Afternoon Coffee: OPEC Reduces Oil Demand Growth Forecast, Takata Emails Show Cost of Airbag Recall

Hoda Bogdan/Adobe Stock

OPEC cut its forecast for global oil demand growth in 2016 by 50,000 barrels per day due to a larger supply surplus. The organization now expects world demand will hit 1.2 million bpd this year.

Internal Takata company emails and documents show the the auto parts supplier estimated the cost of its airbag recall at about $100 per airbag, or a total of $6.2 million. The emails also show Takata executives acknowledging “deep problems” over the defective airbags, The New York Times reported.

The U.S. Consumer Price Index rose 0.1% in March, less than expected. The Labor Department reported a gain in gasoline prices but drops in the cost of food, medical care and housing.

The number of fires at Bangladesh garment factories reportedly declined more than 90% between 2012 and 2015, with 30 occurring last year.  Alliance for Bangladesh Worker Safety said factories have improved in recent years and workers feel safer.

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