Canadian oil production is expected to drop by more than 100,000 barrels per day because of slumping oil prices, an industry group forecasts. The Canadian Association of Petroleum Producers said in a short-term review it expects oil production to decline by 65,000 bpd this year and 120,000 bpd in 2016. CAPP President Tim McMillan said weak oil prices present a challenge across a wide range of sectors and economies in Canada. “Investors have seen their portfolios shrink. And governments will see reduced revenues from the industry’s royalty and tax payments,” he said in a Wednesday statement. “We all will feel the effects.” Because of the complexities involved with bringing some of the more viscous forms of Canadian crude oil to the surface, […]