Despite US$90 oil, Saskatchewan’s two largest oil producers have dramatically reduced drilling activity during what’s usually the busiest time of the year

February is typically the busiest month of the year for oilwell drilling in Saskatchewan, but the largest players have dramatically reduced their programs compared to previous years, even though oil prices are now in the US$90/bbl. range for benchmark West Texas Intermediate oil. According to Bloomberg, Western Canadian Select (WCS) was US$76.45/bbl. and WTI was US$89.50. Both benchmarks were very close to its highest points in at least 7.5 years.