With files from Robert Levy
A quiet holiday Monday to start the business week in this country, but outside of Canada there’s a little more action.
There’s been another significant move upwards in oil prices and a counter trend rally in the Canadian dollar.
Russian president Vladimir Putin acknowledged Russia’s willingness to cut back or potentially freeze oil production.
Putin, speaking in Turkey, discussed how low oil prices have and will continue to cut exploration budgets and eventually see too much supply come offline. For this reason, Russia stands ready to either freeze or cut output, and this is despite their output levels climbing four per cent in September.
In the short term lending, there’s a positive impact on prices, but the levels of cuts being discussed are still a mere drop in the bucket totaling less than one per cent of global supply.
Additionally, another serious player is discussing cuts: Iran. Both countries have continued to expand production in recent months.