Canada's upstream spending set for 20-year low, while 2Q shut-ins likely to reach at least 1.2 million bpd

In light of recent guidance revisions and the wider collapse in drilling and completion activity in Western Canada, Rystad Energy now expects total 2020 Canadian upstream spending to fall below C$21 billion. This represents a 41% year-over-year decline, with reductions in shale and oil sands accounting for more than 80% of the decrease.Read full news