Canada’s oil industry to endure losses for second consecutive year in 2016

OTTAWA, April 28, 2016 /CNW/ – Canada’s oil and natural gas extraction industries are expected to be in the red again this year, according to The Conference Board of Canada’s latest outlooks for the industries. Following a record pre-tax loss of more than $7 billion last year, Canada’s oil extraction industry is expected to post losses of over $3 billion in 2016. Meanwhile, Canadian natural gas producers losses are expected to total $1 billion in 2016.

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