Saudi Arabia Restored Oil Output | Weekly News Update

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Saudi Aramco Restored Oil Output to Pre-Attack Level

Saudi Arabia announced they restored full oil production and capacity to the levels they were at before the attacks that cut out roughly half of their oil output.  The country states they are producing 9.7 million barrels per day (mmbd), or “a little higher” to replenish inventories.  Oil output capacity was restored to 11.3 mmbd and is expected to reach 12 mmbd by November.  The news helped prices decrease this week, but diesel wholesale prices still experience a premium to pre-attack prices.  This is mainly due to the market building in a risk premium for the Middle East, as tensions continue to be high.

Anheuser-Busch Adds 21 Electric Trucks in California

Anheuser-Busch is set to deploy 21 BYD Class 8 battery-electric trucks in California.  The trucks will be used traveling short distances from AB InBev’s distribution centers across southern California, in Sylmar, Riverside, Pomona, and Carson.  AB InBev will have on-site charging at all four facilities, which will be powered by a 958.5 kW solar array to generate zero-emissions energy.  This a part of their plan to reduce carbon emissions by 25 percent by 2025 in their supply chain.

 

Top Energy Stories

Reuters: Saudi Aramco Restored Oil Output to Pre-Attack Level

Saudi Aramco has restored full oil production and capacity to the levels they were at before attacks on its facilities on Sept. 14, the chief executive officer of its trading arm, Ibrahim Al-Buainain, said on Monday.

WSJ: Shale Boom Is Slowing Just When the World Needs Oil Most

The American shale boom is slowing as innovation plateaus—and just when shale’s importance in global markets has reached new highs following an attack on the heart of Saudi Arabia’s oil infrastructure.

The Philadelphia Inquirer: Pennsylvania joins Regional Greenhouse Gas Initiative

After years as a holdout, Pennsylvania is poised to join the Regional Greenhouse Gas Initiative and implement a cap-and-trade program for carbon dioxide emissions from power plants.

 

Top Freight Transportation Stories

CNBC: Alphabet’s Waymo valuation cut 40% by Morgan Stanley to $105 billion amid challenges in self-driving car market

Morgan Stanley analysts lowered their valuation on Waymo because commercializing self-driving cars is taking longer than expected.  The firm noted challenges such as the need for a safety driver and the losses tied to ride-sharing services.

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JOC: Convoy targets small shippers with free TMS

Convoy has unveiled a free transportation management system (TMS) for small shippers currently relying upon spreadsheets and email to secure trucking capacity, joining a slew of other no-cost options, but one option that provides access to the popular digital brokerage network.

HDT: Anheuser-Busch Adds 21 Electric Trucks in Calif.

Anheuser-Busch will be deploying 21 battery-electric trucks in California to showcase economic and environmental sustainable warehousing and distribution technology for fleets.

 

Top Economic Stories

WSJ: U.S. Stocks Rise to Cap Volatile Quarter

The S&P 500 jumped and will now enter the fourth quarter with its biggest year-to-date gain in more than two decades.  The broad stock-market index has rallied nearly 19% this year—its best performance in the first three quarters of a year since 1997. The advance comes alongside a rally in both bonds and commodities.

WSJ: Dow Industrials Close Lower as Manufacturing Data Disappoints

Stocks slumped after a gauge of U.S. factory activity fell to its lowest level since 2009, adding to concerns about the health of the U.S. economy.

WSJ: U.S. Unemployment Hit 50-Year Low in September

U.S. unemployment dropped to a half-century low in September and job growth continued at a modest pace, signs the economy is holding up despite a broader global slowdown.

This weekly publication is designed to highlight relevant industry news to provide professionals in the transportation, supply chain, and energy sectors with up-to-date information in a rapidly changing marketplace. This update is purely a compilation of industry news and as such, does not necessarily reflect the opinion of Breakthrough. We do not warrant or guarantee accuracy or completeness of information. For additional information, please contact us at info@breakthroughfuel.com.

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