A surprise production cut by the Organization of Petroleum Exporting Countries and its allies (OPEC plus) is just one factor lifting the spirits of Canada's energy sector executives these days, as experts say crude prices could return to US$100 a barrel later this year.
"Buoyant" and "extremely positive" were some of the terms used by CEOs on Tuesday to describe the mood at a major oil and gas conference in Toronto, which took place just two days after the unexpected move by OPEC sent oil futures surging.
"That being said, the mood at this conference is extremely positive. There's a little bit of a spring in everybody's step." He said that OPEC's announced cut of more than a million barrels per day could easily tilt oil prices into $100-per-barrel territory within a few months. "It depends on how long you've been doing this, how many cycles have you seen, how much scar tissue you have," said Ian Dundas, president of Enerplus Corp., on Tuesday.
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