Glacier FarmMedia COVID-19 & the Farm

Global Markets: Trans Mountain announcement this afternoon

By MarketsFarm

WINNIPEG, June 18 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The fate of the Trans Mountain Pipeline will be announced Tuesday, with the expectation the federal government will approve the C$7.4 billion project that would triple the pipeline’s capacity. The 1,150 kilometer line stretches from Alberta’s oil patch to the British Columbia coast, where oil is loaded on to tankers. The feds previously approved the project, but the Federal Court of Appeal ordered further consultations with Indigenous communities along the route. Today’s announcement will be made after the markets close for the day.

– The Organization of Petroleum Exporting Countries, along with Russia and their non-OPEC allies, altogether known as OPEC+, announced they will meet July 10-12 in Vienna. The main purpose of the meeting will be to discuss the cartel’s production cutback implemented on January 1. The cutback was scheduled to end June 30, but could be extended or adjusted.

– Canadian Prime Minister Justin Trudeau will meet with United States President Donald Trump on Thursday to discuss the U.S.-Mexico-Canada Agreement. As well, Trudeau will meet with the Speaker of the U.S. House of Representatives, Nancy Pelosi and Senate majority leader Mitch McConnell. Democrat Pelosi and Republican McConnell are key to passing the trade agreement as they effectively control the agendas of their respective houses.

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