Wal-Mart Presses Suppliers to Cut Prices Wal-Mart is telling suppliers to forgo investments in joint marketing with the retailer and plow the savings into lower prices instead.
Makers of branded consumer products from diapers to yogurt typically earmark a portion of their budgets for marketing with Wal-Mart, spending on things like eye-catching product displays and online advertisements.
Wal-Mart has long had a reputation for pressing its suppliers to cut costs to help lower prices, but the retailer’s new leadership has embraced the concept with fresh vigor. (…)
With the growth of dollar stores and other discounters, Wal-Mart is facing ever more competition on price, which for many customers is the most important selling point. (…)
OPEC supply has risen in March to 30.63 million barrels per day (bpd) from a revised 30.07 million bpd in February, according to the survey based on shipping data and information from sources at oil companies, OPEC and consultants. (…)
Besides Saudi Arabia, the main reasons for the rise are the resolution of involuntary outages – Iraq lifted exports due to improved weather and Libya managed to nudge production higher despite unrest.
If the total remains unrevised at 30.63 million bpd, March’s supply would be OPEC’s highest since 30.64 million bpd in October, 2014, based on Reuters surveys. (…)
Based on this survey, Iraq’s exports have come close to December’s record high of 2.94 million bpd, depending on whether tankers at the southern ports earlier on Tuesday actually depart in March. Iraq was hoping to reach 3 million bpd of exports this month.
Saudi Arabia has increased output to within a whisker of 10 million bpd on average in March, sources in the survey said, due to higher demand from export customers and an increased local requirement in new oil refineries. (…)
Of countries with lower output in March, the biggest decline was in Angola, partly due to a force majeure on exports on BP’s Saturno crude stream. OPEC’s other West African producer Nigeria also exported fewer cargoes in March.