Canada's main oil-producing province of Alberta on Thursday forecast a virtually unchanged budget surplus in the 2023/24 fiscal year and said the outlook was strong, despite unpredictable crude prices. Alberta is Canada's largest oil-producing province and home to the oil sands, the world's third-biggest crude reserves. 'With rising demand expected to outpace supply, oil markets should tighten in the second half of the year and support prices ... downside risks remain elevated,' said the update, citing China's economic slowdown and the risk posed to growth by high global interest rates.
- Canada's main oil-producing province of Alberta on Thursday forecast a virtually unchanged budget surplus in the 2023/24 fiscal year and said the outlook was strong, despite unpredictable crude prices.
"The economic outlook for Alberta remains strong, bolstered by population growth and the labor market," the province's finance ministry said in a fiscal update. "With rising demand expected to outpace supply, oil markets should tighten in the second half of the year and support prices ... downside risks remain elevated," said the update, citing China's economic slowdown and the risk posed to growth by high global interest rates.
Resource revenue is seen at C$17.67 billion in 2023/24, down from the C$18.36 billion forecast in February, due to lower royalties. The West Texas Intermediate oil price is estimated to average $75 U.S. per barrel, $4 lower than in February.
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