Global markets: Russia, Saudi Arabia propose crude output freeze

By Commodity News Service Canada

WINNIPEG, February 16 – The following is a glance at the news moving markets globally.

RUSSIA, SAUDI ARABIA AGREE TO OIL CAP – IF OTHERS DO TOO
Russia and Saudi Arabia have agreed to freeze oil production, but only if other producing countries will do the same, according to reports on Tuesday.

Oil ministers from Saudi Arabia, Russia, Venezuela, and Qatar proposed a production freeze to deal with high global supplies and low prices.

The potential for a production freeze is expected to be discussed further in Tehran this week—as Iranian representatives want to raise production.

CANADA’S WHOLESALE TRADE EDGES DOWN
Canada’s Wholesale Services Price Index edged down 0.2 per cent in the third quarter. Five of the eight major sectors recorded margin declines, while three showed increases, Statistics Canada said in a report on Tuesday.

According to StatsCan, petroleum and petroleum products wholesalers posted the largest decrease, as declines in selling prices outpaced those in purchase prices. Lower margins were observed for crude oil, natural gas and diesel.

NORWAY’S ECONOMIC GROWTH HURT BY CRUDE’S DECLINE
Norway’s economic growth slowed in 2015, feeling the effects of lower crude oil prices.

For 2015, mainland growth fell to one per cent, according to reports out of the country on Tuesday.

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