The OPEC meeting that concluded today in Vienna ended with ministers approving productions cuts for the first quarter of 2020. The cuts for OPEC+ will be increased from 1.2 million bpd to 1.7 million bpd. A 500,000 bpd cut should be painless for the organization as they are currently at over-compliance with the cuts as a group. Saudi Arabia has been carrying a large portion of the cuts to compensate for the group’s non-compliant members including Iraq, Russia and Nigeria. The group is now tasked with divvying up the cuts and enforcing the members compliance with the cuts.
This past October, The American Transportation Research Institute released their annual survey of the top 10 critical issues the trucking industry is faced with.
The United States has significantly ramped up oil production over the past decade, but just how far have they come? Depending on how you view oil production, the U.S. has just become a net oil exporter for the first time in 70 years. Bloomberg describes the U.S. as a net petroleum exporter, but Forbes is quick to point out that this includes both crude oil and finished products, as opposed to just crude oil.
A bill seeking to improve pipeline safety and reduce emissions concerning climate change was introduced to the House of Representatives on November 15, 2019. The Safe, Accountable, Fair, and Environmentally Responsible (SAFER) Pipelines Act of 2019 was introduced by representative Peter DeFazio (Democrat, Chairman of the Transportation and Infrastructure Committee) and Frank Pallone (Democrat, Chairman of The House Energy and Commerce Committee). Current federal regulations are supposed to enforce safety in our environment and the public. DeFazio claims that the current legislation is, “woefully outdated”, he adds, “In 2018 alone there were 636 pipeline incidents that left eight people dead and injured another 90, including the horrific incident that occurred in Merrimack Valley Massachusetts.” The National Safety Transportation Board recently declared the cause of the Merrimack explosion resulted from inadequate management and poor oversight from Columbia Gas of Massachusetts.