Due to the price and demand crash in the second quarter, Canada’s oil production slumped to 4.4 million barrels per day (bpd) in May – the lowest output since the middle of 2016 when wildfires crippled oil sands production, the U.S. Energy Information Administration (EIA) said on Thursday. In the first half of 2020, oil producers in Canada cut their production by 20 percent compared to the average 5.5 million bpd oil production in 2019 because of low demand for fuel in North America and low oil prices that had Canadian producers curtail output. Canada’s production of petroleum and other liquids averaged 5.6 million bpd in March, but after the oil price collapse – which saw the price of Western Canadian Select (WCS) slump into single digits in April – production in April dropped by 700,000 bpd to 4.9 million bpd. This decline was steeper than the monthly drop […]