.png)
Industry leaders are set for a rebound in Alberta’s energy sector in 2021. CALGARY — As the price of oil continues to climb, energy industry groups say we could be rounding the corner towards recovery. The price of West Texas Intermediate (WTI) climbed beyond US$64 per barrel at points on Thursday, up from US$45 a barrel in December. "We are on the cusp of, hopefully, a recovery. Our economy nationally and provincially have taken a hit," said Tim McMillan, the president and CEO of the Canadian Association of Petroleum Producers (CAPP). "Currently prices are higher than what we would have expected last year." The Canadian Association of Oilwell Drilling Contractors (CAODC) says activity is about 35 per cent higher than initially forecast. "All of this, of course, is a result of some growing optimism in the industry," said Mark Scholz with the CAODC. But both McMillan and Scholz add they are "cautiously optimistic" about continuing the momentum, pointing out there is still global volatility in the oil and gas sectors. Demand for natural resources is growing and supply globally remains somewhat low, some analysts say. On Thursday, the OPEC+ producer alliance decided to hold output steady. "Here in Alberta, […]
CamTrader offers a preview only. View original article. calgary.ctvnews.ca
