Source: The Canadian Press Staff, ctvnews.ca, August 28, 2020
Oil prices fell due to a global price war and the COVID-19 pandemic
CALGARY — Statistics Canada says capital spending in the country’s oil and gas sector fell by 54 per cent in the quarter ended June 30 as numerous producers chopped budgets amid sliding global oil prices.
The federal agency says the industry spent about $3.88 billion in the three-month period, down from $8.46 billion in the first quarter and $8.59 billion in the second quarter of 2019, as a global price war and demand destruction caused by the COVID-19 pandemic eroded crude prices.
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