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Canadian Oil Drilling to Slump in 2016, Association Says

Canadian oil companies will reduce drilling activities next year as the price of crude languishes at about $50 a barrel, the Petroleum Services Association of Canada said.

Producers will drill 5,150 wells in Canada next year, down from 5,340 in 2015, the association said Tuesday in Calgary. That compares with more than 11,000 wells drilled annually in the five years through 2014.