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Eight OPEC+ producers accelerate crude oil output hikes, oil drops

  • OPEC Plus has increased May production quotas, raising concerns about crude oil demand and prices.
  • West Texas Intermediate crude oil prices dropped sharply, settling at $61.99, the lowest in almost four years.
  • The energy index on the TSX fell by 8.7% amid fears of an impending recession, while the overall Canadian market decreased by 4.7%.
  • Mark Parsons noted that the Canadian oil and gas sector is currently in 'wait-and-see mode' and could adjust capital expenditures if low prices persist.
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The Hamilton SpectatorThe Hamilton Spectator
+13 Reposted by 13 other sources
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Steep drop in global crude prices drag down Canadian energy stocks

CALGARY - Fears of a tariff-driven recession has led to a steep drop in the price of crude oil, walloping Canadian energy stocks and stoking worry about the sector's outlook should the weakness persist.

·Hamilton, Canada
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  • 38% of the sources are Center
38% Center
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Lietuvos Radijas ir Televizija broke the news in Vilnius, Lithuania on Wednesday, April 2, 2025.
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