Glacier FarmMedia COVID-19 & the Farm

Global Markets: Saudi Arabia voluntarily deepens oil production cuts

By MarketsFarm

WINNIPEG, May 11 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

Saudi Arabia has announced another voluntary cut to its oil production, which brings its oil output to the lowest level in 18 years. The kingdom aims to produce just under 7.5 million barrels per day in June, which is 1 million barrels lower than the official target set by the most recent agreement between the Organization of Petroleum Exporting Countries and its allies (OPEC+).
 
Construction is expected to ramp up on the expansion of the Trans Mountain pipeline soon. The pipeline is approximately 60 per cent complete near Edmonton, but has yet to move into British Columbia, where protests have been most persistent. Construction is expected to begin near Kamloops next month.
 
The monthly United States jobs report on Friday showed non-farm payrolls fell by over 20 million in April. However, the majority of workers were characterized as being “on temporary layoff,” while only 2 million permanently lost their jobs. “While the labor market outlook is particularly uncertain this time around, the three post-war recessions with the highest share of temporary layoffs were followed by the fastest labor market recoveries,” wrote one economist with Goldman Sachs.

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