OPEC+ says it will lock in current production levels, a pause that suggests the world’s leading oil producers are uncertain about the direction of crude prices with a price cap on Russia’s petroleum exports set to take effect. Yesterday’s decision allows OPEC and a group of producers led by Russia to take more time to assess the market impact of an EU and Group of Seven price cap, which is intended to crimp Russia’s revenue for the Ukraine war. It locks in a 2 million-barrels-a-day production cut decided in October.
The Port of Houston Authority is planning to add capacity by converting Bayport Container Terminal into an additional container yard. The plan involves converting a total area of 100 acres at Bayport, effectively increasing container volumes while improving terminal efficiency and reducing emissions. The East End was originally developed as a cruise terminal, and later changed, in part, to an auto roll-on/roll-off terminal.
Futures are pointing towards a lower open after stocks finished mixed on Friday. The Dow Industrials added 34, but the Nasdaq lost 20 and the S&P 500 was off 4.