Prospects are not good for the oil industry. That is according to Vice President and Chief Economist at Export Development Canada, Peter Hall.

Hall says the oil industry was already in over-supply mode when the pandemic began, leading to a price plunge.

Two-thirds of Newfoundland and Labrador’s exports are oil and gas, says Hall, and he doesn’t expect a rebound until late in 2021.

Hall says the forecast for a second wave of COVID-19 along with partial shutdowns is compromising demand.

Exports, he says, are going to be fundamental to how Canada comes out of the pandemic, and how the country can sustain growth into the future.