April 03, 2020

Canada in talks with OPEC, as oil rout continues

Featuring Rachel Ziemba

Source: Yahoo! Finance

Journalist Jeff Lagerquist

Prime Minister Justin Trudeau said on Friday that Canada has been in communication with the Organization of the Petroleum Exporting Countries (OPEC) about cooperation to address the dire state of global oil markets.

The historic downturn in oil prices has hit Canada’s energy sector hard. The dual impacts of the Saudi-Russian price war and anemic demand due to the COVID-19 pandemic have seen billions in planned spending cut this year.

“We are continuing our conversations with the international community, including with OPEC. There have been communications between OPEC and Canada, we will continue to stress that we need to work together as a world to get through this economic crisis as well as a health crisis,” Trudeau said at his daily press briefing on Friday.

Read the full article and more on Yahoo! Finance.

Authors

  • Rachel Ziemba

    Adjunct Senior Fellow, Energy, Economics, & Security Program

    Rachel Ziemba is an Adjunct Senior Fellow at the Center for a New American Security (CNAS). Her research focuses on the interlinkages between economics, finance and security i...