Even though a weakened oil economy means lower production, North American markets are secure enough to weather the storm, analysts said. Canada’s oil-based economy has been weakened significantly by the downturn in oil prices, off about 50 percent from their levels just two years ago. Some sectors of the U.S. economy, meanwhile, are in decline as lower spending in exploration and production takes a toll on the industry. Daniel Yergin , vice chairman for consultant group IHS, said combined North American production of 13 million barrels, 80 percent higher than levels common 10 years ago, is enough to keep the market secured during the downturn. “The scale and resiliency of these resources through a time of […]

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