Oil exporters’ cartel Opec is struggling to lift the oil price by cutting production. Oil has slid to a seven-month low of less than $45 a barrel. Opec countries that were not part of the agreement have been pumping more, while America’s increasingly cost-efficient shale-oil producers are also drilling more. The number of rigs in operation has been on the rise for months, heralding higher production.
Opec might also “want to cast an eye north”, says Gregory Meyer in the Financial Times. Canada is home to the world’s third-largest oil reserves. Output there is on [...]