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The Organization of the Petroleum Exporting Countries and other oil producers agreed this month to curb production by 1.2 million bpd, equivalent to more than 1 percent of global demand, in an attempt to drain tanks and boost prices leather cufflink box uk online. But the cuts will not happen until next month and production has been at or near record highs in the United States, Russia and Saudi Arabia. Russian oil output hit a record 11.42 million bpd this month, an industry source told Reuters. Oil production from seven major U.S. shale basins is expected by year-end to surpass 8 million bpd for the first time, the U.S. Energy Information Administration said..
Britain’s largest oilfield, Buzzard, restarted after repairs on pipe work, a spokesman for operator Nexen said on Monday. Buzzard produces about 150,000 bpd and is the largest contributor to the Forties pipeline that brings oil to shore from more than 50 fields. Separately, Libya’s state oil firm declared force majeure on operations at the country’s largest oilfield, El Sharara. The 315,000 bpd field, located in the southern part of the country, was taken over on Dec. 8 by groups of tribesmen, armed protesters and state guards demanding salary payments and development funds leather cufflink box uk online.
(Reuters) – FedEx Corp (FDX.N) on Tuesday slashed its 2019 forecast after Europe’s economy weakened and the U.S. trade row exacerbated a slowdown in China, sending shares in the package delivery company tumbling more than 6 percent after the closing bell. “Global trade has slowed in recent months and leading indicators point to ongoing deceleration,” said FedEx Chief Financial Officer Alan Graf. FedEx, which is in the throes of a record-setting winter holiday shipping season, launched a new cost-cutting campaign after its Express revenues took a hit leather cufflink box uk online. On Dec. 7, FedEx announced that the CEO of its Express unit was retiring at year-end..
Executives noted a sharp UK slowdown due to Brexit uncertainty, Germany’s recent gross domestic product contraction, protests in France that threaten to spread to nearby countries and a cooling down in Asia. FedEx is seen as a bellwether for the global economy and its results sparked concern that the United States may catch the “cold” affecting other regions, said Trip Miller, managing partner at Memphis-based Gullane Capital leather cufflink box uk online. “This confirms a lot of market fears .. and is probably why the (stock) market has been off so much,” said Miller..
Memphis, Tennessee-based FedEx cut its fiscal 2019 earnings forecast to $15.50 to $16.60 per share from $17.20 to $17.80 per share – before year-end mark-to-market retirement plan accounting adjustments and excluding TNT Express integration expenses leather cufflink box uk online. FedEx Chief Executive Fred Smith said politics fueled much of the world’s economic turmoil and that policy changes can turn it around. The tempered outlook landed as FedEx grapples with ongoing margin pressure at its Express and Ground units and speculation that Amazon.com Inc (AMZN.O) will attack its own mounting transportation costs with a competing delivery network – a concept CEO Smith described as “fantastical.”..