Canada’s oil price woes reaching an ’emergency situation,’ Cenovus CEO says

Canada’s oil price woes reaching an ’emergency situation,’ Cenovus CEO says

As of this moment, Western Canadian Select is priced at $12.60usd / bbl, while West Texas Intermediate is at $56.61usd / bbl … a discount of >$44 / bbl

In This Article, Cenovus CEO is sounding the alarm …

The head of one of the country’s largest oilsands producers says Canada’s oil price woes are reaching an “emergency situation,” and on Wednesday saw his company’s call for production cuts echoed by a competitor.

Oil “is a provincial resource and… we’re giving it away for free,” Cenovus Energy CEO Alex Pourbaix said on CBC Calgary’s morning show, The Eyeopener.

“Nobody is making money at this price and this is rapidly becoming an emergency situation in the economy.”

See Full Article @ CBC

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