Strong Canadian oil production forecast, even in the face of possible price drop

Growth in global oil demand for the rest of the year is expected to fall to one of its weakest levels since 2001, says research firm S&P Global, which has revised its price outlook for benchmark crude down to as low as the upper-US$40 mark.The United States in particular will face a sharper year-on-year decline in production than expected, S&P forecast in its latest research paper, released Monday. That’s in part owing to limping demand growth; only the 2008-09 financial crisis and COVID-19 pandemic in 2020 saw lower numbers.