The global oil price war may take a heavy toll on the Canadian energy industry, which still hasn’t fully recovered from the last crash that started in 2014.
Canadian producers were struggling with a shortage of pipeline space that has weighed on local crude prices and limited their growth prospects, even before Saudi Arabia announced plans over the weekend to boost oil output. Western Canada Select, the benchmark grade produced by Canada’s oil sands, was down about 26% to $20.69 a barrel on Monday, in line with the drop for West Texas Intermediate.