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Resilience to Be Tested on Long Road to Recovery: Canada’s Two-Year Outlook The Conference Board of Canada, 12 pages, October 20, 2020 Issue Briefing

Resilience to Be Tested on Long Road to Recovery: Canada’s Two-Year Outlook

The Conference Board of Canada, 12 pages, October 20, 2020
Issue Briefing

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This quarterly economic forecast presents the medium-term outlook for the Canadian economy. This release focuses on energy. For an overview of all major components of the economy, go to the Canadian Outlook main page. Document Highlights The OPEC+ alliance looks set to keep its current curtailment of 7.7 million barrels per day (b/d) in place until 2021. The price of West Texas Intermediate won’t recover to pre-COVID levels until 2023. Producers in Western Canada have begun to turn the taps back on, now that the price of Western Canadian Select has steadied at around US$30 per barrel. Businesses in the energy sector are slashing investment, leading to the deferral of major projects and a plunge in the number of active rigs. The LNG Canada project is now the only major oil or gas facility under construction. Work on the Coastal GasLink, Trans Mountain Expansion, and the Canadian portion of the Keystone XL pipeline projects continues.

This quarterly economic forecast presents the medium-term outlook for the Canadian economy. This release focuses on energy. For an overview of all major components of the economy, go to the Canadian Outlook main page.

Document Highlights

The OPEC+ alliance looks set to keep its current curtailment of 7.7 million barrels per day (b/d) in place until 2021.
The price of West Texas Intermediate won’t recover to pre-COVID levels until 2023.
Producers in Western Canada have begun to turn the taps back on, now that the price of Western Canadian Select has steadied at around US$30 per barrel.
Businesses in the energy sector are slashing investment, leading to the deferral of major projects and a plunge in the number of active rigs.
The LNG Canada project is now the only major oil or gas facility under construction.
Work on the Coastal GasLink, Trans Mountain Expansion, and the Canadian portion of the Keystone XL pipeline projects continues.

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