A report from energy data analysis firm Kayrros points out that the fracking activity within the Permian basin was underreported by as much as 20 percent in 2018. The data from Kayrros showed that more than 1,100 wells remained unreported – a mismatch that could have serious repercussions on the available spare production capacity in the U.S. shale oil market. This means that though the U.S. shale oil production has been showing a steady increase, the production levels per well might not be as high as previously thought, as the basis for determining production per well was based on inaccurate data.
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The U.S. share of global foreign direct investment (FDI) flows fell for the first time since 2008 from 25 percent to 23 percent, directly as a consequence of the ongoing trade war between the U.S. and China.
“We learned Alibaba’s anti-counterfeiting policies and programs are significantly more effective than any of their U.S. counterparts. I find it shocking U.S. platforms are so far behind.”
– Committee Ranking Member Rep. Doug Collins, commenting on U.S. ecommerce sites lagging behind their international peers in tackling the growth of counterfeit goods on their platforms.
In other news
Global oil market in glut, but not a big enough one for OPEC
OPEC has shifted the goalposts for assessing an overhang in oil inventories, giving the group more room to prolong production cuts. (Reuters)
Why the dockless scooter industry is going after a repossessor and a bike shop owner
The multibillion-dollar dockless scooter industry is going after a repossessor and a bike shop owner who have 10,000 scooters languishing in a tow yard. (The Verge)
Amazon has ‘destroyed the retail industry’ so the U.S. should look into its practices, Mnuchin says
The Justice Department said Tuesday it is opening a broad antitrust review of big technology companies and their competitive practices. (CNBC)
Daimler’s travails reflect broader pain in luxury autos
New Daimler CEO seeks to address slowdown in sales by stemming the outflow of cash. (The Wall Street Journal)
Baltic index falls on sliding capesize rates
The Baltic Exchange’s main sea freight index fell for a second straight session on Wednesday to its biggest one-day decline in nearly six months. (Hellenic Shipping News)
UPS has announced a separate drone delivery subsidiary called UPS Flight Forward, which the company hopes will keep it in the futuristic delivery technology race and help it “remain at the forefront of drone commercial aviation and the industry leader in FAA [Federal Aviation Administration] fully certified U.S. drone operation for routine flights.”
In that context, UPS has filed for Part 135 certification with the FAA, which if granted will allow UPS to fly drones beyond the line of sight, at night, and provide it the license to operate any number of drones across the country. That said, UPS is not new to the game of drones, having already established a partnership with drone maker Matternet to delivery medical samples via drones across WakeMed, a major healthcare system in North Carolina.
Hammer down everyone!