Battle Rages for Libya’s Capital, Airport Bombed
Libya, one of the most volatile nations apart of the Organization of Petroleum Exporting Countries (OPEC), is experiencing continuous civil unrest. This past week there have been attacks on Tripoli, Libya’s capitol, including bombing of their only functioning airport. The attacks are led by General Khalifa Haftar, who currently is the head of the country’s self-proclaimed eastern parliament and the Eastern Libya National Army (LNA). Haftar plans to take control of Tripoli and the entire western part of Libya, including the oil ports of Es Sider and Ras Lanuf. US has even pulled troops out of the country due to the intensified fighting. Currently there is no immediate threat to Libyan oil fields or ports, but if these plans are successful and attacks escalate, major disruptions could occur. According to the OPEC monthly report, Libya produced nearly 1.1 million barrels per day (mmbd) in March, which is .196 mmbd higher than February and the country is currently exempt from the OPEC+ production cut agreement.
Truckers Cut Payrolls as Freight Demand Softens
According to the Labor Department, trucking companies cut payrolls by 1,200 jobs in March, which ends a near yearlong expansion. Despite the US adding roughly 196,000 jobs in March and holding unemployment at 3.8 percent, trucking jobs slowed indicating a softening freight market. Other indicators supporting this claim include warehouse and storage companies adding 1,700 jobs in March, which is the slowest rate of growth since December. Also, North American heavy-duty truck orders fell significantly, along with shipment volumes reported by the CASS Information Systems Freight Index.
In Other News
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Trucking companies pulled back from hiring in March as freight demand softened and job growth across the logistics sector slowed. Carriers cut payrolls by 1,200 jobs last month, according to preliminary figures the Labor Department reported Friday, halting a nearly yearlong expansion amid signs a hot streak that boosted transportation companies’ profits in 2018 is cooling. Also see, Trucking employment dips for the first time in a year, spot rates flat.
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British Prime Minister Theresa May says the European Union has granted her “key request” to add an early exit clause to its agreement to a six-month Brexit extension. The U.K. and the EU agreed early Thursday to delay Brexit until Oct. 31 but May says she wants to leave “as soon as possible.”
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