The Canadian Oilfield Services Activity Forecast is seeing a stronger commodity price outlook for 2021. The expectation is that crude oil prices will average $64 US per barrel for West Texas Intermediate. Natural gas prices are anticipated at $3.35 Canadian and the dollar averaging 81 cents US.

That has caused a revision to the number of wells drilled across Canada. The new number is 4,250 which is an increase of 650 over the forecast back in April.

Here in Saskatchewan, Petrolatum Services Association of Canada says the estimate now is 1,290 wells, an increase of 213, year-over-year.

PSAC President & CEO Gurpreet Lail says, “Any tempering of optimism for the future comes from increasing federal government climate goals.”