The Canadian dollar fell 0.07 percent as oil prices dropped following President Putin’s comments casting doubts on the extension to the crude output cut agreement. The loonie got a boost from higher oil prices as supply concerns rose after the situation in Libya could eventually end up in a civil war as different groups wrestle for control of the capital.
Russia not joining the OPEC+ agreement would be a major setback as the nation alongside Saudi Arabia have been the de facto leaders in the size of the cuts but also in their solidarity. Russia is not the only nation that would be happy to break away from the pact and reassume normal production levels specially if current prices could offset some of the lost revenue.
Russia not joining the OPEC+ agreement would be a major setback as the nation alongside Saudi Arabia have been the de facto leaders in the size of the cuts but also in their solidarity. Russia is not the only nation that would be happy to break away from the pact and reassume normal production levels specially if current prices could offset some of the lost revenue.
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