The Hebron Platform, anchored in Trinity Bay, N.L., is shown on Tuesday, April 18, 2017. THE CANADIAN PRESS/Paul Daly
Credit agency says surging global oil prices will help N.L.’s bottom line
May 3, 2026 | 9:33 AM
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ST. JOHN’S — One of the world’s largest credit rating agencies says surging global energy prices related to the Iran war could help tackle the deficit in Newfoundland and Labrador.
DBRS Morningstar says the province’s recent budget — with a deficit of $688 million — is based on an oil price of US$79 per barrel.
The price has been hovering around US$110 for weeks and the government estimates that every extra dollar is worth about C$33 million in revenue for the province.
Regulators say Newfoundland and Labrador produced nine million barrels of oil in March, about 14 per cent more than the same time last year.
