Afternoon Coffee: US Crude Production Sinks, Iran Struggling to Export Oil

George Dolgikh/Adobe Stock

U.S. crude oil production fell last week to its lowest level since October 2014, reaching 8.95 million barrels a day, the Energy Information Administration reported. The number of oil rigs operating also was down to November 2009 levels.

Iran is reportedly facing some challenges in exporting its oil as many of its tankers are unsuitable for the sea and foreign shippers are not willing to ship Iranian cargo. Of the 55-60 oil tankers Iran has in its fleet, about 20 need to be modernized in order to be “seaworthy” and about 25-27 are parked in sea lanes and being used to store unsold cargo.

Overcapacity in the trucking industry is driving down prices for trucking companies. Per-mile pricing for truckload carriers declined in March for the first time since May 2010 and prices are expected to continue to fall.

A new report states small U.K. manufacturers are having to wait twice as long as larger competitors to be paid, showing how late supplier payments are becoming more widespread. The research from Asset Based Finance Association said small manufacturers wait an average of 67 days for invoices to be paid compared to the 38 days larger manufacturers wait.


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