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.

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