The pace of exports hit 1 million barrels a day this year, contributing to the downward pressure on crude pricesThe U.S. exported 1 million barrels of oil a day during some months so far this year—double the pace of 2016—and is on track to average that amount for all of 2017, according to a Wall Street Journal analysis of data from the U.S. Energy Department and the International Trade Commission... While U.S. exports make up just 1% of global oil volumes, they are a new factor helping to tamp down prices and keep them rangebound between $45 and $55 a barrel...The U.S. still imports a lot of foreign crude, averaging 10 million barrels a day last year, because it is the world’s No. 1 oil consumer. But that level has dropped sharply in recent years.
Canada Stays the Course on Budget Amid Improving Economy
Last year, Canada pledged to spend roughly 24 billion Canadian dollars ($18 billion) in infrastructure by 2020 in an effort to spur growth. It also introduced tax breaks targeted at middle-income earners and households with children
.. Deficits will remain a mainstay in Canadian public finances for the foreseeable future. Ottawa projects a deficit of C$28.5 billion next year, or 1.4% of Canada’s gross domestic product, and remain in the C$20 billion range for each year through 2022. The debt-to-GDP ratio is expected to stay slightly above 31% over the next four years.
.. the government is also benefiting from stabilizing oil prices, which is lifting fortunes in the resource-rich region of western Canada.
.. suggest Canada’s economy has moved into a higher gear, following two years of lackluster growth because of the swift fall in commodity prices.
.. The government projects growth of 1.9% this year and 2% in 2018, which is below the Bank of Canada consensus.
.. Three quarters of Canada’s exports—or the equivalent of 20% of Canadian output — go to the U.S.