The figure was contained in the first-quarter fiscal update released Thursday by Finance Minister Travis Toews. The deficit is forecast to be $16.8 billion higher than was estimated in the provincial budget. The province is now forecasting total revenue will be $38.4 billion, down $11.5 billion from budget. Alberta Finance was criticized for projecting a rosy $58 US benchmark price for West Texas Intermediate crude in the February budget. According to Alberta Finance, the average WTI price in July was $40.71 US.

Source: CBC News August 27, 2020 12:00 UTC