Afternoon Coffee: Major Oil Producers Discuss Oil Output Freeze, MIT Creates New Supply Chain Institute in China

Tomasz-Zajda/Adobe Stock

Russia, Saudi Arabia, Venezuela and Qatar said they would freeze oil output at January levels in an effort to curb the global oil oversupply. Oil ministers from the four countries said they hoped other countries would also adopt the plan, but Iran has already voiced opposition to it.

The Massachusetts Institute of Technology and officials from the Chinese city of Ningbo are teaming up to create the Ningbo Supply Chain Innovation Institute China. It will be the sixth research center run by MIT’s Center for Transportation and Logistics.

Whole Foods announced plans to streamline some functions in an effort to reduce costs and improve relationships with suppliers. Part of the process includes giving more buying responsibility to its headquarters in Austin, Texas, and deploying software to help restock store shelves.

General Motors is recalling about 200,000 cars in the U.S. and Canada due to defective Takata air bags. The recall includes Saab 9-3 vehicles from 2003 to 2011, Saab 9-5 from 2010 to 2011 model years as well as the Saturn Astra from 2008 to 2009.

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