Glacier FarmMedia COVID-19 & the Farm

Global markets: Iraq to amp up oil exports

By Commodity News Service Canada

WINNIPEG, April 7 – The following is a glance at the news moving markets globally.

IRAQ’S CRUDE EXPORTS UP
Iraq’s oil exports will average 3.494 million barrels per day in April, according to reports out of the country.

That’s up from March’s 3.286 million barrels per day.

RUSSIAN ECONOMY TO CONTRACT
Russia’s economy is expected to see a contraction this year, but it might be less than previously thought, analysts say.

Some market watchers peg the contraction between 1.3 and 1.5 per cent—if crude oil prices hold steady, according to reports on Thursday.

CANADIAN BUILDING PERMITS UP
Canadian municipalities issued building permits worth C$7.4 billion in February, up 15.5 per cent from January. This growth followed a 9.5 per cent decline the previous month and was largely the result of higher construction intentions for commercial buildings in Alberta, single-family dwellings in Ontario and institutional structures in Quebec, Statistics Canada said in a report on Thursday.

According to StatsCan, the value of residential building permits increased five per cent to C$4.2 billion in February, following a 12.7 per cent decrease the previous month.

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