Canada’s oil sands industry is facing one of the bleakest markets in years, hammered by plunging U.S. and global crude prices even as new pipelines have cleared logjams on key export routes.

Western Canadian Select (WCS) oil sands crude has fetched an average of roughly $15 (U.S.) under the headline North American oil price so far this month, putting the value of Alberta’s heavy crude at just under $20 a barrel as of Monday’s close.

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