OPEC Targets U.S. Shale, But Hits Canada Instead
- U.S. output seen rebounding faster when market recovers
- Canadian industry struggles with drill times, efficiency: BI
A bucket loader digs for oil sands at a mine in this aerial photograph taken near Fort McMurray, Alberta, Canada, on June 4, 2015.
Photographer: Ben Nelms/BloombergThis article is for subscribers only.
OPEC took a swing at U.S. shale and knocked down Canada.
Threatened by surging production from North America, the Organization of Petroleum Exporting Countries has been pumping above its quota for 17 months as it seeks to take market share from higher-cost regions. The resulting 60 percent price crash is hitting Alberta harder than Texas.