Afternoon Coffee: OPEC Revises Non-Member Oil Production Estimates, West Coast Port Activity Rises

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OPEC has revised its estimates for oil production in countries outside the organization. OPEC now predicts oil production by non-member countries, including the U.S., will fall by 700,000 barrels per day this year — a drop of 40,000 bpd more than previously predicted.

West Coast port activity is returning to normal levels. At the Port of Oakland, imports rose more than 75% in January. Exports were also up 17% in January compared to January 2015.

A new report from GT Nexus shows 40% of manufacturers faced supply chain disruptions in the last year. The report also pointed out less than 25% of these companies do not have a chief supply chain officer to aid in the response of these disruptive events.

About one in every five vehicles driven in the U.S. is part of an open safety recall, a new Carfax report said. Minivans have the highest rate of open recalls, with one in every 4.6 having a safety defect.

 

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