Just like other businesses across the country, Canadian oil and gas producers are suffering from a loss of demand for their products due to the COVID-19 lockdowns. Responding to the unprecedented business disruption, the Canadian federal government has now announced a 75 percent wage subsidy up to a maximum level. This is welcome news for companies across the country, including in the Canadian oilpatch.
In addition to talking about the new government program, we also provide an update on the latest information on COVID-19 infection rates, North American refining demand, and the upstream supply response. See ARC Commentary “We Need to Think Outside the Barrel.”
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