Many people ask me, “Why doesn’t Saudi Arabia cut production to help boost prices?” I almost always pause, knowing there isn’t a quick black-and-white answer. So hedging my knowledge, I reply, “While anything is possible, the likelihood of a cut occurring is slim.”
Headcount reductions, wage roll backs and project cancellations—the surge of bad oil patch news keeps coming. To many workers in the Canadian oil patch, 2015 cannot be over soon enough.
Canadians have spoken for change. After nearly ten years of Conservative rule under Alberta’s Stephen Harper, Canadians voted in a majority rule Liberal government last night, headed by Justin Trudeau.
Bleak metrics to describe the oil price downturn are easy to come by. For instance: the oil price is down almost fifty percent from last year, and drilling rates in Western Canada are about half of last year’s levels.
