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Reuters Africa reports that plunging crude prices have compelled Canadian producers to claw back capital spending, resulting in the decline in output forecasts.
Reuters Africa reports that plunging crude prices have compelled Canadian producers to claw back capital spending, resulting in the decline in output forecasts.
The market news is quoted as saying:
If the crude-price skid persists, then Canada’s oil producers, whose higher-cost oil sands and heavy oil production makes up a growing chunk of U.S. energy supply, will put the brakes on spending increases in their 2012 budgets.