Canadian producers will respond to volatility with more focus on debt repayment and shareholder returns over capital investment. Read on.
“I don’t think 2023 is going to be as volatile as what we saw in 2022,” Andrew Botterill, the author of the Deloitte report, said in an interview. “We sure hope we don’t have another Ukraine crisis pop up around the globe — that was extremely dramatic in 2022 — but I think in 2023, we’re going to see a lot of interesting . We’ll see what happens with China emerging from their lockdowns, what demand looks like from them.
Discounts on Canadian crude, which have been widening since June, could also persist into 2023. Deloitte is calling for an average of $74.30 per barrel for Western Canadian Select this year.Article content Responding to the volatility of 2022, Canadian energy producers have largely been doubling down on a strategy that’s emerged since the pandemic, characterized by an emphasis on debt repayment and shareholder returns over increased capital investment.Article content
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