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Persistently low oil prices are putting a spotlight on spending cuts and layoffs in the Canadian oilpatch, as companies release details of their latest financial performance.
The North American benchmark price for a barrel of crude has fallen from around $70 US per barrel at the outset of the year to less than $60 US this week.
Persistently low prices have largely been driven by a move from the Organization of Petroleum Exporting Countries (OPEC) and its allies to start releasing more oil , driving up the global supply and reversing production cuts that had helped lift prices.
Crude oil is Canada’s largest export and any hit to the price means less revenue for the economy, especially for Albert
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