Crude oil prices eased 20 per cent year-over-year during the January to March period, from multi-year highs in the same period last year following Russia’s invasion of Ukraine.
Moreover, the recent U.S. banking crisis and concerns over the pace of recovery in China have weighed on crude prices in the first three months of 2023.
Canadian Natural’s production rose to 1.32 million barrels of oil equivalent per day (boepd) in the reported quarter, from 1.28 million boepd last year.
However, its liquids realized price fell to US$76.11 per barrel in the quarter from last year’s US$94.38 per barrel.
