Brent crude prices took a dive this week as jittery markets reacted to the collapse of the Silicon Valley Bank in the US and that’s having an impact on provincial revenue.
Finance Minister Siobhan Coady says the province loses approximately $16 million dollars in revenue for every dollar drop in Brent crude prices.
Brent dropped below $72 dollars US a barrel earlier this week, a 15-month low.
Coady says while that represents a big drop in revenue, government is prepared for fluctuations in the market over the course of a year.
