‘Double Whammy’ of Cuts and Price Collapse Hits Canada’s Oil Patch
- Oil producers curtail output as global crude prices plunge
- U.S. court decision on Keystone XL adds to industry woes
Photographer: Ben Nelms/Bloomberg
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Canada’s oil producers can’t catch a break.
Even as local production cuts help alleviate pipeline bottlenecks, heavy crude plunged below $18 a barrel for the first time since 2016 -- dragged down by global oil prices.