When JP Morgan’s EMEA head of oil and gas research said last month that this crisis was fundamentally no different from previous crises, he was right – at least in a way. But in some ways, he was wrong, because it is not just out of a sense for the dramatic that most observers are calling the current crisis unprecedented. This crisis will change the industry in ways no other crisis has done. Oil sands on the path to diversification Canada’s oil sands have been among the worst affected segments of the industry, as Wood Mackenzie noted in a June report . One of the reasons for the extent of the damage was that Canada’s oil sands producers never got to recover fully from the previous crash before this one struck. While elsewhere E&Ps picked up where they had left off while the price crisis of 2014 to 2016 […]