Canada welcomes oil cut deal, says it is committed to achieving price certainty

Canada on Sunday formally welcomed a deal by OPEC and allies to cut oil output by a record amount, saying Ottawa was committed to achieving price certainty and economic stability.

“This is good. We welcome any news that brings stability to global oil markets,” Natural Resources Minister Seamus O’Regan said in a statement emailed to Reuters. The group, known as OPEC+, said it had agreed to reduce output by 9.7 million barrels per day for May-June.

“The federal government is deeply concerned about oil price instability ... Canada is committed to achieving price certainty and economic stability,” O’Regan said. Canada is the world’s fourth-largest oil producer, extracting some 4.9 million barrels per day in February. A Canadian government source said O’Regan had not formally agreed to a curtailment policy since that was the responsibility of the country’s energy-producing provinces. The source requested anonymity given the sensitivity of the situation.

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