Saudis Threaten New Oil-Price War With OPEC Brethren
Saudi Arabia has threatened to ignite an oil-price war unless fellow OPEC members make up for their failure to abide by the cartel’s recent production cuts, delegates said.
During a June 18 OPEC video conference, Prince Abdulaziz signaled that the kingdom would sell its oil at a discount to undercut Angola and Nigeria, after the two delegations said they weren’t ready to commit to specific figures on curbs, according to the delegates.
The hard-line stance from OPEC’s de facto leader risks a new flare-up within the Organization of the Petroleum Exporting Countries. It comes just months after Saudi Arabia waged a price war against longtime oil-market ally Russia following disagreements over how to supply global markets as the coronavirus spread.
U.S. Treasury to Lend $700 Million to Trucking Firm YRC Worldwide
The U.S. government plans to lend $700 million in coronavirus stimulus funds to trucking firm YRC Worldwide Inc., in exchange for a 29.6% equity stake in the company, the Treasury Department said Wednesday.
YRC generated $4.87 billion in operating revenue last year but has also struggled for years under a heavy debt load. The company employs about 30,000 workers, including 24,000 members of the International Brotherhood of Teamsters. It is the fifth-largest U.S. trucker by 2019 revenue, according to transportation research provider SJ Consulting Group Inc.
The loan is by far the biggest the government has extended to a U.S. business outside of the airline industry and the first loan the government has awarded from a special fund for firms with ties to the Defense Department.
Top Energy Stories
Oil production in Brazil fell 6.5% in May from the same month a year before, as the novel coronavirus rips through offshore and onshore oilfields, hurting production, national oil regulator ANP said on Thursday.
The $5bn (£4.1bn) deal with Ineos will see BP all but pull out of a sector expected to contribute to demand for oil over the coming decades.
Venezuela’s oil exports slumped in June to their lowest level since 1943 after half a dozen tankers, looking to avoid the threat of U.S. sanctions, sailed away from the nation’s waters without loading, according to vessel-tracking data.
Big oil and gas producers are charting different courses toward a lower-carbon future, all of them fraught with risk.
Top Freight Transportation Stories
Self-driving truck developer TuSimple has partnered with four major transportation companies to launch a logistics network for its highly automated trucks, marking a new phase in its push to bring its technology to market in the coming years.
TFI International is acquiring “substantially all the assets” of Comcar subsidiaries MCT Transportation and CT Transportation, according to two press releases.
Canadian railway CN is investing C$985 million (US$720.1 million) in capital improvement projects in the provinces of Alberta, British Columbia and Quebec in 2020.
Top Economic Stories
The U.S.-Mexico-Canada Agreement entered into force Wednesday morning after three years of trilateral negotiations, trade disputes, and amendments by the U.S. Congress.
Trade between the U.S. and the rest of the world slowed further in May in a sign of the continuing toll that the coronavirus pandemic was taking on the global economy.
The US entered a new phase of economic recovery “sooner than expected” but still faces challenges in the labor market and in curbing the coronavirus’ spread, Federal Reserve Chair Jerome Powell said in prepared remarks.
Unemployment fell and the U.S. economy regained 4.8 million jobs in June, but the recent surge in coronavirus infections could throw the recovery off course.