Global Markets: Saudi Arabia announces oil production cuts

By Commodity News Service Canada

WINNIPEG, Feb. 12 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Saudi Arabia announced plans to cut oil production to 9.8 million barrels per day in March, which would be roughly half a million barrels below the pledged production level reached with the Organization for Petroleum Exporting Countries and other allies. The Saudi cuts caused oil prices to rally on Tuesday.

– Republicans and Democrats in the United States have reportedly reached a tentative agreement on border security. If approved by Congress the deal would avert another government shutdown. However, U.S. President Donald Trump has not yet said whether or not he would support the deal, as it does not contain as much money for building a border wall as he wants.

– Loblaw’s Co. Ltd. is launching No Name brand beer at liquor stores in Ontario. A provincial ‘buck-a-beer’ program in the province places the minimum price for a bottle or can of beer at C$1.00, and a six-pack of the No Name beer will initially sell for only C$6.60 as Family Day long weekend promotion. Regular price will be C$10.45 per six pack.

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