Two new forecasts show modest relief is in store for Alberta next year, with drilling activity in the oil patch rebounding from anemic levels and the provincial economy coming off the mat in 2021.
President of The Canadian Association of Oilwell Drilling Contractors, Mark Scholz, said there are two wild cards to a rebound — the actions taken by OPEC and its allies to keep global oil supply in balance with demand, and the ramifications of another wave of the coronavirus. The pandemic is already closing down economies in Europe and parts of North America.
“The situation is still very precarious for the province, in the sense that with these rising (COVID-19) cases . . . this is essentially extending the impact on the global economy and global demand for oil.”
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