Russia’s Novak says OPEC+ may discuss underperformers this month
The Organization of the Petroleum Exporting Countries and its allies may discuss countries which have lagged in reducing their oil output under a global oil cut deal, Russian Energy Minister Alexander Novak was quoted as saying on Monday.
OPEC+, are currently cutting output by 7.7 million barrels per day (bpd) until December to support prices as the coronavirus crisis hammers demand. Saudi Arabia has been heading efforts to put pressure on stragglers such as, Iraq, Kazakhstan, Nigeria and Angola to improve compliance with the reductions and compensate for their overproduction in July-September.
Trucking added back 10,000 jobs in August, still lags pre-pandemic levels
The for-hire trucking industry added 10,000 jobs on a seasonally adjusted basis in August, according to the Department of Labor’s monthly employment report. That’s the fourth straight month-to-month gain after the huge fallout in trucking employment — 96,700 jobs — in March and April.
Since then, and led by August’s leap, the industry has added back 18,900 jobs as freight volumes and the economy at large recover. Trucking industry employment totaled 1,449,500 in August — down 77,800 from the pre-pandemic high in February and down 67,100 jobs from the same month last year.
Top Energy Stories
Saudi Arabia’s state oil giant is reviewing plans to expand at home and abroad in the face of sharply lower oil prices and a heavy dividend burden it assumed as part of its recent initial public offering, according to people familiar with the matter.
Shares in Crescent Point Energy Corp. rose Tuesday as investors and analysts applauded its decision to restart oil and gas production shut down when energy prices crashed earlier this year.
Saudi Arabia’s King Salman bin Abdulaziz al-Saud and Russian President Vladimir Putin both expressed “satisfaction” with the implementation of the OPEC+ crude oil output deal and discussed ways to address the global economic slump in a telephone call Sept. 7, according to a statement posted on the Kremlin website.
Top Freight Transportation Stories
The Department of Transportation released a National Freight Strategic Plan Thursday to help implement the National Multimodal Freight Policy. The plan outlines goals and strategies to guide multimodal freight policies, investments and programs at the federal and state levels. The policy and its plan were created under the Fixing America’s Surface Transportation Act — passed in 2015 and set to expire Sept. 30.
Capacity at the end of August was tight, and DAT principal analyst Dean Croke said carriers are telling him additional trucks won’t be added until COVID-19 is better controlled. There were 1% fewer trucks searching loads on the DAT board, Croke told Transport Dive for the week ended Sunday.
The Federal Motor Carrier Safety Administration has announced a proposal and request for comment on a new pilot program to allow drivers ages 18-20 to operate commercial motor vehicles in interstate commerce.
Top Economic Stories
The number of Americans filing new claims for unemployment benefits fell below 1 million last week for the second time since the COVID-19 pandemic started in the United States, but that does not signal a strong recovery in the labor market.
Stores, gasoline stations, auto dealers and other retailers added a seasonally adjusted 249,000 jobs in August, the Labor Department said Friday. Almost half the growth occurred at general-merchandise stores, a category that includes large employers such as Walmart Inc. and Costco Wholesale Corp. Vendors of electronics, appliances, furniture and garden supplies were among those that added jobs last month.
After demand for gasoline surged from mid-April to late June, consumption has stayed relatively flat in the past two months and remains well below its pre-pandemic levels, government data show. The fizzling rebound highlights the lingering effects of coronavirus precautions and travel restrictions. Even as some states advance business-reopening plans, rising cases in other parts of the country are fueling caution among consumers.