Global Markets: Oil-producing countries race to boost output

By MarketsFarm

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

– Following the dissolution of co-ordinated crude oil production cuts between OPEC and its allies, Saudi Arabia plans to increase crude oil production to total 13 million barrels per day. That is higher than the 12.3 million bpd the country originally pledged. United Arab Emirates also plans on increasing crude oil production to more than 5 million bpd in April.

– United States Democratic Presidential hopeful Joe Biden won primary elections in Michigan, Missouri, Mississippi, and Idaho on Tuesday night, dimming the hopes of rival Bernie Sanders, who won North Dakota. According to polls, votes in Washington were too close to call as of Wednesday morning. Biden has called for “party unity,” telling Sanders supporters, “we share a common goal, and together we are going to defeat Donald Trump.”

– The Bank of England has announced a 0.5 per cent interest rate cut in order to bolster its economy in light of the COVID-19 coronavirus. The U.S. government has yet to announce a stimulus package, but many are expecting support to be provided to industries hit hardest by the virus. President Donald Trump is meeting with heads of some of the largest U.S. banks on Wednesday, according to reports.

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