Drilling forecast cut by 500 wells on lower spending by Canadian producers

CALGARY — The Petroleum Services Association of Canada is slashing its 2018 drilling forecast to 7,400 oil and gas wells, down from 7,900 it predicted in its last forecast in October, but still ahead of the 7,094 actually drilled in 2017.
The group representing companies that provide services to oil and gas producers says the lower expectation comes as some of its members are cutting staff to deal with the shortage of work.
PSAC CEO Tom Whalen says higher prices paid recently for New York-