Alberta’s Kenney: Federal government should take more action on oil prices

Anil Panchal FXStreet

To convey the pessimism of the oil slump over the Canadian economy, Alberta’s Premier Jason Kenney recently crossed wires.

Key quotes

The federal government should take more action on oil prices.

Negative oil prices are very serious for Canada.

Sees market based production cuts at 400K barrels per day (bpd).

Talking to Texas RRC, DOE about oil cuts.

Oil inventories are reaching tank tops.

Seeking C$15-30 billion Federal credit back stop.

FX implications

The market’s paid a little heed to the news as such negative statements were anticipated to roll out following the WTI’s drop in negative territory (for May contract) given Canada’s dependence on oil. Also, a lack of clear direction offered an additional reason for the market’s lack of attention to the update.

Also read: US President Trump: Looking at putting as much as 75 million barrels into strategic petroleum reserves

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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