Newfoundlanders and Labradorians can expect to gain a better understanding of the impact falling oil prices are having on the province’s resource revenue during the fall fiscal update.

Crude oil prices have dropped by 21 per cent over the last six months.

Oil production is a major driving factor in the local economy, and the provincial government’s last budget was based on a forecast price of US $82 a barrel—representing 15 per cent of government’s total revenue.

As of Friday, Brent crude was trading at about US $72.21 a barrel. The province has previously indicated that it loses approximately $16 million in revenue for every dollar drop in Brent crude prices.

The Department of Finance says it is monitoring all factors affecting the province’s fiscal position and an update will be provided during the fall fiscal update—a date for which has not yet been set.