Opec warns of risks facing oil demand

OTTAWA — Canada’s economy is increasingly being caught in the tail winds of the downward global spiral, but some of the country’s problems are also homegrown. The Bank of Canada says low interest policies that it and other central banks have put in place are adding another layer of risk to the already stressed global financial system. The Canadian central bank says near record level interest rates that have been in place since the 2008-09 recession are taking their toll on insurance companies, pension funds.

OPEC oil producers will hold firm their output but must act to curb high crude stock levels, the cartel's secretary general said Monday as the organisation gathered for its first meeting in poverty-stricken Angola.Abdullah El-Badri told reporters that the powerful members of the 12-member grouping must act to counter the effects of high crude stockpiles, which observers say could weaken the market when demand falls in the spring.