CANADA'S OIL SPENDING WILL UP TO C$37 BLN
REUTERS - JANUARY 30, 2020 - Capital spending by Canada's oil and gas industry will rise by 6%, or C$1.9 billion, in 2020 from the previous year, halting a six-year decline due to improving economics, the Canadian Association of Petroleum Producers (CAPP) forecast on Thursday.
CAPP said a corporate tax cut by Alberta's provincial government last year and its easing of oil production limits will lead to higher spending.
Congested pipelines created a glut of oil in storage in the Western Canadian province in recent years, depressing prices and causing…
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