Afternoon Coffee: U.S. Poised to Dominate World Oil Market by 2023, RapidRatings and Resilinc Partner

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The International Energy Agency said Monday that the U.S. is likely to overtake Russia as the world’s largest oil producer by 2023, the Wall Street Journal reports. U.S. crude production is expected to reach a record of 12.1 million barrels a day in 2023, up from 10.6 million a day this year. Russia currently produces roughly 11 million barrels a day.

RapidRatings-Resilinc Partnership 

RapidRatings and Resilinc announced Tuesday the two companies have partnered to integrate RapidRatings’ Financial Health Rating (FHR™) scores within Resilinc’s WAVZ platform, according to a press release. The combined solutions will allow companies to view their supply chains through a common lens, saving time and increasing efficiency by blending financial risk analysis with deep supply chain insights.

Kobe Scandal 

Kobe Steel revealed Tuesday that its data fraud scandal stretches back five decades and that there were additional cases of undisclosed cheating, Reuters reports. The company’s CEO will step down in light of the news. Kobe admitted last year to “supplying products with falsified specifications to about 500 customers, throwing global supply chains into turmoil.” 

Services Sector

And finally, an economic update: Non-manufacturing activity in the U.S. declined slightly in February, with the related ISM index slipping 0.4% to 59.5, according to CNBC. While a pullback in employment growth accounted for the bulk of the decrease, a surge in new orders also indicated underlying strength.

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