Profitability will continue to be depressed for the third year in a row, with pre-tax losses expected to be more than C$1.1 billion (US$818 million) in 2017, according to the latest report by the Conference Board of Canada (CBC).

Pre-tax tosses for 2016 were more than C$8.6 billion. “Following three consecutive years of oversupply, global crude oil markets are finally moving back into balance,” said economist Carlos Murillo. “Despite recent positive developments, however, we do not expect the industry’s bottom line to return to positive territory until the fourth quarter of this year given that it started from such a weak position.”