Alberta Surplus Soars as Oil Prices Rise Amid Global Turbulence

The Alberta government is revising its budget forecast upwards due to soaring oil prices caused by the U.S. war with Iran.

Finance Minister Jason Nixon announced that the province now expects a $2-billion surplus for the current fiscal year, which ends next spring.

This marks a sharp reversal from February's gloomy budget projection of a significant $9.4-billion deficit.

The previous financial year's books also showed a surprise surplus, with an exact figure not yet released but expected to be around $2 billion more than the initially predicted $4.1 billion in red ink.