The pain for Canadian oil producers will continue, regardless of the OPEC supply pact [Toronto Globe and Mail (Ontario, Canada)]
Whiting Petroleum Corporation (New) (WLL)
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Source: Toronto Globe and Mail
The pain for Canadian oil producers will continue, regardless of the OPEC supply pact Yes, Canada and the United States are cutting oil production. Loads of it. Unlike the Organization of Petroleum Exporting Countries and its allies, the reduction don’t come by design. It comes under duress. U.S. President Donald Trump has said the intense talks among major producers resulted in an agreement to cut nearly 20-million barrels a day. But let’s be honest: you can only reach that number by including reductions in output around the globe that are unrelated to the pact. The President’s number is a mirage and oil markets know it. What is really on the table is a deal to take 9.7-million barrels a day off the market. It was not nearly enough to make up for massive drop demand brought on by the COVID-19 slowdown, and only slowed the price skid. And as with all things OPEC, the key will be keeping the signatories compliant as global recovery begins and oil prices edge back up . With the global
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