OPEC weighs increase in output
OPEC is discussing a relatively modest production increase before its meeting in Vienna this week, an attempt to bridge the gap between Russia’s push for a big rise and Iran’s insistence that no change is needed.
While a compromise may be necessary to overcome vocal opposition from Tehran, Baghdad and Caracas, it could mean the resulting supply boost is smaller than oil traders — or indeed the U.S. President Donald Trump — had been anticipating.
Crude prices rallied in London on Monday after two weeks of losses, trading above $74 a barrel. U.S. crude closed up 79 cents at $65.85.
Members of the Organization of Petroleum Exporting Countries are discussing an agreement that delivers 300,000 to 600,000 barrels a day of additional oil supply to global markets over the next few months, according to people briefed on the talks. If agreed, that would be smaller than the 1.5 millionbarrel-a-day quota increase that Russia has proposed.
“People probably feared 1.5 million barrels a day,” but the current talk indicates a smaller increase, said Torbjorn Kjus, chief oil analyst at DNB.
WASHINGTON — The Environmental Protection Agency has approved the first state permit program for disposal of toxic ash from coal plants, a switch from federal oversight that the coal industry had sought.
Coal ash is the residue left after burning coal to generate power. It can contain toxins such as arsenic and chromium and contaminate ground water.
EPA Administrator Scott Pruitt had delayed implementation of a 2015 federal rule that set tighter guidelines for waste from coal plants. Pruitt says the first approval of a state permit program, in Oklahoma, gives oversight to “those who are best positioned to oversee coal ash management — the officials who have intimate knowledge of the facilities and the environment in their state.”
Texas, a top coal producer, is among other states pursuing approval.
Regional carrier sees more cancellations
American Airlines Group affiliate PSA Airlines expects more flight cancellations on Tuesday after scrubbing about 400 flights over the weekend as the regional carrier moves into its sixth day of problems with its crew-scheduling system.
The technology issue arose on June 14 and has affected nearly 1,100 PSA flights to date, mainly in Charlotte, N.C., American spokeswoman Katie Cody said Monday. PSA, a wholly owned subsidiary of American, is also likely to operate less than its full schedule on Wednesday, she said.
PSA canceled about 675 flights Thursday-Friday, and about 50 on Saturday. But the troubles cropped back up on Sunday, forcing hundreds more schedule disruptions for passengers that continued through Monday. American has sent technology staff from its Fort Worth headquarters to PSA, based in Dayton, Ohio, to try to help. The problems involve hardware for scheduling and tracking PSA pilots and flight attendants, Cody said.
Amazon gets request on face recognition tool
SEATTLE — Some Amazon company investors are siding with privacy and civil rights advocates who are urging the tech giant to halt a powerful face recognition tool used by police.
The American Civil Liberties Union is spearheading the effort against Amazon's Rekognition product, delivering to its Seattle headquarters Monday a petition with 152,000 signatures telling the company to “cancel this order.”
They're asking Amazon to stop marketing Rekognition to government agencies because of privacy issues they say can be used to discriminate against minorities.
A group of 19 investment managing companies including Harrington Investments and Walden Asset Management also sounded the alarm.
Amazon says it can be used for fighting human trafficking and finding lost children.
Inquiry requested on aluminum prices
A group of U.S. lawmakers asked Attorney General Jeff Sessions to examine what they call possible “anti-competitive conduct” in the U.S. aluminum market that they say may have inflated prices of the metal. Republican Rep. Ken Buck of Colorado led 32 Republicans and Democrats in signing a letter to the Department of Justice.
The lawmakers are concerned with what they call “pricing irregularities” in setting the U.S. Midwest premium, or the amount added to have metal shipped to the Midwest. The premium has jumped this year as U.S. aluminum tariffs added to supply concerns, spurring complaints from metal buyers.