The US shale patch laments oil prices in the low $20s crippling companies with already weakened debt and liquidity profiles. But further north, the outlook for Canada’s oil patch is even gloomier. Hit by the pandemic-driven demand shock and the price war-induced supply shock, Canadian oil prices have already crashed to below $10 a barrel. This year’s oil price crash will hit Canada’s oil patch harder than the 2014 price collapse, analysts say. Following the double supply-demand shock of the past weeks, the industry had to quickly switch back to survival mode, just as it was expecting an uptick in upstream investments this year, for
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