The benchmark Western Canadian Select was trading at $7.63 a barrel, a drop of $4.60 from Tuesday. U.S. crude prices dropped to their lowest level in 18 years. (CBC, The Wall Street Journal)
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The benchmark Western Canadian Select was trading at $7.63 a barrel, a drop of $4.60 from Tuesday. U.S. crude prices dropped to their lowest level in 18 years. (CBC, The Wall Street Journal)
Talking point: COVID-19 is cutting global demand even as Russia and Saudi Arabia are ramping up production in a bid for market share. “Anyone that takes advantage of a global pandemic to explicitly chase market share is reprehensible,” said Tim McMillan, Canadian Association of Petroleum Producers CEO. Goldman Sachs is predicting things could get worse, with global demand decreasing by eight million barrels a day this year and a Brent crude price target of US$20 a barrel in the second quarter. When oil hit US$40 a barrel during the 2015–2016 global supply surplus, Canada’s oil patch experienced mass layoffs and cutbacks. McMillan said this crisis will be particularly challenging for the Canadian sector, since it’s yet to fully recover from the recent price drops.
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