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Global oil prices at four-year lows after tariff-related

selloff

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Canadian oil production growth this year could be limited

if

lower prices persist, economists say

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Canadian companies holding off on making changes for now

(Adds comments from Cenovus, Tourmaline, investor)

By Amanda Stephenson

TORONTO, April 8 (Reuters) - CEOs of Canadian oil and

gas producers said on Tuesday they are seeking to avoid making

abrupt decisions about spending or production, as global oil

prices hit four-year lows and recession fears grow.

Canada, the world's No. 4 oil exporter, was spared the Trump

administration's broad global tariffs on April 2 but faces U.S.

tariffs on steel and cars.

"My suspicion is that most companies will work to invest

through this cycle, though I would also say that in price

downturns, this industry does a really good job of shedding

costs," said Jon McKenzie, CEO of oil sands producer Cenovus

Energy ( CVE ), in an interview in Toronto. "We'll probably see

some cost reductions throughout the industry."

Doug Bartole, CEO of InPlay Oil ( IPOOF ), said his company

does not foresee reducing production or capital spending in the

short term.

"Don't make any rash decisions. Let's take a longer view of

things and see where it all settles out," Bartole said.

But he said that could change if oil continues its slide.

"I think $50 oil would change things a bit more, obviously,"

Bartole said. "We can easily pull back capital. We're a small

company, we're nimble. We make decisions quick."

On Tuesday, ATB Capital Markets lowered its price target for

InPlay shares, citing "the current WTI pricing environment."

Brent futures and West Texas Intermediate crude futures have

slumped since U.S. President Donald Trump's April 2 announcement

of broad tariffs.

Oil prices fell further on Tuesday, trading around $60 per

barrel, over recession fears exacerbated by trade conflict

between the United States and China.

ATB said in a research note it still expects Canadian

production to grow this year, but warned sustained lower oil

prices would pressure companies to limit spending and constrain

output growth.

"If we do go into a recession and prices are a bit lower,

then it could ultimately affect our capital plans," said Mike

Rose, CEO of Tourmaline Oil ( TRMLF ), in an interview.

Peter Tertzakian, economist and founder of think tank

Studio.Energy, said Canada's biggest oil sands companies can be

profitable at lower prices, but smaller, higher-cost operators

may revise their capital budgets if prices do not rebound.

"It's a question of whether there's enough (money) to grow,

and if $61-$62 is sustained for the balance of the year, we're

not likely to grow very much," Tertzakian said.

Eric Nuttall, senior portfolio manager with Ninepoint

Partners, does not expect much loss of Canadian production this

year.

But he added he would not be surprised to see job losses,

especially in the drilling sector and among smaller producers.

"Companies are going to be proactive, they're not going to

sit around and wait," he said. "Where there's discretionary

expenditures to be cut, you're going to be seeing that in real

time."

Chris Carlsen, CEO of Canadian natural gas producer

Birchcliff Energy ( BIREF ), said the slide in oil prices could

benefit natural gas producers in the long term if it leads to an

overall reduction in North American drilling.

"When they're drilling less oil, there's less associated gas

with that, which means we could be short on the natural gas

production side," Carlsen said.