Oil prices are surging – up as much as eight per cent this morning – after OPEC+ blindsided traders with a surprise production cut.
The cartel is taking a hatchet to production quotas, announcing a further curtailment of 1.16 million barrels per day starting in May and running through the end of this year, further crimping supply at a time when prices have been drifting lower. Between yesterday’s announcement, last fall’s two million barrel per day production cut and Russia’s voluntary decision to trim output by a half million barrels per day, we’re now looking at quotas that are about 3.
Teck says its board received, and unanimously rejected, and unsolicited and “opportunistic” acquisition proposal from the global commodities heavyweight, declaring that Teck is not contemplating a sale of the entire company at this time.
Tesla has notched another quarter of record deliveries after some aggressive price cuts, delivering nearly 433,000 vehicles in the first quarter – up 36 per cent year-over-year, and four per cent sequentially. Saputo is selling a pair of fresh milk processing facilities in Australia for $95 million to grocer Coles Group
WonderFi, Coinsquare and CoinSmart are combining to create Canada’s largest regulated crypto asset trading platform, confirming earlier reporting by BNN Bloomberg.Notable data: Calgary Real Estate Board home sales, S&P Global Manufacturing PMI, Auto Sales, ISM Manufacturing PMI, U.S. Construction Spending1030: BoC Business Outlook Survey and Survey of Consumer Expectations
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Oil surges as surprise OPEC+ output cuts shake marketsBrent crude was trading at $84.22 a barrel by early Monday, while U.S. West Texas Intermediate crude was at $79.84
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Oil buyers reel from OPEC+ cuts as they explore alternatives - BNN BloombergOil refiners in Asia — like the wider crude market — have found themselves caught out by the surprise Saudi-led move to spearhead an OPEC+ production cut, and are now preparing to diversify purchases in the spot market if needed.
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Oil soars more than $5/bbl, jolted by surprise OPEC+ output cutsSINGAPORE — Oil prices jumped more than $5 a barrel on Monday’s open, jolted by a surprise announcement by OPEC+ to cut production further in an effort to…
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Saudi Arabia and other OPEC+ oil producers announce surprise production cutsMajor oil producing countries have joined Saudi Arabia in announcing surprise production cuts that could send world oil prices higher.
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Saudi Arabia, other OPEC+ nations will further slash oil production - National | Globalnews.caSaudi Arabia and other OPEC+ oil producers on Sunday announced further cuts in their production amounting to around 1.16 million barrels per day in a surprise move.
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Saudi Arabia and other OPEC+ oil producers announce surprise production cutsMajor oil producing countries have joined Saudi Arabia in announcing surprise production cuts that could send world oil prices higher.
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