Canada isn’t responsible for the oil price war. Will Russia and Saudi Arabia see it that way? [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Canada isn’t responsible for the oil price war. Will Russia and Saudi Arabia see it that way? Upgrading plant at the Suncor Energy Oil Sands project near Fort McMurray, Alta., on June 13, 2017. Larry MacDougal/The Associated Press Upgrading plant at the Suncor Energy Oil Sands project near Fort McMurray, Alta., on June 13, 2017. The world’s oil producers are set to browbeat each other this week into dialling back the output that has flooded markets at the worst possible time. Most of the attention is on the Saudi Arabia-Russia-United States triumvirate that makes up more than 35 per cent of the world’s production. After Russia spurned Saudi Arabia’s call to reduce its production, both countries opened the taps over the past month just as global economies ground to a near halt because of the COVID-19 contagion. As a result, crude has tumbled to 18-year lows. The U.S. and its oil industry have sustained collateral damage in this battle for market share, and are being pushed to contri
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