Canadian oil producers have a terrible problem. There’s a massive expansion in Canadian oil output but no easy way to get it to market. Now, heavy oil has plunged below $18 a barrel for the first time since 2016. Here’s what’s causing the steep discount.
Provision for credit losses fell
Royal Bank of Canada and Canadian Imperial Bank of Commerce also posted higher loan loss provisions
Financial penalties could run up to $1 million per breach
Without intervention, bosses are apparently incapable of providing benefits and work rules that would increase their firms’ profits. Really?
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