Meanwhile, Oil prices are heading south. Without higher oil prices, Alberta will quickly adopt the posture of a failed state...
U.S. crude oil closes at lowest level since 2021 after OPEC+ agrees to production surge in June
Oil prices in April posted the biggest monthly loss since 2021, as U.S. President Trump’s higher tariffs have raised fears of a recession that would slow demand for oil at the same time that OPEC+ is quickly increasing supply.
“Our key conviction remains that high spare capacity and high recession risk skew the risks to oil prices to the downside despite relatively tight spot fundamentals,” Daan Struyven, Goldman’s head of oil research, told clients in a report on Sunday. The investment bank has cut its forecast for U.S. crude prices this year by $3 to $56 per barrel.