Premier Dwight Ball says the province will be looking at a “refresh” of its economic diversification plans in case global oil prices don’t bounce back.
The province is heavily reliant on oil revenue, but prices have plunged due to the impact of the pandemic and an ongoing price war. That’s raising questions about whether government is prepared in case oil prices don’t rebound.
(File photo.)
Natural Resources Minister Siobhan Coady says the province has had conversations with the federal government and other provincial government leaders on oil and gas market stability. They’re looking at what has to happen to ensure that market stability.
A G-20 focus group has been formed, while OPEC and OPEC+ are discussing the curtailment of oil production.
In the meantime, Premier Ball indicates there’s no doubt there will be long-term impacts from the COVID-19 pandemic on oil prices, so existing plans for economic diversification will need “a refresh.”
