Afternoon Coffee: Toyota Testing Low-Carbon Hydrogen Supply Chain, OPEC Lowers Oil Demand Estimate

Robert Kneschke/Adobe Stock

Toyota Motor Corp. and partners including Toshiba Corp. and Iwatani Corp. are launching a project to study the feasibility of a low-carbon hydrogen supply chain. The companies will test if hydrogen produced at a wind-power plant can power forklifts.

OPEC lowered its 2016 estimate for demand for oil from member countries by 100,000 barrels per day, down 0.1 mb/d from its previous estimate. The organization said demand for OPEC crude oil is now expected to be 31.5 million b/d this year.

Iran plans to boost its oil production to 4 million b/d, it’s highest level since 2008. Iran Oil Minister Bijan Zanganeh said it wouldn’t discuss a freeze on oil output with other countries until it reaches this 4 million b/d level.

Activity increased at the Port of Los Angeles in February, with the port handling a record amount of 20-foot container imports in the month. The total 372,744 loaded 20-foot containers worth of imports is 46.6% more than the port handled in February 2015.

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