Three years after the devastating oil price crash, optimism is back in the industry as prices are surging toward $70 US per barrel, and thoughts of $100 return. New sanctions could be imposed on Iran, while violence in Syria and Yemen could impact oil production from the Middle East. Meanwhile, oil officials from OPEC, Russia and other big producers are meeting this weekend and are expected to continue their oil production cuts through the rest of the year, and possibly into 2019. (Kyle Bakx/CBC) Oilsands production is growing as projects like Suncor's new Fort Hills facility slowly ramp up to full production. Canada's oil industry is expected to return to profitability in 2018 after three years of losses, according to a report this month by the Conference Board of Canada.

Source: CBC News April 21, 2018 07:52 UTC