The Canadian Industrial Outlook Service includes detailed five-year forecasts in 16 key Canadian industries. The report examines the short- and medium-term economic and profitability outlooks for these industries.
Canada’s Oil Extraction Industry: Industrial Outlook, Winter 2009
Canada’s Oil Extraction Industry: Industrial Outlook, Winter 2009
Industry Economic Analysis
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- Crude Oil Price—The price of oil has dropped back to levels last seen in 2004, down by more than 70 per cent from its peak last summer, limiting revenues for the oil extraction industry.
- Investment—The postponement of countless oil extraction and refining projects has pushed anticipated production gains further into the future.
- Costs—Despite this year’s expected drop in costs, labour and materials remain in short supply, particularly in the West. This will force costs upwards at an extremely quick rate over the medium term, slowing the recovery in profits.
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