Job losses in the Canadian natural resources sector hit an all-time high in the second quarter, at 43,000, new statistical data has revealed, highlighting the grave impact the pandemic has had on the industry. The loss of oil demand drove the job losses, CBC reported citing Statistics Canada, with employment in the industry falling 7.3 percent during the second quarter of the year. “The decline was exacerbated by lower international demand for natural resources, as the economic activity of major trading partners (such as the United States, the United Kingdom and Japan) fell sharply,” the country’s statistical agency said. Canada had been struggling with low prices for its oil even before this year’s unforeseen events pummelled these into the ground. The industry has been facing an existential crisis driven by the recent price shocks but also by pessimistic outlooks for the long term in oil demand as well as […]