Global Markets: OPEC+ considers production increase

WINNIPEG, March 3 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Crude oil prices are rallying again on reports that the OPEC+ alliance could continue their production cuts into April rather than boosting production. However, due to increased demand, OPEC+ could increase production to reap revenue from higher prices. The alliance is scheduled to meet Thursday to discuss production. The group of nations could agree to an increase of 1.5 million barrels per day despite reluctance from Saudi Arabia, which had reduced its own output by one million barrels per day since last month. Due to increased demand, Brent crude oil prices have surged more than 20 per cent this year alone. However, Reuters is reporting that OPEC+ may instead choose to roll over its planned production cuts into April.

– The United States Senate will hear debate on the proposed US$1.9 trillion coronavirus relief package starting today. The bill would fund vaccines and medical supplies, boost jobless assistance and send a new round of emergency financial aid to households, small businesses and state and local governments. However, some aspects of the bill may be eliminated, including a proposed minimum wage increase to US$15 per hour and US$1.5 million towards a new bridge connecting Canada and New York state.

– A coronavirus testing centre north of Amsterdam was struck by a blast earlier today. The blast damaged windows, but no injuries were reported. Dutch police say the attack was intentional and they had recovered a metal cylinder near the blast. The attack may be connected to the Netherlands’ upcoming national elections on March 17.

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