In an about-face from a year earlier, OPEC says there is room in the oil market for U.S. shale producers, the Canadian oilsands and other higher-cost production. Those shale producers along with hedge funds met with Barkindo to talk about the state of the oil market, how to rebalance supply with demand and draw down the vast amount of oil still in storage around the world. Barkindo said that because demand is growing and supply is expected to tighten in the coming years, he sees a significant role for the oilsands, particularly if producers continue to innovate. Canadian producers make a pitchOilsands producers at the conference are aware they need to address the climate credentials of the oilsands. Judy Fairburn of Cenovus Energy says the oilsands can compete with U.S. shale oil.

Source: CBC News March 08, 2017 10:00 UTC