Canadian Oil Industry Expected to Lose $2.1 Billion in 2015, Says Conference Board

CBC News reported that the Canadian oil industry could love $2.1 billion in pre-tax income in 2015 despite massive spending cuts, according to an outlook from the Conference Board.
As quoted in the market news:

Industry revenues will fall by 22 per cent this year and investment levels are expected to be down by 39 per cent since 2014, according to the Canadian Oil Industry Outlook released Wednesday by the think-tank.
It says job opportunities in the oil and gas industry have shrunk by 7.4 per cent.
And while 2015 may be the low point for Canada’s oil and gas players, the recovery is unlikely to happen quickly, the report said.
Low crude oil prices, with benchmark West Texas Intermediate crude now below $45 US a barrel, will linger for several years, it predicts. WTI is unlikely to return to the $70 a barrel level until 2019.
Global demand for oil will recover only slowly, it says, in part because of slow economic growth, but also because the world’s industries are becoming more efficient. It takes less oil each year to create a unit of economic growth.

Click here to read the full CBC News report.