• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 20 mins The Downside of Political Correctness
  • 57 mins In the Event of WW3, Oil and/or Renewables?
  • 3 hours Main Stream Media falls into depressed mood today after hearing of the record May jobs report UP 2.5 MILLION JOBS !
  • 2 hours George Floyd’s History
  • 2 hours US and Australia Sign SPR Lease Agreement
  • 15 hours Rioting and Protesting
  • 2 hours Trump waves a Bible
  • 2 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 14 hours Let's try to link the recent events back to the situation with oil production and pricing
  • 1 day Healing, Not Hatred
  • 9 hours Coronavirus hype biggest political hoax in history
  • 7 hours World’s First Integrated Hydrogen Power-to-Power Demonstration Launched
  • 20 hours China’s Oil Thirst Draws an Armada of Tankers
  • 8 hours Model 3 cheaper to buy than BMW 3 series.
  • 1 day Trumps Oil Industry....

Canada Looks To U.S. As Oil Crisis Escalates

Canada is in close contact with the United States about the oil price crash and its effect on the industry, Canada's Deputy Prime Minister and Minister of Intergovernmental Affairs Chrystia Freeland told media.

"Let me just say that this is a very fast-moving situation," Freeland said as quoted by CBC News. "The current situation in the global energy markets is something that we're very concerned about." 

The oil price shock has left the Canadian oil industry reeling, with the local crude benchmark sinking below $10 per barrel, casting a shadow over the industry's survival chances yet again. What's more, the crisis could threaten the whole Canadian economy.

"With the economy already on precarious footing, the added shocks of the recent rail blockade protests, the arrival of COVID-19, and a collapse in oil prices have brought the country to the brink of recession," the Conference Board of Canada said in its Canadian Outlook Summary Spring 2020 this week. It added, "The Canadian economy is reeling as the impacts of the COVID-19 pandemic ravage consumer and business spending and cratering oil prices have put a halt to the expected rebound in the energy sector."

Oil prices got a brief respite yesterday after U.S. President Donald Trump tweeted that he "hoped and expected" that Saudi Arabia and Russia would cut a combined 10 million bpd of oil production.

"Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!" Trump said in the tweet that sent WTI up to more than $27 a barrel.

By Irina Slav for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News