Canadian oil struggling for world position

2 Aug 2017   Canada

The Canadian oil sector should expect growth in exploration and production, but its place on the global stage is still uncertain, a trade group said. The National Energy Board said that, as of July 7, it expected total production of crude oil and equivalent will be 4.05 million barrels per day for the year , which, if the forecast proves accurate, would be about 5 percent higher than last year. Crude oil prices are up more than $10 per barrel from this time last year and Western Canadian Select, the nation’s benchmark for the price of oil, is moving higher in early Tuesday trading, while rival benchmarks lose ground. WCS is trading about $10 lower than West Texas Intermediate, […]

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