Saudi Arabia Set to Return to Normal Oil Production Levels by End of Month
After the attacks on Saudi Arabian oil infrastructure that sent prices surging, prices recovered almost half of the gains just the day after. This is due to Saudi Arabia announcing that they already have half of the lost production back online and they expect the remaining outages will be online by the end of September. If the production volumes come online in the expected timeline, elevated prices should be short-term. However, some Saudi officials believe it will take longer to get production up to levels before the attack. Prince Abdulaziz says it won’t be until the end of November until the country is pumping at normal levels. The country will tap into their reserves and import oil from other countries to make up for the losses in the short-term. If tensions continue to escalate in the middle east, we could experience more price premiums. To learn more about the Saudi attacks, check out our Advisor Pulse.
TuSimple to Use New Funds for System Development, Route Expansion
Self-driving company, TuSimple, received additional $120 million in funding apart of an extended Series D funding round, to reach a total of $215 million. The funds will be used to continue system enhancements, expand routes, deploy more testing, and deliver on the company’s goal to create the safest and most efficient autonomous trucks on the road. Some believe TuSimple is the industry leader in heavy-duty trucks because they currently are hauling real freight. The company has been doing testing routes between Phoenix and Tuscan and between Phoenix and Dallas with UPS, one of the largest for-hire carriers in North America.
Top Energy Stories
Saudi Arabia will soon restore most of its oil output and return to normal production levels in weeks, the country’s energy ministry said Tuesday, following the attacks last weekend on the country’s facilities that hobbled the world’s largest oil exporter.
- Saudi Arabia Implicates Iran in Oil Attacks
- Trump says he does not want war after attack on Saudi oil facilities
- Trump Orders Substantial New Sanctions on Iran
- To Keep Exports Flowing, Saudi Arabia Looks to Import Oil
Iran will never hold one-on-one talks with the United States but could engage in multilateral discussions if it returns to the 2015 deal on Iran’s nuclear program, Supreme Leader Ayatollah Ali Khamenei said on Tuesday, according to state television.
The U.S. Energy Information Administration (EIA) forecasts that natural gas-fired electricity generation in the United States will increase by 6% in 2019 and by 2% in 2020. EIA also forecasts that generation from wind power will increase by 6% in 2019 and by 14% in 2020.
Top Freight Transportation Stories
Trucking industry officials say a California bill aimed at the “gig-economy” business models of ride-hailing companies would upend operations in the state and potentially raise shipping costs by pressing fleets to count as employees the thousands of drivers that now move freight as independent contractors.
Startup autonomous truck company TuSimple announced commitments from investors for an additional $120 million. These funds are part of an extended Series D round that was oversubscribed and reached a total of $215 million.
President Trump said Wednesday that he is taking away California’s power to set its own vehicle tailpipe emissions standards, escalating an environmental dispute that has trapped auto makers in the middle.
Top Economic Stories
U.S. and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, as the world’s two largest economies try to bridge deep policy differences and find a way out of their protracted trade war.
The Federal Reserve cut its benchmark interest rate by a quarter-percentage point for the second time in as many months to cushion the economy against a global slowdown amplified by the U.S.-China trade war.