Alberta's Economic Turmoil Escalates

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Oil prices

calgaryherald

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Business

Business & Economics

Varcoe: Double trouble as oil price falls and Trump tariffs leave oilpatch on edge

Summary

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72% Informative

Oil prices have tumbled this week , after the unwinding of OPEC cuts and a continental tariff war started by the United States this week .

The twin sources of disruption have left the Canadian oil industry staring at much lower prices than in mid-January , when benchmark West Texas Intermediate crude topped $ 80 a barrel.

The two major events are expected to crimp global oil demand growth this year by about 400,000 barrels per day.

Canadian Natural Resources has seen “very little impact” on its business caused by tariffs.

Baytex released a $1.25-billion capital budget in December based on WTI averaging $ 65 a barrel.

About 60 per cent of its production and cash flow is generated from its properties in the Eagle Ford formation in Texas .

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formal

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English

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