Everything You Need to Know on Wednesday: OPEC Data Shows Some Members Still Surpassing Output Quotas
Good morning mooers! Here are things you need to know about today's market:
● S&P/TSX 60 Index Standard Futures are trading at 1,327.60, up 0.55%
● OPEC data shows some members still surpassing output quotas
● Barrick Gold commits to mali investment; partners with Midland on Patris drilling
● Tilray introduces runner's High Brewing Co. as new non-alcoholic beer option
Market Snapshot
Today, the Canadian dollar is trading at 73.30 cents US, a slight decrease from previous close.
S&P/TSX 60 Index Standard Futures are trading at 1,327.60, up 0.55% from previous close.
Top stories
Commodity
OPEC Data Shows Some Members Still Surpassing Output Quotas
OPEC+ countries, including Iraq, Kazakhstan, and Russia, persist in exceeding agreed oil production limits. Despite Russia's cut in June, they're still collectively overproducing by hundreds of thousands of barrels daily.
OPEC+ cuts, led by Saudi Arabia, aim to stabilize prices amidst rising output from the Americas. With Brent crude near $84 a barrel, the IMF suggests some OPEC+ nations require prices around $100 a barrel to fund government expenditures.
OPEC's latest report indicates these key members are not meeting their quotas or compensating for past overproduction. Russia remains 161,000 barrels above its quota, while Iraq is 189,000 barrels over, as they seek funds for their respective national interests.
Amid fluctuating prices, OPEC+ has tentative plans to increase production later in the year, with a review meeting set for August 1.
Stocks to watch
Barrick Gold Commits to Mali Investment; Partners with Midland on Patris Drilling
$ABX.CA$ continues its investment in Mali despite the challenging environment, as stated by President and CEO Mark Bristow. He emphasized the company's collaboration with Mali's DNGM to expand exploration and underscored the critical role of the Loulo-Gounkoto complex for the country's mining sector and economy.
With a 29-year history in Mali, Barrick's contributions have been significant, injecting over $10 billion into the economy and accounting for 5-10% of Mali's GDP annually, including over $1 billion last year.
This development follows Midland Exploration's initiation of a drilling campaign on the Quebec-located Patris gold property. Barrick, which can earn up to 75% interest in the property through cash and exploration investments, is managing the drilling operations.
Barrick is set to announce its Q2 2024 results on August 12, 2024.
Tilray Introduces Runner's High Brewing Co. as New Non-Alcoholic Beer Option
$TLRY.CA$ is branching out with Runner's High Brewing Co., a new line of premium non-alcoholic beers. Targeting consumers looking for the taste of beer without the intoxication, Runner's High will feature dark chocolate, raspberry, and golden wheat flavors. The brand will make its first appearance at Atlanta's Peachtree Road Race. Tilray, known for its cannabis products, has expanded into the beverage market, now holding over 14 brands such as Shock Top and Sweetwater Brewing Co.
Source: BNN Bloomberg
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