The recent decline in oil prices from $80 to $60 a barrel has impacted oil companies differently in Canada and the U.S. U.S. firms are considering production cuts due to trade policy-induced market uncertainty, while Canada remains steady. Trade policies under President Trump and OPEC+'s decision to increase supply have compounded the situation, raising concerns of excess supply against weak demand. This has led to lowered forecasts from various companies and a potential tipping point for the industry, as noted by key analysts.
"If you've got weak demand and more supply, it's created a concern that we're going to have excess supply and that's been driving down prices."
"It's ubiquitous," said Pyziur, who noted that many companies ranging from FedEx to Kellogg have lowered their forecasts due to broader economic uncertainty.
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