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.
