CAPP Issues Statement on Historic Low Oil Prices

April 20, 2020 – Calgary Alberta

“The historic low of today’s oil prices represents a crisis for Canada’s entire economy. What we’re seeing in Canada is more than $7 billion cut from capital investment in our upstream oil and natural gas sector so far. Production cuts have been announced amounting to more than 400,000 barrels of oil equivalent per day. Oil rigs and service crews sit idle across Western Canada. According to the International Energy Agency, global oil demand in April is expected to be 29 million barrels per day lower than a year ago. These are sobering statistics that illustrate the urgent need for government action to support Canada’s upstream oil and natural gas industry, which in turn protects thousands of jobs for hard-working Canadians at this challenging time. The Canadian Association of Petroleum Producers (CAPP) will continue to work with the federal and provincial governments to help ensure adequate support is in place to enable survival of oil and natural gas sector which is so critical to Canada’s economy.” 

– Tim McMillan, President and CEO, CAPP