Mergers and Acquisitions:

• Calgary based 3Fold Capital Inc. announced the acquisition of Calgary based Benpro Technologies, a turnkey precision pipe bending services provider in Western Canada, and Calgary based Prooftest Consulting Inc., specializing in destructive and non-destructive mechanical testing.

Other:

• Irving Oil Ltd. announced it will remain privately held following a strategic review launched in June 2023.

• The federal government is pausing its zero-emission vehicle incentive program, which offers rebates of up to $5,000 for battery-electric vehicles and plug-in hybrids (PHEVs) with over 49 km of electric range. Lower-range PHEVs qualify for $2,500. The program applies to passenger cars under $55,000 and SUVs, minivans, and pickups under $65,000.

• The International Energy Agency (IEA) projected that oil prices are to decline in 2025 and 2026 as global supply outpaces demand. Brent crude is forecast to average US$74 per barrel in 2025 and US$66 in 2026, with global production reaching 104.4MM bpd in 2025, exceeding demand at 104.1MM bpd. Canadian oil supply rose by 230,000 bbls/d in 2024 to 6.06MM bbls/d, and the IEA expects an additional increase of 140,000 bbls/d in 2025, setting a record output of 6.19MM bbls/d.

• OPEC predicts robust oil demand growth of 1.4MM bbls/d in 2026, driven by India and China, matching 2025 levels. This could enable OPEC+ to restore about 2MM bbls/d of halted production over two years. However, the forecast is tempered by signs of slowing economic growth in China and past demand prediction inaccuracies.