Chevron Corp. told Canadian regulators Wednesday that it has “indefinitely” suspended plans to drill for oil in Arctic waters, citing uncertainty over the outlook for crude prices. The move is the latest sign that a glut in crude oil is impacting major energy companies’ exploration and production programs. The Arctic holds billions of barrels of untapped oil reserves, but offshore-drilling costs there are among the highest in the world due to its remote location and severe weather. Chevron’s Canadian unit has pursued a test well drilling program in the Beaufort Sea in recent years, but said in a letter to Canada’s National Energy Board that it would put that project “on hold indefinitely” due to “the level of economic uncertainty in the industry.” Chevron confirmed the decision, noting all of its projects “must be competitive in our global exploration portfolio.” A 50% drop in oil prices since June […]