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Canada formally welcomed a deal finalized by OPEC on Sunday. Canada and other oil producing nations will cut production by nearly 10 Million barrels per day for the month of May to June.
“This is good. We welcome any news that brings stability to global oil markets,” Canada’s Minister of Natural Resources Seamus O’Regan said in a statement.
The Minister said Ottawa was committed to achieve price certainty and economic stability. Some provinces in Canada suffered drastic revenue losses due to extremely low oil prices.
O’Regan also said last week that the long-awaited bailout would contain measures to improve “liquidity” for Canada’s energy sector. He said that it is coming soon, but didn’t say when.
Canada is the world’s fourth largest oil producer, extracting some 4.9 million barrels per day in February.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Britain on Wednesday signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine that is being developed by pharmaceutical companies GlaxoSmithKline (GSK) and Sanofi. The financial details of the agreement were not disclosed. However, ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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