Canadian oil producers saw a 68 percent surge in operating profits between the first and second quarters of this year, but capital spending hasn’t kept anywhere near the same pace, says a new report from Deloitte Canada.
The consulting firm notes that crude prices have experienced “considerable volatility” in recent months due to the Middle East war, with the international light benchmark, Brent, fluctuating between US$68 and US$105 per barrel in July and August alone.
High prices have created a windfall for Canada’s oil producers, with that sector the biggest contributor to non-financial industry profits during the second quarter, according to Statistics Canada….