The Rebound Pact
A worker checks a valve of an oil pipe at an oil field outside of Kogalym, Russia. Global oil prices surged after a report said top exporters Saudi Arabia and Russia had agreed to freeze output before a key meeting in Doha on Sunday, rekindling hopes that major producers will rein in growth to support prices.
On Tuesday, Russia's Interfax news agency quoted an unnamed diplomatic source who said the two countries had struck a deal to tackle a global glut, and that the pact did not hinge on participation by Iran. The U. The TSX energy subindex climbed nearly 6 per cent before paring gains as investors piled into names that have been among the hardest hit in the downturn.
Big gainers included Encana Corp. The loonie jumped 0. Crude prices have rebounded amid signs of strengthening demand and faltering output in the United States. The month rout has pushed many shale producers to the brink and forced the world's energy giants to defer billions of dollars in spending. They realize that everybody's going to go broke if they continue with the status quo. High-cost producers in Canada's oil patch are no exception.
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The toll has included tens of thousands of job cuts at Canadian producers, including Suncor Energy Inc. Some analysts remain skeptical that the meeting in Qatar will have any impact on physical oil markets that remain pressured by swollen inventories and uneven demand. The bank said it expects non-OPEC supplies to fall by at least 1. At the same time, it assumes demand growth of one million barrels a day, led by gasoline.
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Nonetheless, analysts say more cuts to employment and spending levels are likely as debt-saddled Canadian producers seek to appease jittery lenders. Already, some have been pushed into receivership and more are expected as banks conduct their semi-annual review of borrowing limits in the sector.
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