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Global markets: Energy group expects crude glut to increase

By Commodity News Service Canada

WINNIPEG, February 9 – The following is a glance at the news moving markets globally.

INTERNATIONAL ENERGY ASSOCIATION EXPECTS GLUT TO GROW
The International Energy Association (IEA) expects supplies of crude oil to increase throughout 2016, according to reports on Tuesday.

The IEA expects oil producing countries will not be able to agree on a production ceiling this year, while demand for the commodity softens.

CANADA’S CRUDE OIL PRODUCTION INCREASES IN NOVEMBER
Canada produced 19.2 million cubic metres of crude oil and equivalent products in November, up 3.6 per cent from the same month a year earlier, Statistics Canada said in a report on Tuesday.

According to StatsCan, exports of crude oil and equivalent products totalled 14.6 million cubic metres in November, up 4.5 per cent from the same month in 2014, while imports to Canadian refineries edged up 0.3 per cent to 2.7 million cubic metres.

EGYPT CANCELS TEMPORARY SUGAR TARIFF
Egypt has cancelled a temporary tariff on sugar imports, according to reports out of the country on Tuesday.

In April Egypt had said it would impose a 20 per cent tariff on sugar imports for 200 days to protect domestic producers.

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