Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven't risen even amid turmoil in the Middle East and the start of the summer travel season.
The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, decided at an online meeting to hold steady its production levels, which include collective cuts of two million barrels per day, through Dec. 31, 2025.
The Saudis need higher oil prices to fund ambitious plans by Crown Prince Mohammed bin Salman to diversify the country's economy away from fossil fuel exports. Higher oil prices would also help Russia maintain economic growth and stability as it spends heavily on its war against Ukraine.
The OPEC+ statement didn't say what would happen to an additional set of voluntary cuts that include a reduction of 2.2 million barrels a day by a smaller group of alliance members including the Saudis. Analysts expected those unilateral cuts, which expire at the end of the month, to be extended as well.
International benchmark Brent has loitered in the US$81-$83 per barrel range for the past month. Even the war in Gaza and attacks on shipping in the Red Sea by Houthi rebels in Yemen have not pushed prices up toward the $100 per barrel level last seen in September 2022. Reasons include higher interest rates, concerns about demand due to slower than desired economic growth in Europe and China, and rising non-OPEC supply including from U.S. shale producers,
U.S. motorists have benefitted from weaker oil prices. Gasoline prices have been quiescent recently, averaging $3.56 per gallon last week, a penny less than a year ago. That is down from a record national average high of $5 per gallon in June 2022.
U.S. gas prices rise along with crude because the price of oil makes up half the cost of a gallon of gasoline. The price swings are much smaller in Europe because there, taxes make up a bigger proportion of the price of fuel.
U.S. President Joe Biden and former president Donald Trump are set to go head-to-head tonight in the first of two planned presidential debates. Here's how to watch the CNN Presidential Debate, Power Play's pre- and post-debate specials, and follow along in our real-time CTVNews.ca live expert analysis and commentary by debate and body-language experts.
For half a decade, a Saskatoon family has been trying to bring their orphaned niece to Canada, they say now it’s a matter of life or death.
A potential strike by WestJet airplane mechanics would upend travel plans for 250,000 customers over the Canada Day long weekend, the airline says — and cost it millions of dollars.
A Nunavut judge has sentenced a Toronto woman to three years in prison in a case of Inuit identity fraud.
The Supreme Court of Canada has rejected an application from a Saskatoon man who murdered his wife.
Canada has welcomed more than 3.9 million new citizens since 2005, with nearly one third coming from India, the Philippines or China, according to a CTVNews.ca analysis.
Fans of Marilyn Monroe have won a battle to preserve her mark on Los Angeles and are a step closer to seeing a towering statue of the silver screen icon remain in Palm Springs.
A New Hampshire man charged with threatening the lives of presidential candidates last year has been found dead while a jury was deciding his verdict, according to court filings Thursday.
So-called godfather of AI Geoffrey Hinton says he's 'pleased' governments are starting to take artificial intelligence, and the possible regulations of it, seriously.
A 23-year-old man has died of his injuries after multiple shots were fired at a housing complex in North York's Shawnee Park area overnight.
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Winnipeg police say the occupants of a home that exploded in the Transcona neighbourhood on Wednesday were not there at the time of the blast.
Calgary Mayor Jyoti Gondek issued a stern warning to residents on Thursday morning about curbing their water use, saying consumption levels have continued to creep up over the past several days.
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Nova Scotia Justice Minister Barbara Adams says the province's police watchdog is in talks with a civilian agency that may be willing to investigate the role of police in the wrongful murder conviction of Glen Assoun.
The former Uvalde schools police chief was indicted over his role in the slow police response to the 2022 massacre at a Texas elementary school that left 19 children and two teachers dead, the local sheriff said Thursday.
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Bolivian President Luis Arce on Thursday angrily called accusations that he was behind an attempted coup against his government 'lies,' saying the general who apparently led it acted on his own and vowing that he would face justice.
Oklahoma executed a man Thursday who was convicted of kidnapping, raping and killing a 7-year-old girl in 1984.
Did Karen Read kill her police officer boyfriend by slamming into him with her Lexus and then leaving him to die in a brewing snowstorm after a night out drinking?
U.S. House Republicans advanced a resolution Thursday that would hold President Joe Biden's ghostwriter in contempt of Congress for refusing to turn over records related to the special counsel investigation into Biden's handling of classified documents.
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Ottawa plans to expand eligibility for the federal dental program today to include children under the age of 18 and people who receive a disability tax credit.
A new report from the federal agency shows that between 2016 and 2020, 23 per cent of foreign workers had become permanent residents two years after obtaining their first work permits.
CHEO has announced that Alex Munter is stepping down as the president and CEO of eastern Ontario's children's hospital to take on a new role as the CEO of the Canadian Medical Association.
Chicago native Jeffrey Odwazny says he has been addicted to ultraprocessed food since he was a child. 'I was driven to eat and eat and eat, and while I would overeat healthy food, what really got me were the candies, the cakes, the pies, the ice cream,' said the 54-year-old former warehouse supervisor.
Alzheimer’s disease may be inherited more often than previously known, according to a new study that paints a clearer picture of a gene long known to be linked to the common form of dementia.
Has your iPhone screen cracked, or does your MacBook battery not charge like it used to? Instead of sending it in to an Apple repair centre or scheduling an appointment with a Genius Bar, Canadians will soon be able to fix their own devices at home.
White-nose syndrome has been found in bats in the largest known hibernation area in the province.
The Center for Investigative Reporting said Thursday it has sued ChatGPT maker OpenAI and its closest business partner, Microsoft, marking a new front in the legal battle between news publications fighting against unauthorized use of their content on artificial intelligence platforms.
Competitive eater Joey 'Jaws' Chestnut will take his hot dog-downing talents to an army base in Texas for America's Independence Day this year after a falling out with organizers of the event that made him famous, the annual 4th of July eating contest in Brooklyn's Coney Island.
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Killer Mike is expected to avoid charges over a physical altercation that led to his arrest at the Grammys earlier this year after the rapper recently completed community service.
Federated Co-operatives Limited (FCL) is investigating after suffering what it calls a "cybersecurity incident."
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The Canada Revenue Agency says it is ramping up efforts to recover overpayments of pandemic-related benefits.
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Estelle Savoie and Linda Philipert have been best friends for 43 years and decided to commemorate their friendship by recreating a photo shoot they did in 1984.
Bronny James — the oldest son of the NBA's all-time scoring leader and four-time champion — was drafted Thursday by the Los Angeles Lakers, the team that his father has played for since 2018. Bronny James was taken with the No. 55 overall pick, deep in the second round and with only three picks remaining in this year's draft.
A jury in U.S. District Court ordered the NFL to pay nearly US$4.8 billion in damages Thursday after ruling that the league violated antitrust laws in distributing out-of-market Sunday afternoon games on a premium subscription service.
Ken Holland is out as Edmonton Oilers president of hockey operations and general manager. He joined the Oilers in May 2019 and his contract ends this Sunday.
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Ontario drivers in good standing won’t have to worry about renewing their licence plates starting Canada Day.
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With a week left until thousands of LCBO workers could walk off the job, the Crown corporation has announced that it will close all its retail stores for 14 days if no deal is reached by July 5.
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A national survey of 1,232 Canadians from individuals from both the public and private sectors reveals a significant desire among employees who believe employers have the right to choose where employees should work.
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Lactalis Canada officially reopened its facility on Thursday, unveiling a new product line.
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Armed with notes, Chief Sydney Lecky was ready for his first public meeting with the Timmins Police Service Board on Thursday.
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As another school year comes to a close across our region, there is a bittersweet feeling among both students and staff.
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Michael Lahay pleaded guilty to manslaughter for stabbing his mother, Wendy, 30 times inside their Ramara home in 2021 while experiencing "substance-induced psychosis" after he ate a dozen homemade cannabis brownies.
An Orillia man faces charges in connection with an internet child exploitation case.
The funeral arrangements for a family found dead in a home in Harrow have been released.
Swimming lessons have not been offered at the Lanspeary Park pool since 2015 but they are returning now. So is the pool which closed down in 2022 after city council approved a $3 million dollar replacement.
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The 122-year-old Raymond Stampede is set to get underway this weekend, but this year’s event will occur at a new location.
A picture of rage and determination among COVID-19 protesters at the border blockade at Coutts, Alta., was spelled out in text messages shown Thursday at a murder-conspiracy trial.
Dozens of farmers from across southern Alberta turned out Wednesday for Farming Smarter’s annual 2024 field school.
The Dryden detachment of the Ontario Provincial Police is investigating a fatal collision involving a commercial vehicle and a passenger vehicle.
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A northern Ontario woman has been charged with assault with a weapon after a stabbing at a home in Sault Ste. Marie, police say.
A judge dismissed all sexual misconduct charges against a Newfoundland lawyer Thursday, saying repeated inconsistencies and falsehoods in the complainant's accounts eroded her credibility and left him unable to believe her allegations.
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