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Budget assumptions versus daily Brent spot prices and year-to-date (YTD) averages. Fiscal Year. Note: The daily Brent spot prices are the daily Brent closing spot prices from the U.S. Energy Information Administration.
Consumer prices rose by 2.4% as gasoline and fuel oil prices put upward pressure on the overall price level. Employment fell by 3.7% to average 224,100, reflecting lower construction activity on several major projects. The unemployment rate averaged 14.8%, an increase of 1.4 percentage points compared to the previous year. The Hebron project ...
Mar 11, 2020 · Until recently, all production in Atlantic Canada has been light oil, with similar characteristics to Brent crude oil which is produced offshore in the North Sea between the United Kingdom and Norway.
Because of rising prices, we lowered our estimate for 2018 global oil demand growth by 40 kb/d to 1.4 mb/d, and we increased our expectation for US oil production growth this year by 120 kb/d.
The purpose of this report is to show how the oil and gas industry impacts the Newfoundland and Labrador economy and how potential growth in output in the years ahead could benefit the province. Specifically, the report will address: • The current economic impact of the offshore oil industry on the Newfoundland and Labrador economy, including:
forecast real GDP decline for calendar year 2018 to 2.8% (bottom table). Instead of the 2.8% real export rise projected in April, the government now expects a 1% decrease as a two-month labour stoppage resulted in reduced iron ore output (chart). Oil production, lifted in the first full year of operation at the
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Crude Oil. In 2020, Newfoundland and Labrador’s oil production was 282.7 thousand barrels per day (Mb/d), or 5% of Canada’s overall production and 24% of Canada’s light oil production. (Figure 1).
