The latest outlook from the Conference Board of Canada predicts the oil industry’s losses this year will reach $10 billion. That follows a record $11 billion loss in 2015.
Economist Carlos Murillo says global crude prices remain “stubbornly” low, and this will be the first time in recorded history the industry will post back-to-back losses. He believes things should move towards the positive in the second half of 2017, as oil prices gradually recover.
West Texas Intermediate crude is forecast to increase to $67 U.S. by 2020.