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Oil producers join forces and cut production again

VIENNA — Oil prices spiked sharply higher Friday as major oil producers, including the OPEC cartel, agreed to cut global oil production by 1.2 million barrels a day to reduce oversupply.
Following two days of meetings, the Organization of the Petroleum Exporting Countries that includes the likes of Saudi Arabia and Iraq said they would cut 800,000 barrels per day for six months from January, though some countries such as Iran, which is facing wide-ranging sanctions from the United States, have been given an exemption.
The balance will come from Russia and other non-OPEC countries. The United States, one of the world’s biggest producers, is not part of the deal.
“This is a major step forward,” said United Arab Emirates’ Energy Minister Suhail Mohamed al-Mazrouei, who chairs the regular meetings in Vienna in his capacity as President of the OPEC Conference.
Oil producers have been under pressure to reduce production following a sharp fall in oil prices over the past couple of months. The price of oil has fallen about 25
The reduction has certainly met with the response hoped for by ministers as it was at the upper end of most predictions. Following the announcement, Brent crude, the international standard, was up $2.79 a barrel, or 4.7
Ann-Louise Hittle, a
“For most nations, self-interest ultimately prevails,” she said. “Saudi Arabia has a long-term goal of managing the oil market to avoid the sharp falls and spikes which hurt demand and the ability of the industry to develop supply. On top of this, Saudi Arabia also needs higher oil revenues to fund domestic Saudi spending.”
Russian Energy Minister Alexander Novak called the negotiations with the OPEC nations “fairly challenging” but said the decision “should help the market reach a balanced state.”
“I think this is a strong signal to anybody who has doubted it that our
OPEC’s reliance on non-members like Russia highlights the cartel’s waning influence in oil markets, which it had dominated for decades. The OPEC-Russia alliance was made necessary in 2016 to compete with the United States’ vastly increased production of oil in recent years. By some estimates, the U.S. this year became the world’s top crude producer.
The cut is unlikely to be greeted warmly by U.S. President Donald Trump, who has been pressuring the cartel publicly to maintain production. On Wednesday, he tweeted: “Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!”
One stumbling block to an agreement had been Iran, Saudi Arabia’s regional rival and fellow OPEC member, which had been arguing for an exemption to any cuts because its crude exports are already being pinched already by U.S. sanctions.
Al-Mazrouei said that in the end Iran had been given an exemption, as well as Venezuela and Libya.
That “means that the percentage we will contribute among us is going to be a bit higher,” he said.
“We within OPEC are committed to distribute the 800 (thousand bpd) among us and deliver on it.”
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Rising reported from Berlin
Anthony Mills, Kiyoko Metzler And David Rising, The Associated Press
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Poilievre on 2025 Election Interference – Carney sill hasn’t fired Liberal MP in Chinese election interference scandal

From Conservative Party Communications
“Yes. He must be disqualified. I find it incredible that Mark Carney would allow someone to run for his party that called for a Canadian citizen to be handed over to a foreign government on a bounty, a foreign government that would almost certainly execute that Canadian citizen.
“Think about that for a second. We have a Liberal MP saying that a Canadian citizen should be handed over to a foreign dictatorship to get a bounty so that that citizen could be murdered. And Mark Carney says he should stay on as a candidate. What does that say about whether Mark Carney would protect Canadians?
“Mark Carney is deeply conflicted. Just in November, he went to Beijing and secured a quarter-billion-dollar loan for his company from a state-owned Chinese bank. He’s deeply compromised, and he will never stand up for Canada against any foreign regime. It is another reason why Mr. Carney must show us all his assets, all the money he owes, all the money that his companies owe to foreign hostile regimes. And this story might not be entirely the story of the bounty, and a Liberal MP calling for a Canadian to be handed over for execution to a foreign government might not be something that the everyday Canadian can relate to because it’s so outrageous. But I ask you this, if Mark Carney would allow his Liberal MP to make a comment like this, when would he ever protect Canada or Canadians against foreign hostility?
“He has never put Canada first, and that’s why we cannot have a fourth Liberal term. After the Lost Liberal Decade, our country is a playground for foreign interference. Our economy is weaker than ever before. Our people more divided. We need a change to put Canada first with a new government that will stand up for the security and economy of our citizens and take back control of our destiny. Let’s bring it home.”
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Canada Needs A Real Plan To Compete Globally

From the Frontier Centre for Public Policy
Ottawa’s ideological policies have left Canada vulnerable. Strategic action is needed now
As Canada navigates an increasingly complex geopolitical landscape, the next federal government must move beyond reflexive anti—Americanism regardless of its political leanings. Instead, Canada should prioritize national interests while avoiding unnecessary conflict and subservience.
The notion that Canada can stand alone is as misguided as the idea that it is only an economic appendage of the United States. Both perspectives have influenced policy in Ottawa at different times, leading to mistakes.
Rather than engaging in futile name-calling or trade disputes, Canada must take strategic steps to reinforce its autonomy. This approach requires a pragmatic view rooted in Realpolitik—recognizing global realities, mitigating risks, governing for the whole country, and seizing opportunities while abandoning failed ideologies.
However, if Washington continues to pursue protectionist measures, Canada must find effective ways to counteract the weakened position Ottawa has placed the country in over the past decade.
One key strategy is diversifying trade relationships, notably by expanding economic ties with emerging markets such as India and Southeast Asia. This will require repairing Canada’s strained relationship with India and regaining political respect in China.
Unlike past Liberal trade missions, which often prioritized ideological talking points over substance, Canada must negotiate deals that protect domestic industries rather than turning summits into platforms for moral posturing.
A more effective approach would be strengthening partnerships with countries that value Canadian resources instead of vilifying them under misguided environmental policies. Expand LNG exports to Europe and Asia and leverage Canada’s critical minerals sector to establish reciprocal supply chains with non-Western economies, reducing economic reliance on the U.S.
Decades of complacency have left Canada vulnerable to American influence over its resource sector. Foreign-funded environmental groups have weakened domestic energy production, handing U.S. industries a strategic advantage. Ottawa must counter this by ensuring Canadian energy is developed at home rather than allowing suppressed domestic production to benefit foreign competitors.
Likewise, a robust industrial policy—prioritizing mining, manufacturing, and agricultural resilience—could reduce dependence on U.S. and Chinese imports. This does not mean adopting European-style subsidies but rather eliminating excessive regulations that make Canadian businesses uncompetitive, including costly domestic carbon tariffs.
Another key vulnerability is Canada’s growing military dependence on the U.S. through NORAD and NATO. While alliances are essential, decades of underfunding and neglect have turned the Canadian Armed Forces into little more than a symbolic force. Canada must learn self-reliance and commit to serious investment in defence.
Increasing defence spending—not to meet NATO targets but to build deterrence—is essential. Ottawa must reform its outdated procurement processes and develop a domestic defence manufacturing base, reducing reliance on foreign arms deals.
Canada’s vast Arctic is also at risk. Without continued investment in northern sovereignty, Ottawa may find itself locked out of its own backyard by more assertive global powers.
For too long, Canada has relied on an economic model that prioritizes federal redistribution over wealth creation and productivity. A competitive tax regime—one that attracts investment instead of punishing success—is essential.
A capital gains tax hike might satisfy activists in Toronto, but it does little to attract investments and encourage economic growth. Likewise, Ottawa must abandon ideological green policies that threaten agri-food production, whether by overregulating farmers or ranchers. At the same time, it must address inefficiencies in supply management once and for all. Canada must be able to feed a growing world without unnecessary bureaucratic obstacles.
Ottawa must also create an environment where businesses can innovate and grow without excessive regulatory burdens. This includes eliminating interprovincial trade barriers that stifle commerce.
Similarly, Canada’s tech sector, long hindered by predatory regulations, should be freed from excessive government interference. Instead of suffocating innovation with compliance mandates, Ottawa should focus on deregulation while implementing stronger security measures for foreign tech firms operating in Canada.
Perhaps Ottawa’s greatest mistake is its knee-jerk reactions to American policies, made without a coherent long-term strategy. Performative trade disputes with Washington and symbolic grandstanding in multilateral organizations do little to advance Canada’s interests.
Instead of reacting emotionally, Canada must take proactive steps to secure its economic, resource, and defence future. That is the role of a responsible government.
History’s best strategists understood that one should never fight an opponent’s war but instead dictate the terms of engagement. Canada’s future does not depend on reacting to Washington’s policies—these are calculated strategies, not whims. Instead, Canada’s success will be determined by its ability to act in the interests of citizens in all regions of the country, and seeing the world as it is rather than how ideological narratives wish it to be.
Marco Navarro-Génie is the vice president of research at the Frontier Centre for Public Policy. With Barry Cooper, he is co-author of Canada’s COVID: The Story of a Pandemic Moral Panic (2023).
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