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Global markets: Oil meeting could have few effects

By Commodity News Service Canada

WINNIPEG, March 23 – The following is a glance at the news moving markets globally.

OIL MEETING COULD BE MEANINGLESS, OFFICIALS AT IEA SAY
A meeting between OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC members expected in April could be meaningless, as Saudi Arabia is the only participating country that is actually able to increase production, according to a member of the International Energy Agency.

Qatar invited all OPEC several major non-OPEC producers to discuss a production freeze deal.

CANADA’S LIBERALS RELEASE BUDGET
Canada’s Federal Government released its budget on Tuesday, including a projected deficit of C$29.4 billion in 2016-17.

A deficit of C$10 billion had been promised during the election process.

The budget focused on aboriginal programming, adapted child and senior benefits and employment insurance, and infrastructure, among others.

GERMANY’S ANTICIPATED GROWTH REVISED LOWER
German analysts trimmed their growth forecast for the country—down 0.1 percentage points to 1.5 per cent growth—according to reports on Wednesday.

Global economic uncertainty is expected to attribute to the declines by weighing on trade.

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