Optimism is returning to the Canadian oil industry as demand rebounds and production follows, Bloomberg has reported, citing the chief of the Canadian Association of Petroleum Producers.
“There’s no denying that we’ve been beaten, battered and wounded and industry was faced with some of the biggest challenges last year we’ve ever seen,” Tim McMillan said at the Scotiabank CAPP Energy Symposium. “Our industry still has its best days ahead of it. In fact, over the past year, our industry has rallied and we’re approaching a future with cautious optimism,” the CAPP chief executive added.
Even so, things are beginning to look up for an industry that was struggling to stay profitable even before the pandemic as pipeline shortages kept costs high, and emissions-cutting plans at the federal level threatened long-term profitability.
Many Canadian oil companies will remain focused on cost cuts, Bloomberg reported, citing attendees of the CAPP conference. Shareholder … Read more