Canada finally welcomes oil cut deal by OPEC  

Canada formally welcomed a deal finalized by OPEC on Sunday. Canada and other oil producing nations will cut production by nearly 10 Million barrels per day for the month of May to June.

“This is good. We welcome any news that brings stability to global oil markets,” Canada’s Minister of Natural Resources Seamus O’Regan said in a statement.

The Minister said Ottawa was committed to achieve price certainty and economic stability. Some provinces in Canada suffered drastic revenue losses due to extremely low oil prices.

O’Regan also said last week that the long-awaited bailout would contain measures to improve “liquidity” for Canada’s energy sector. He said that it is coming soon, but didn’t say when.

Canada is the world’s fourth largest oil producer, extracting some 4.9 million barrels per day in February.