OPEC Production Falls, But Government Policy Stops Canada From Taking Advantage

With a pro-energy industry government, Canada could be taking increased market share from our competitors. Unfortunately, the Trudeau government is working against Canada’s energy industry, preventing us from taking advantage of OPEC’s struggles.

For the first time in four months, the combined output of the Organization for Petroleum Exporting Countries (OPEC) cartel saw falling oil production.

August production was 79,000 barrels per day lower than in July.

OPEC is currently seeking to restrain production to eliminate a global oil glut.

Of course, Canada is not part of OPEC, and we could use this situation to our advantage. With a booming energy sector, we could be strongly increasing production while the other countries are lowering it, exacting a toll upon our oil competitors and gaining market share. And make no mistake, this is a competition. The “free trade” absolutists may think national economies “work together”, but the truth is that each nation is in a fight for market share, and the success of one is often the failure of another.

Unfortunately, such a strategy would require a Canadian government that actually wanted to see our energy industry boom and grow more powerful. Instead, we have the Trudeau government, who seem to prefer that we get oil from Saudi Arabia and other OPEC countries, instead of making use of the gigantic resources we have here at home.

The damage being inflicted upon our energy sector is significant. As I wrote about recently, Canada could lose up to $59.6 billion in investment into oil projects that have been cancelled (or could soon be in the case of Energy East) in the last year under the Trudeau government.

So, not only are we unable to take advantage of OPEC’s struggles, we are watching our own nation be weakened by the Trudeau government.

It’s an immense missed opportunity, and it will cost all of us.

Spencer Fernando

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