Global Markets: Oil shortfall expected in fourth quarter

By MarketsFarm

WINNIPEG, Sept. 13 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

• Oil production cuts by Saudi Arabia and Russia, which have been extended through 2023, will lead to a “significant supply shortfall through the fourth quarter,” according to the latest report from the International Energy Agency. However, the balance is expected to shift back to a surplus in early 2024.

• Over 5,000 people were now reported dead in Libya, with the toll expected to rise, after the North African country was hit by heavy flooding. Thousands of people are still missing the city of Derna, with access roads to the Mediterranean coastal city washed away.

• North Korean leader Kim Jong Un met with Russian President Vladimir Putin in northeastern Russia on Wednesday, holding talks for several hours. Military matters, including Russia’s ongoing war in Ukraine, were reportedly discussed.

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