Posted on 11/06/2015 8:13:29 AM PST by bananaman22
What you see is what you get. Unless, of course, things change. And so it goes in the highly uncertain world of trying to figure out what drilling and spending is going to be for next year in what appears to be an extended period of low oil prices. On November 3, the Petroleum Services Association of Canada held its annual Canadian drilling activity forecast session, an important event for oilfield service (OFS) companies trying to figure out how to plan and budget for the upcoming year.
This year PSAC was again joined by the Canadian Association of Petroleum Producers (CAPP), as well as newcomers CIBC World Markets, and National Bank Financial (NBF). A mountain of data was presented from four different perspectives. While the outlook in the short term (the rest of 2015 and the first quarter of 2016) is not positive for a number of reasons, macro trends indicate there could be an improvement in oil prices and a subsequent increase in spending by the second half of next year.
(Excerpt) Read more at oilprice.com ...
Given that they elected a socialist PM and ‘diverse’ cabinet, I would not be too optimistic for the near future.
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