Afternoon Coffee: Shell Spill Leaks 90,000 Gallons of Oil in Gulf of Mexico, Iran’s Oil Production Rises in April

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A Shell oil facility off the coast of Louisiana leaked nearly 90,000 gallons of crude oil into the Gulf of Mexico yesterday. The Coast Guard said the spill left a 13- by 2-mile sheen of oil on the water, but that it was contained and two companies were contracted for clean up.

Global oil supplies are shrinking, despite Iran’s fast rate of production, the International Energy Agency reported this week. Iran produced 3.56 million barrels of oil per day in April, an increase of 300,000 bpd.  

U.S. business inventories rose 0.4% in March, more than expected and a shift from the 0.1% fall in February. Retail inventories, specifically, were up 0.1% in March.

Honda added 21 million more cars to its Takata airbag recall. The Honda recall relating to defective Takata airbags now totals 51 million vehicles.

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