for the struggling country as it faces strict sanctions by the United States. Iran currently has the world’s fourth-largest proven reserves and the new oil field could become Iran’s second-largest field.
Despite the discovery, it will be challenging for the country to sell additional crude with the U.S. sanctions still in place. The news didn’t move markets, because the restrictions on Iran’s exports of crude oil and the active nature of the Organization of Petroleum Exporting Counties (OPEC) cutting oil production to boost prices.
Convoy Raises $400 Million to Expand Digital Freight Business
As the digital brokerage space continues to gain more traction, so does the funding behind the companies trying to disrupt the industry. This past week, Convoy announced they rose $400 million in Series D funding that values the company at $2.75 billion. U.S.-based digital freight brokerage startups rose more than $661 million in funding between 2011 and 2018. It is expected to be over $1 billion this year. Convoy plans to use the funding to hire more product engineers and other staff to double its headcount over the next couple of years. They also plan to expand their trailer-sharing program and other services.
Top Energy Stories
Iran discovered an oil field containing the equivalent of 53 billion barrels, potentially boosting its reserves as the OPEC member struggles to overcome the effects of sanctions on its energy industry.
After pushing U.S. oil and natural-gas production to record levels, some shale companies plan to pump less. Voluntarily restricting growth is a new dynamic for the industry and reflects a calculus that it is better to spend and produce less while hoping for higher commodity prices.
Unceasing U.S. shale-oil production will reshape global energy markets in the years to come, bolstering the country’s influence over nations in the Organization of the Petroleum Exporting Countries, the International Energy Agency said Wednesday.
Top Freight Transportation Stories
Digital freight broker Convoy raised $400 million in a Series D funding round that values the business at $2.75 billion and backs its expansion in a growing array of technology-focused upstarts making inroads in the freight transportation sector.
Chinese electric car maker BYD Co Ltd and Japan’s Toyota Motor Corp said on Thursday they planned to set up a joint venture to design and develop battery electric cars as they ramp up efforts to produce zero emissions vehicles.
The hacker behind a cyberattack that has crippled Petroleos Mexicano’s computer systems since the weekend is hoping to squeeze about $5 million out of the company and appears to have set a deadline of Nov. 30
Top Economic Stories
Consumer confidence ticked slightly higher in early November, although a gauge of current economic conditions trended downward. The University of Michigan said Friday its preliminary index of November consumer sentiment was 95.7, up slightly from 95.5 at the end of October.
Tariffs are emerging as the main stumbling block in efforts by the U.S. and China to come to a limited trade deal, a month after the two countries called a truce in their trade war.