(MENAFN) Canadian oil industry is currently facing a sharp drop in overall investments by 40 percent, battered by more than 10 years of low growth and falling production rate, The Globe and Mail reported.
According to analysts' forecast, one million barrels per day are to be cut from the country's annual production of oil in the upcoming period; total oil output is to reach 5.3 million barrels per day by 2030.
Companies in the oil business have been hit hard by higher royalties and environmental fees, set by the government, in addition to other dreary challenges, according to officials.
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