All in, the board forecasts that Canadian oil companies will lose a cumulative $1.1 billion Cdn before taxes in 2017. That’s better than the $8.6 billion lost in 2016, but still solidly in the red.
“Global demand is expected to increase in coming years, suggesting that prices will continue the upward trajectory that began late last summer,” board economist Carlos A. Murillo said. “Despite recent positive developments, however, we do not expect the industry’s bottom line to return to positive territory until the fourth quarter of this year given that it started from such a weak position.”
All in, the board forecasts that Canadian oil companies will lose a cumulative $1.1 billion Cdn before taxes in 2017. That’s better than the $8.6 billion lost in 2016, but still solidly in the red.
Read full story here: Canada’s oil industry expected to lose another $1.1B this year – Business – CBC News
