Canadian Oil Drilling Forecast Gets Slashed Again

Some 2,800 new wells will be drilled in Canada this year, according to the Petroleum Services Association of the country. This is the third downward revision the PSAC has made so far this year amid the continuing oil price crisis. Its previous revision was to a 50-year low of 3,100 wells, the Canadian Press reports. Last year, Canadian oil and gas companies drilled 4,900 wells. That was despite the low prices for Canadian oil resulting from a shortage of pipeline capacity and the global glut. Oil prices are certainly a factor in the businesses’…