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IEA sees global oil markets rebalancing by year end

IEA sees global oil markets rebalancing by year end

In their April Monthly Market Report, the International Energy Agency (IEA) reported global oil production at 96.1 million bbl/day in March, down 300,000 bbl/day from February. Ongoing outages in Nigeria, the UAE and Iraq offset increases from Iran and Angola.

OPEC production declined 90,000 bbl/day to 32.5 million bbl/day in March. The IEA predicts OPEC production will reach 33 million bbl/day by year end. Non-OPEC supply dropped by 710,000 bbl/day in March to 57.0 million bbl/day. The agency currently estimates the world oil markets are oversupplied by 1.5 million bbl/day but that surplus will decline to 200,000 bbl/day by the end of the year thanks to lower non-OPEC production and an increase in global demand.

Alberta reports $10.4b deficit as the province is set to contract 1.4% in 2016

Alberta reports $10.4b deficit as the province is set to contract 1.4% in 2016

Bank of Canada warning more cuts coming in the energy patch

Bank of Canada warning more cuts coming in the energy patch