Canadian Drilling Stalled in 2019

Activity in the Western Canadian sedimentary basin started to deteriorate again in November of 2018. While the 2015-2017 bust was global in scale and caused by market fundamentals (supply/demand imbalance), the recent downturn is Canadian in nature and extent. In order to move the needle, the Canadian oil patch needs egress pipelines to international markets (other than US) for both oil and gas, and governments that support development.