• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • BOE Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Saskatchewan sees budget deficit shrinking on higher oil prices

March 23, 20223:02 PM Reuters0 Comments

Pump jack in Saskatchewan winter.

Saskatchewan on Wednesday forecast a deficit of a C$463 million ($369 million) in the 2022-23 fiscal year, less than a fifth of last year’s C$2.6 billion deficit, as stronger oil and potash prices bring in more revenue.

The Saskatchewan Party government, led by Premier Scott Moe, expects the removal of pandemic restrictions and strength in oil and gas prices, potash, and exports to drive economic recovery. Saskatchewan expects deficits to continue shrinking and said it was on track for a balanced budget in fiscal year 2026-27.

The budget assumes an average North American oil futures price of $75.75 per barrel during its fiscal year, generating C$867.5 million in royalties.

The province, home to the world’s biggest potash industry, accounting for about one-third of annual global production, said it expects revenue to rise by 18.5% to C$17.2 billion in the fiscal year starting in April. Spending is projected to increase by 3.1% to C$17.6 billion.

Potash revenue is budgeted at C$1.5 billion in 2022-23, up from the 2021-22 forecast of C$419.8 million, reflecting a higher average price forecast.

Potash prices are near a 10-year high, and the recent sanctions on Russia and Belarus, the second- and third-largest potash suppliers, are fuelling fears of food shortages globally. The potash price is forecast to increase by 48% in 2022, contributing to Saskatchewan’s strong economic outlook, the provincial government said in the budget.

 

Follow BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Week in Review – Stock gainers/fallers and most read articles
  • Column: US natgas prices slump after mild winter leaves big surplus
  • Oil falls as US holds off refilling strategic reserve
  • Obsidian shares fall after AER says they triggered seismic events
  • Suncor Energy announces Daniel Romasko to join Board of Directors

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    BOE Network
    © 2023 Stack Technologies Ltd.