WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Saudi Arabia announced on Sunday it will start a “voluntary reduction” of its oil production, cutting output by 500,000 barrels per day starting in May and lasting until the end of 2023. Saudi Arabia’s energy ministry said the cuts were a precautionary measure to stabilize the market, which the United States disputes. Meanwhile, Iraq will slash production by 211,000 barrels per day while the United Arab Emirates will reduce its output by 144,000 barrels per day. Kuwait, Algeria and Oman will also reduce their oil production.
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– Finland will become the 31st member of the North Atlantic Treaty Organization (NATO) on Tuesday. Turkey, the last country in the alliance to block Finland’s ratification, will hand its official texts to U.S. Secretary of State Antony Blinken, with Finland to do the same. In response, Russia said it will bolster its border with Finland in turn. The move will come two days after Finland’s centre-right National Coalition Party won the right to form government after leading the country’s federal election with 20.8 per cent, while the right-wing populist party The Finns received 20.1 per cent of the vote.
– The Canadian Space Agency will announce later today which astronaut will accompany three Americans on the Artemis II mission to the moon, which will launch in November 2024. It will be the first manned mission to the moon since the final Apollo mission in 1972. The crew will orbit Earth before going into space where it will then orbit the dark side of the moon before returning to Earth.
