IHS Markit says while the bulk of the cuts have been made by large oilsands producers, there have also been "sizeable" spending reductions to conventional, unconventional, midstream and petrochemical projects. It pegs the reductions in capital spending in oilsands alone at around $4.4 billion. Canada's oil producers have been hit hard by oil prices that have plunged worldwide. IHS Markit's preliminary estimate indicates that capital spending in the upstream oilsands in 2020 may be at their lowest levels in over 15 years. IHS pegs the amount of capital spending cut by conventional and unconventional energy producers at more than $3 billion.

Source: CBC News April 14, 2020 19:52 UTC