OSLO—Norwegian offshore oil and gas workers went on strike over pay on Tuesday, the first day of planned industrial action that could cut the country’s gas exports by almost 60 percent and exacerbate supply shortages in the wake of the Ukraine war. By Saturday, daily gas exports would be cut by 1,117,000 barrels of oil…
US Oil Drilling, Output Moving Higher With Energy Prices
U.S. oil production forecasts are being revised upwards despite labor and supply chain constraints as higher prices spur more drilling and well completion activity, according to industry experts. Calls for new oil supplies are being answered by more producers as U.S. prices stay above $100 per barrel, propelled by Russia’s invasion of Ukraine. Prices are…
OPEC+ Sticks to Oil Output Plans
March 2, 2022
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Business & EconomycommoditiescrisisEuropeInternationalMarketsOilOPECoutputRussia-Ukraine WarUkraineWorld
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DUBAI/LONDON—OPEC+ oil producers agreed on Wednesday to stick to their plans for a modest output rise in April, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude even as crude prices rocketed higher. Oil prices shot above $110 a barrel this week, hitting peaks not seen since 2014, as…
Honda Says Domestic Output Capacity Reduced Until March
TOKYO—Honda Motor said on Thursday that two of its domestic manufacturing sites will operate at 90 percent of capacity until early March due to a shortage of semiconductors. Honda’s Saitama factory and two production lines at its Suzuka plant will see their production capacity cut by about 10 percent at least until early March, hit…
Ford Suspends or Cuts Output at Plants Due to Chip Shortage
February 14, 2022
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Business & EconomyBusinesses in COVID-19chipCompanieseconomyFordLocal NewsMichiganoutputRegional-Local NewsshortageTechTech NewsUSUS News
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DETROIT—Ford Motor Co. said on Monday it will continue idling some of its assembly plants in the week of Feb. 14 due to the global semiconductor shortage. The U.S. automaker will idle production at its Ohio Assembly Plant as well as the production line for the Transit van at its Kansas City Assembly Plant, spokeswoman…
Oil Prices Take a Breather, OPEC+ Sticks to Output Plans
LONDON—Oil prices eased on Thursday following weak U.S. payrolls data and some profit-taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases. Brent crude fell 61 cents, or 0.7 percent, to $88.86 a barrel by 0915 GMT, after rising 31 cents on Wednesday. U.S. West Texas Intermediate crude was…
Japan’s Factory Output Dips More Than Expected as Risks Emerge
TOKYO—Japan’s factory output shrank for the first time in three months in December as a decline in machinery production outweighed a small rise in autos, casting a cloud over the strength of the economic recovery. Retail sales posted their third straight month of year-on-year gains in December as low coronavirus cases encouraged shoppers. Record infections…
Oil Slips Below $80 After OPEC+ Output Hike Decision
LONDON—Oil prices slipped below $80 a barrel on Wednesday after OPEC+ producers stuck to an agreed output target rise for February and investors assessed the impact of a spike in COVID-19 cases caused by the Omicron variant. Brent crude futures were down 18 cents, or 0.23 percent, to $79.82 a barrel by 0945 GMT, while…
Japan’s Factory Output Soars as Car Production Returns
TOKYO—Japan’s factory output jumped at the fastest pace on record in November, as easing global supply chain bottlenecks helped car production leap out of its recent slump, lifting prospects for a strong fourth-quarter economic rebound. But while improved manufacturing conditions provide some relief for policymakers, persistent global semiconductor shortages and new risks from the Omicron…
US Manufacturing Production Near Three-Year High in November
December 16, 2021
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Business & EconomyBusinesses in COVID-19CompanieseconomymanufacturingMarketsnovemberoutputproductionUSUS News
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WASHINGTON—Production at U.S. factories increased to its highest level in nearly three years in November as output rose across the board, providing a powerful boost to economy as the year ends. The manufacturing output index climbed 0.7 percent last month to 100.6, the highest level since January 2019, the Federal Reserve said on Thursday. That…
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