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Global markets: OPEC nations struggle to meet production cuts

By Commodity News Service Canada

July 13 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Members of the Organization of the Petroleum Exporting Countries (OPEC) were unable to meet agreed upon production cuts in June, said the International Energy Agency. OPEC nations’ compliance with production cuts fell to 78 per cent in June, compared to 95 per cent the previous month. Algeria, Ecuador, Gabon, Iraq, United Arab Emirates and Venezuela all exceeded allowed production.

– United States President Donald Trump arrived in France today, while controversy over alleged Russian connections plague him at home. There is also danger that the U.S. Senate will reject the latest Republican party health-care plan. Trump is in France to commemorate Bastille Day.

– Britain has formally filed legislation to cut ties with the European Union. The bill is the first step toward Brexit, but opposition parties have vowed to challenge it.

– Prime Minister Justin Trudeau plans to select former astronaut Julie Payette as Canada’s next governor general.

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