OPEC and non-OPEC members meet Thursday in Vienna amid falling global oil prices. (Ramzi Boudina/Reuters) The oil price crisis in Western Canada could deepen next week depending on whether Saudi Arabia, Russia and other countries decide to cut oil production and — if so — by how much. Oil prices in Alberta are the lowest they have been in more than a decade, selling for about $17 US per barrel for Western Canada Select, the Alberta benchmark for heavy oil. Around the globe, prices have also suffered with West Texas Intermediate, the North American benchmark, falling about 33 per cent in the last two months. What OPEC decides could give prices a boost or send them spiralling down further. The oil industry’s rough ride in October and November has created an immense amount of interest in the OPEC meeting in Vienna on Dec. 6. "It has a huge impact," says Jackie Forrest, analyst with the ARC Energy Research Institute in Calgary, about the possible fallout for Canadian oil prices. "If OPEC doesn’t make a cut and if global prices begin to fall, that will just push our prices down further, putting more pressure on Canadian producers. It’s very consequential […]
