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Oct 19, 2022 · On the back of higher than expected revenue from oil — and taxes — Newfoundland and Labrador is projecting a 2022 budget surplus of nearly half a billion dollars.
prices for fuel oil (70.3 per cent) and gasoline (34.9 per cent) were the largest, reflecting a 59.6 per cent increase in crude oil prices over the same period. Prices for essentials such as food (8.6 per cent) and shelter (5.8 per cent) also saw significant increases. For the year as a whole, inflation in the province is forecast
Budget assumptions versus daily Brent spot prices and year-to-date (YTD) averages. Fiscal Year. 2022-23; 2021-22; 2020-21; 2019-20; 2018-19; 2017-18; 2016-17; Note: The daily Brent spot prices are the daily Brent closing spot prices from the U.S. Energy Information Administration
Jul 9, 2021 · Then there’s price uncertainty because the Organization of the Petroleum Exporting Countries (OPEC) is considering an increase in production. Still, Barnes said even if OPEC decides to increase production, causing a price drop, a price of around $50 to $70 a barrel is still profitable for producers.
Sep 1, 2022 · Global offshore investment should rise 27 per cent from 2021 levels to $173 billion in 2024, reversing a decade of decline and growing slightly faster than onshore investment, Rystad estimates.
Sep 12, 2022 · As COVID-19 was spreading, an oil price war between Saudi Arabia and Russia hit Newfoundland and Labrador hard. The price of oil plummeted, creating a crisis for Canada’s easternmost province, which is heavily reliant on oil revenue to pay for services for its population of about 520,000.
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GDP growth in the CMA is being held back by declining oil production, which is expected to total 82.3 million barrels in 2022, a decrease of 12.4% from 2021.
