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Paris-based International Energy Agency declares a bottom in oil prices

Paris-based International Energy Agency declares a bottom in oil prices

In their monthly Oil Market Report, the IEA reported global oil supplies declined by 180,000 bbl/day in February, to 96.5 million bbl/day:

  • OPEC production eased slightly to 32.61 million bbl/day due to supply disruptions in Iraq, Nigeria and UAE
  • Iran is expected to add another 500,000 bbl/day in the next few months as they ramp up production post-sanctions
  • February global oil production is 1.8 million bbl/day higher than the same time last year

The agency thinks modest demand growth, a weak US dollar, slowing US shale output and production caps by OPEC and Russia will help support oil prices going forward.

Group of business leaders send open letter to Alberta premier

Group of business leaders send open letter to Alberta premier

Alberta's unemployment rate climbs to 7.9% and spreads to the maritimes

Alberta's unemployment rate climbs to 7.9% and spreads to the maritimes

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