Statistics Canada reports that:
“Canada produced 19.2 million cubic metres of crude oil and equivalent products in November, up 3.6% from the same month a year earlier.”
The solution to lower oil prices is lower world oil production. Canada’s oil production industry is apparently doing nothing to help itself in that regard. This may be the nature of the market. All players wish others would curtail but meanwhile each pumps even more because they need the money. It appears that it will take bankruptcies before there are any noticeable production cuts. Or perhaps the impact of lower capital spending will slowly lead to production cuts over time.
This morning I added modestly to my position in AutoCanada.