Compiled by Glen Hallick, MarketsFarm
WINNIPEG, April 27 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Russia cut off gas supplies to Poland and Bulgaria on Wednesday after both countries refused to pay for the gas in Russian rubles. While Poland’s energy consumption is nine per cent gas, 45 per cent of it comes from Russia. Bulgaria said it has about a month’s worth of gas reserves, but is heavily dependent on Russian imports. Ukraine condemned Russia for attempting to blackmail Europe with gas supplies.
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– Canadian oil sands producers will require upwards to C$65 billion in capital spending over the next eight years in order to meet domestic emission targets, according to economists at the Royal Bank of Canada on Tuesday. About half of the costs could be covered by the federal government’s carbon capture tax credits. Meanwhile, the oil sands producers are attempting to fill the void left in the fossil fuel sector by international sanctions levied against Russia. RBC economists said a balance between reducing carbon emissions and ramping up oil sand production is possible, albeit disruptive, provided crude oil prices remain above US$50 per barrel.
– While China and India have not condemned Russia for invading Ukraine, both countries are feeling the effects of international sanctions against Russia. China-based drone manufacturer DJI announced on Wednesday that it’s suspending operations in Russia and Ukraine as it’s “internally reassessing compliance requirements in various jurisdictions.” India has been having difficulty in finding a vessel to ship 700,000 barrels of crude oil from Russia’s Far East because of the sanctions that have limited insurance and carrier options.
