In a way the decision that was made on November 27, 2014 by OPEC was the most important decision in the international oil market since October 1973. OPEC’s strategy to defend market share certainly changed the path of the previously held operating environment, and while the move may appear permanent, the current “price war” is unlikely to meet their expectations about rebalancing the market.
There were more questions than answers as it became readily apparent that the implications of a current market oversupply of oil would have strong local, national and global repercussions here in Canada.
How would Canada compete, survive or prosper in this current reality of energy abundance and low priced oil? What did it all mean for our energy industry? How long would the low oil price environment last? How would this affect global capital flow and Canada’s ability to attract investment? Who would be the winners and losers? What does it mean for the Canadian economy as a whole?
Energy Visions 2015: Event highlights
Download a copy of our report as 15 oil and gas executives discuss issues on:
How does OPEC strategy, volatile prices and increased competition for capital define the new normal operating environment?
“The oil price plunge will reverberate throughout the world at many different levels and have a wide range of consequential geopolitical implications.” ~ Meghan O’Sullivan, Former Deputy National Security Adviser on Iraq and Afghanistan.
How will the Canadian economy fare in a lower oil price environment?
“It will take leadership from both governments and the business community…Canadians are willing to reject the status quo and make transformative changes, but only if they are engaged in a meaningful public discussion—one that fosters an understanding of the potential risks and benefits of any proposed policy change.” ~ Kevin Lynch, Vice Chairman, BMO Financial Group
Has the Canadian energy industry got what it takes to pull through?
“We now actually have a competitive international oil market, for the first time since before 1928. It raises the interesting question of ‘if you have a competitive market, what is the floor price?” ~ Professor Paul Stevens, Distinguished Fellow, Chatham House, The Royal Institute of International Affairs, London
“Industry technology expectations will change from that of technology to help expand production to that of technology to help companies operate more efficiently and at operating costs that allow them to compete globally.” ~ Reynold Tetzlaff, National Energy Leader, PwC Canada
Previous Energy Visions content
PwC's 5th annual Energy Visions Business Forum
At a crossroads: Considered a high cost oil and LNG producer, can Canada compete for capital in today's "post-peak oil" world?